Marketing for Hospitality and Tourism - Chapter 1

These flashcards cover key concepts and definitions from Chapter 1 of 'Marketing for Hospitality and Tourism' to aid in exam preparation.

What is the primary purpose of the hospitality and tourism industry?

To create and maintain satisfied, profitable customers.

Define marketing in the context of hospitality and tourism.

Marketing is the process by which companies create value for customers and society, resulting in strong customer relationships that capture value from customers in return.

What are customer needs according to the lecture notes?

A state of felt deprivation by a person including physical, social, and esteem needs.

How do wants differ from needs?

Wants are the form that a human need takes when shaped by culture and individual personality.

What are demands in marketing terms?

Demands are human wants that are backed by buying power.

What should effective marketing organizations do regarding customers?

They should learn about and understand their customers' needs, wants, and demands through customer research.

What is the difference between tangible and intangible products in hospitality?

Tangible products include items like hotel rooms or restaurant meals that can be seen or touched, whereas intangible products include services and experiences that cannot be physically touched.

What is customer value?

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

What factors can affect customer expectations?

Customer expectations are based on past buying experiences, the opinions of friends, and market information.

What is the selling concept in marketing?

An approach where the organization prioritizes sales volume over customer satisfaction, aiming to sell whatever is in stock rather than building long-term relationships.

What makes the marketing concept different from the selling concept?

The marketing concept focuses on understanding and fulfilling the needs and wants of target markets to provide satisfaction more effectively than the competition.

What is the societal marketing concept?

A marketing approach that emphasizes delivering value to customers in a way that improves both the consumer's and society's well-being.

What is a market in marketing terms?

A market is a set of actual and potential buyers of a product who share a particular need or want that can be satisfied through exchange.

What drives successful customer-driven marketing strategies?

Designing strategies that build profitable relationships with target consumers.

How does Four Seasons exemplify the marketing concept?

By prioritizing customer satisfaction and empowering employees to exceed customer expectations without seeking prior approval.