Marketing

Marketing

The management process responsible for identifying, anticipating, and satisfying customer requirements profitably.

Competitive Advantage

Marketing plays a crucial role in helping destinations or organizations attract more customers than their rivals to survive in a competitive business environment.

Brand Image

The perception customers have of an organization's products and services, highlighting what makes them different and attractive.

Product Life Cycle

The stages a product goes through from introduction to decline, helping organizations evaluate, improve, and plan for their products.

Promotion

Activities like advertising, publicity, sales promotions, and direct marketing used to raise awareness, inform, stimulate demand, and encourage sales.

Price

The amount a customer pays for a product or service, influenced by pricing policies like market penetration, market skimming, and discount pricing.

Target Market

The specific customer segment a travel and tourism organization aims to attract, such as families with children.

Marketing Mix

The 4P's of product, promotion, price, and place, ensuring the right product reaches the right people at the right place using suitable promotional methods.

Customer Satisfaction

Marketing helps create customer satisfaction by allowing customers to gauge if the product meets their needs, encouraging brand loyalty and repeat business.

Product Characteristics

Products can be tangible, homogenous, separable, and storable, while services are intangible, heterogeneous, inseparable, and perishable.

Profitability

The ability of organizations to generate profit by adding value to products, crucial for survival in the market.

Subsidies and taxation

Financial incentives provided by governments to stimulate certain areas or industries, contrasting with taxes imposed on businesses.

Competitors

Other entities offering similar products or services, influencing pricing strategies and market share.

Customer expectations

The perceptions and demands of customers regarding the value and quality of products or services.

Seasonality

Price variations based on peak and off-peak seasons, driven by supply and demand dynamics.

Economic factors

External economic conditions impacting consumer behavior and pricing strategies of tourism providers.

Place as part of marketing mix

The physical location and distribution channels used by tourism providers to reach customers.

Factors that influence choice of a location

Considerations like costs, premises availability, area characteristics, and access to staff and facilities.

Distribution channels

Various methods used by providers to make products and services available to customers, including wholesalers, direct selling, and online selling.

Market research

The systematic process of collecting and analyzing data about customers and the market to understand needs, competitors, and market position.