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| Creating customer _________ and _____________ are at the heart of hospitality and travel industry marketing |
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| The simplest definition of marketing states: "As a manager, you want to make sure that you deliver customer satisfaction at a _____." |
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| The ________ industry is the world's largest and the most international in nature, which is why it's said that the world is only getting ______ |
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| Customers are attracted and ________ when their needs are met |
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| For a successful business, hospitality managers should make customer ___________ a priority over profits. Profits are best seen as the result of running a business well rather than its ________. |
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| Managers should not focus on maximizing ______ term profits, because they are short-selling both the customer and the company |
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| Much of the behavior of employees toward their customers is the result of ____________ philosophy |
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| The _____ department is the most visible in the hotel. Most of the non-promotional areas of the marketing function take place behind closed doors. |
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| Marketing _____ includes advertising, sales, product, price, distribution, research, information systems, and planning |
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| Four-P framework: decide on _______ and characteristics, set the ______, decide the _________ for distribution, and choose methods for ______________. |
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| product, price, place, promoting |
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| The only way selling and promoting will be effective is if we first define _________ customers and needs and then prepare an easily accessible and available value package |
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| Marketing has assumed an increasingly important role in the ___________ sector of the hospitality industry. |
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| Travel agents account for _____ of all cruise line business |
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| The hospitality industry is highly _____________ and marketing professionals therefore must understand the big picture |
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| Marketing is the art and science of finding, retaining, and ____________ profitable customers. |
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A simple model of marketing:
Create value for customers and build customer relationships
1. Understand the marketplace and customer needs and wants --> 2. Design a customer-driven marketing strategy --> 3. Construct an integrated marketing program that delivers superior value --> 4. Build profitable relationships and create customer delight. --> 5. __________________.
Capture value from customers in return. |
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| 5. capture value from customers to create profits and customer equity |
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| By creating value for customers, companies capture value from customers in the form of ______, _________ and long-term customer _________. |
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| Human ________: state of felt deprivation (physical, social, esteem); natural part of human makeup. |
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| Human ________: form of needs shaped by culture and individual personality. It is a method of communication needs; wants are objectives that satisfy needs |
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| Our ___________ increase with the growing number and quality of wants/objectives. |
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| Marketing ___________: manufacturers and sellers focus only on customer wants and lose sight of underlying customer needs |
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| Wants become ____________ when backed by buying power |
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| Market _____________: a product that is a combination of tangible, services, information, or experiential product components. |
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| customer __________: difference between the benefits that the customer gains from owning/using a product and the cost (monetary/non-monetary i.e. time) of obtaining the product. |
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| customer ________________ are based on past experiences, researched information, and the opinions of peers. |
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| Low expectations will diminish _____________ (resulting in fewer sales) and high expectations have a higher chance of ________________. |
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| to combat high expectations, a company should deliver _______ than they promote |
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| A market is a set of ________ and ___________ buyers of a product |
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| To design a marketing ____________, the marketing manager answers two questions: what customers will we serve and how can we serve them best? |
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| A company should serve ________ customers well rather than attempt to serve all customers |
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| Five alternative concepts under which organizations design and carry out marketing strategies: ___________, product, _________, marketing, and __________ marketing. |
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| production, selling, societal |
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| Production concept: consumers favor ___________ and _____________, so management will focus on prices, production, and distribution efficiency. |
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| affordability, availability |
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| Product concept: holds that consumers will favor products that offer the most in _________, ___________, and __________ features. |
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| quality, performance, innovative |
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| The production and product concepts have an ________ to __________ focus. Their primary focus is a superior product and not necessarily customer wants and/or needs. |
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| Selling concept: focuses on maximizing quantity of _______ and does not worry about customer satisfaction. |
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| Under the ___________ concept, companies go out of business because products no longer satisfy the market. These companies will often suffer from overcapacity. |
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| _________ concept focuses on delivering customer satisfaction by determining the needs and wants of target markets |
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| It is very difficult to build a relationship with price-sensitive customers; who are ____ in frequency and low in profitability. |
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| Sustainability practices are an example of ___________ marketing. This type of marketing delivers satisfaction to target markets while maintaining or improving a community's well-being. |
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Marketing process:
a. understanding ____________ and customer needs
b. designing ________ driven marketing strategy
c. preparing an ________________ marketing plan
d. building ______________ customer relationships
e. capturing __________ from customers |
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| marketplace, customer, integrated, profitable, value |
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Customer-value building tools:
a. financial benefits
b. financial and social benefits
c. financial, social, and ___________ benefits |
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| a customer is nameless and served by anyone available. Social benefits turn customers into _______ who are served on an individual basis. |
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| A company should develop customer relations __________ and not with every customer |
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| customers with _______ frequency and ______ profitability have the most potential to become best customers |
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| Customer ________________ Management involves managing detailed information and customer touch points in order to maximize customer ____________. |
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| _________ points are any occasion a customer encounters the brand and/or product in actual experience, personal/mass communication or casual observation. |
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| Benefits of CRM come from ___________ marketing costs, __________ price sensitivity of loyal customers, and partnership activities of loyal customers. |
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| Increasing ________ makes attracting a new customer five times as expensive as keeping a current customer happy. |
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| customer _________ is the discounted lifetime values of all the company's current and potential customers. |
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| __________ value is the stream of profits a customer will create over the course of a business relationship. Average life is determined through surveys or guest history. |
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