Marketing for Hospitality and Tourism Refresher

A comprehensive set of vocabulary flashcards covering basic marketing concepts, industry characteristics, and the STP marketing model for the hospitality and tourism sectors.

Marketing

The activities a company undertakes to promote the buying or selling of its products or services.

Marketing for Hospitality and Tourism

The network of strategies and connections used to promote products and services in the travel, leisure, and hospitality industry.

Intangible

A characteristic of tourism products where they cannot be touched, smelled, tasted, felt, nor heard prior to purchase.

Substitutional

A characteristic of tourism products meaning they are able to be substituted.

Perishable

A characteristic meaning the product is time-limited; tourism services cannot be stored for sale at a later date.

Seasonal

A characteristic of tourism divided into off-season, peak season, and shoulder season, also referring to behavioral patterns of the travel market.

Inseparable

A characteristic where tourism products exist only when consumption takes place and the customer is an active participant in their creation.

Variable Factors

Environmental, economic, social, and technological factors that influence tourism product development.

High Involvement Product

A tourism product categorized as expensive, complex, and unrepeatable.

Low Involvement Product

A tourism product categorized as inexpensive, simple, and familiar.

Marketing Information System

A series of processes, software, and systems used by companies to analyze marketing data, customer information, and competitor data.

Marketing Planning

The process of studying the target audience, competition, clients, and the marketplace.

Planning Tactical Campaigns

A step that ensures practical and realistic tactical campaigns are conducted in support of the comprehensive marketing strategy.

Marketing Operations

The strategic management of all marketing activities, including planning, executing, and measuring, to achieve business goals.

Monitoring and Control

The ongoing process of evaluating sales data and financial performance versus marketing activities conducted.

Marketing Mix (4Ps)

The strategic elements of Product, Place, Price, and Promotion.

Market

A place where parties, usually buyers and sellers, gather to facilitate the exchange of goods and services.

Market Segmentation

The practice of dividing a target market into distinct, approachable groups who might require separate products or marketing mixes.

Identifiable

A characteristic of a market segment where you can clearly recognize and describe the people in that segment.

Cohesive

A characteristic of a market segment referring to how similar the people in a group are regarding their travel or hospitality needs.

Measurable

A characteristic of a market segment meaning you can count or estimate the size of the segment and know their details.

Accessible

A characteristic of a market segment meaning you can connect with them and they can find or book your services.

Substantial

A characteristic meaning the market segment is large enough to bring in enough guests or income to support the business.

Actionable

A characteristic meaning the business has the resources, staff, and ability to satisfy that specific group.

Technographic Segmentation

A variable of segmentation focusing on the divide between users and non-users of technology in searching for travel information.

Market Targeting

Breaking the target audience into segments and designing marketing activities to reach those most likely to be responsive.

Market Positioning

The process of building a unique brand identity from the customer's perspective that resonates with the target audience.

Source Market

The categorization of markets based on the countries where the main guests come from.

STP

An acronym for the three steps to target marketing: Segmenting, Targeting, and Positioning.