MindTap - Cengage Learning

Chapter 1: An Overview of Marketing

What Is Marketing?

• Definition: A nuanced concept beyond personal selling and advertising.

• Two Facets:

  • Philosophy: Customer satisfaction orientation.

  • Organizational Process: Creates value and builds relationships.

Definitions:

• American Marketing Association: Marketing as the processes for creating, communicating, delivering, and exchanging value-adding offerings.

Key Processes of Marketing:

• Planning & Execution: Focus on pricing, promotion, distribution for beneficial exchanges.

• Delivering Value: Prioritizing customer benefits over mere sales.

• Building Relationships: Developing long-term connections with customers and stakeholders.

• Problem Solving: Customer-focused solutions to emerging issues.

Real World Marketing: Adapting During COVID-19

• Innovative Responses: Restaurants evolved service models to retain business.

• Case Study Example:

  • Sixpenny: Offered products and at-home meal sets.

  • Adam Handling (Hame): Developed meal kits enabling fine dining at home with instructional videos.

• Pricing Models: Premium pricing for meal kits reflecting fine dining quality.

• Consumer Engagement: Encouraging sharing on social media for enhanced interaction.

• Channel Diversification: Utilizing digital platforms for promotions and innovative delivery.

Conclusion

Marketing in hospitality demands adaptability, emphasizing creative strategies to meet changing customer needs, especially during challenges like COVID-19.