Marketing for Hospitality and Tourism - Chapter 1

Practice flashcards for Chapter 1 of Marketing for Hospitality and Tourism, covering key concepts, definitions, and ideas related to marketing in the hospitality sector.

What is the main purpose of the hospitality industry?

To create and maintain satisfied, profitable customers.

What are the components that make up the hospitality industry?

Accommodation, prepared food and beverage service, and entertainment.

What is marketing according to the defined concept?

The process by which companies create value for customers and society, resulting in strong customer relationships.

According to Peter Drucker, what is the aim of marketing?

To know and understand customers so well that the product or service fits them and sells itself.

What are the three alternative concepts under which organizations design their marketing strategies?

Selling concept, marketing concept, societal concept.

What are the different levels of customer needs according to Maslow's hierarchy?

Physiological, safety, love and belonging, esteem, and self-actualization.

How is a 'want' defined in the context of marketing?

The form that a human need takes when shaped by culture and individual personality.

What differentiates a 'demand' from a 'want'?

Demands are human wants that are backed by buying power.

What is customer value?

The difference between the benefits gained from a product and the costs of obtaining it.

What is the importance of understanding customer needs and expectations in marketing?

It helps to align product offerings with customer satisfaction to improve relationships and loyalty.

What defines a market in marketing terms?

A set of actual and potential buyers of a product who share a particular need or want.

How does the societal marketing concept differ from the other marketing concepts?

It focuses on delivering value to customers while also maintaining or improving society’s well-being.

What is the consequence of a product's performance that falls short of customer expectations?

The buyer is dissatisfied.

In the hospitality industry, which is considered more important: tangible or intangible products?

Intangible products such as customer service and experiences are more important.

What behavior does customer satisfaction depend on?

A product's perceived performance relative to a buyer's expectations.