Tourism & Hospitality Marketing

Flashcards covering key marketing concepts for the tourism and hospitality industry.

What is Marketing?

Anticipating demand, recognizing it, stimulating it, and satisfying it; understanding consumers' wants and needs.

Define Marketing

The process by which companies create value for customers and build strong customer relationships in order to capture value from the customers in return.

What is the Marketing Concept?

Achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.

What are the 5 core customer and marketplace concepts?

Needs, wants, and demands; Products; Value, satisfaction, and quality; Exchange, transactions, and relationships; Markets.

What is a Product?

Something that is offered to satisfy a need or want, including experiences, persons, places, organizations, information, and ideas.

What are Needs?

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

What are Wants?

The form human needs take as they are shaped by culture and individual personality; objectives that will satisfy needs.

What are Demands?

Wants backed by buying power.

What is Customer Value?

The difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product.

What is Customer Satisfaction?

It depends on a product’s perceived performance in delivering value relative to a buyer’s expectations.

What is Quality?

A measure of excellence or freedom from defects and deficiencies.

What is Exchange?

The act of obtaining a desired object from someone by offering something in return.

What is the aim of marketing in relation to Exchange?

To build and maintain desirable exchange relationships with target markets, focusing on retaining customers and growing their business.

What are the five alternative CONCEPTS under which organizations design and carry out their marketing strategies?

Production, Product, Selling, Marketing, and Societal Marketing.

What is the Production Concept?

Consumers will favor products that are available and highly affordable; management should focus on production and distribution efficiency.

What is the Product Concept?

Consumers will favor products that offer the most in quality, performance, and innovative features; marketing strategy focuses on making continuous product improvements.

What is the Selling Concept?

Consumers will not buy enough of the organization’s products unless the organization undertakes a large selling and promotion effort.

What is the Marketing Concept?

Achieving organizational goals depends on determining the needs and wants of target markets and delivering desired satisfactions more effectively and efficiently than competitors.

What is the Societal Marketing Concept?

An organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and society’s well-being.

What are the key principles of marketing in tourism & hospitality?

Marketing concept, Customer orientation, Satisfying customer’s needs and wants, Market segmentation, Value and the exchange process, Product life cycle, Marketing mix.

What are the unique marketing approaches required in the tourism and hospitality industry?

Digital, Personalized, Collaborative, Destination, and Experiential Marketing

What does Digital Marketing entail in Hospitality and Tourism?

Maintaining an active online presence through websites, social media platforms, email marketing, and search engine optimization (SEO).

What is Personalized Marketing?

Generating experiences for clients that are suited to their interests and requirements; providing personalized packages, promotions, and experiences.

What is Collaborative Marketing?

Partnering with other companies, organizations, and tourist boards to promote your location or hotel.

What is Destination Marketing?

The promotion of a particular place as a tourist destination.

What is Experiential Marketing?

Providing clients with unforgettable experiences to distinguish themselves from rivals and leave a lasting impact.