Marketing for Hospitality and Tourism 8th Edition - Chapter 1

A collection of flashcards based on Chapter 1 of the Marketing for Hospitality and Tourism 8th Edition, focusing on key concepts related to marketing in the hospitality industry.

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

To create and maintain satisfied, profitable customers.

How is marketing defined 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 the three alternative concepts organizations can use to guide their marketing strategies?

Selling concept, Marketing concept, Societal concept.

What are customer needs?

Needs are states of felt deprivation by a person, including physical, social, and esteem needs.

What differentiates wants from needs?

Wants are the forms that needs take when shaped by culture and individual personality.

Explain the concept of demands in marketing.

Demands are human wants that are backed by buying power; people choose products that produce the most satisfaction for their money.

What is a market in the context of marketing for hospitality?

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 relationships.

What is the goal of the marketing concept?

To focus on the needs and wants of target markets and deliver desired satisfaction more effectively and efficiently than the competition.

What is the societal marketing concept?

It is the idea that organizations should deliver value to customers while maintaining or improving the well-being of society.

How does customer value get defined?

Customer value is the difference between the benefits gained from owning or using a product and the costs of obtaining it.