Introduction to Tourism and Hospitality Marketing

Comprehensive flashcards covering foundational marketing principles, definitions, comparisons (Selling vs. Marketing and Market vs. Marketing), societal and firm benefits, components, and evolution of marketing concepts.

How does the American Marketing Association (AMA) define marketing?

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

What key activities does marketing encompass between the initial idea and the sale?

It involves doing market research on customers, analyzing their needs, and making strategic decisions about product design, pricing, promotion, and distribution.

What are the two major factors of marketing?

1. Acquisition (recruitment of new customers)
2. Base Management (retention and expansion of relationships with existing customers)

How did Prof. Mitchell define a "market"?

Prof. Mitchell stated that the market must be thought of not as a geographical meeting place, but as any getting together of buyers and sellers in person, by mail, telephone, telegraph, or any other means of communication.

What is the structural difference between a "market" and "marketing"?

A market is a framework, atmosphere, or mechanism that facilitates price-fixing forces to operate, acting as an outlet to push goods. Marketing is the process comprising all activities related to the free flow of goods from production to consumption, serving as gigantic machinery to move goods.

Which three utilities does marketing create to move goods?

The utilities of place, time, and ownership.

In terms of focus, how does Selling compare to Marketing?

Selling focuses on Products, whereas Marketing focuses on Customer Needs.

What are the contrasting means used in Selling versus Marketing?

Selling uses aggressive selling and sales promotion with emphasis on price variations to close the sale ("I must somehow hook the customer"). Marketing uses an integrated marketing plan backed by consumer research and opportunity analysis with emphasis on service ("What can we do that will make us, in the customer's eyes, better than and superior to our competitors").

What are the contrasting ends (goals) of Selling versus Marketing?

Selling aims to maximize profits through sales volume. Marketing aims to maximize profits through increased customer satisfaction and raising market share.

According to the lecture, what is the ultimate aim of marketing in relation to selling?

The aim of marketing is to make selling superfluous.

How does marketing benefit society as a stabilizer of economic conditions?

Marketing reduces the severities of the extreme economic situations of inflation and deflation by connecting the two wheels of production and consumption.

How does marketing serve as an instrument for changing the living standards of society?

It acts as a means to convert production and purchasing power into consumption, satisfying economic and social needs.

What are the three primary benefits of marketing to individual firms?

1. It is an outlet to earn profit (earning a decent return on funds and efforts).
2. It provides a base for business decisions (acts as a stethoscope to feel the pulse of the economy and provides up-to-date, authentic information).
3. It is a source of new ideas.

What are the three basic components of the marketing concept?

1. Consumer Orientation
2. Integrated Marketing
3. Marketing Research and Long-term Planning and Development

How is "Consumer Orientation" defined under the basic components of the marketing concept?

Developing products and services that provide satisfaction to consumers in ways that yield profitability to the business.

How is "Integrated Marketing" defined under the marketing concept?

Unifying different marketing methods to complement and reinforce the market impact of each, and employing the market data generated by these efforts in product development, pricing, and other business areas.

What is the sequential process flow of the Product Concept?

GOOD PRODUCT → GOOD SALES

What is the sequential process flow of the Selling Concept?

PRODUCT → PROMOTION → SALES

What is the sequential process flow of the Marketing (Customer) Concept?

CUSTOMER → MARKETING RESEARCH → PRODUCT → PROMOTION → SALES

What is the sequential process flow of the Societal Marketing Concept?

CUSTOMER → MARKETING RESEARCH → R&D → PRODUCT → PROMOTION → SALES