Send the link below via email or IMCopy
Present to your audienceStart remote presentation
- Invited audience members will follow you as you navigate and present
- People invited to a presentation do not need a Prezi account
- This link expires 10 minutes after you close the presentation
- A maximum of 30 users can follow your presentation
- Learn more about this feature in our knowledge base article
Do you really want to delete this prezi?
Neither you, nor the coeditors you shared it with will be able to recover it again.
Make your likes visible on Facebook?
Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.
HOSP3050 Chapter 1
Transcript of HOSP3050 Chapter 1
LIFETIME VALUE (LTV): Is the stream of profits a customer will create over the life of his or her relationship with a business.
CUSTOMER EQUITY: Is the discounted lifetime values of all the company’s current and potential customers.
- Sales & Marketing reflect the past, customer equity suggests the future.
A market is a set of actual and potential buyers of a product.
Who do you want to buy your product?
- 10 - 15 year old girls?
- 18 - 35 year old men?
- Married couples?
- Senior citizens?
EXCHANGES & RELATIONSHIPS
When customer expectations either meet or exceed the customer value!
CUSTOMER VALUE AND SATISFACTION
CUSTOMER VALUE: The
the benefits that the consumer gains from
owning and/or using a product/service
costs of obtaining
*One of the biggest nonmonetary costs for the hospitality industry is time.
CUSTOMER EXPECTATION: Based on past experience, referrals, and market information.
TANGIBLE PRODUCTS: Have physical properties you can TOUCH, TASTE, and SEE
SERVICES: Something that is done for the customer
EXPERIENCES: Create memories
NEEDS, WANTS, AND DEMANDS
NEEDS: A State Of Deprivation
PHYSICAL: Food, Shelter, Clothing, Warmth
SOCIAL: Belonging, Affection, Relaxation
WANTS: Needs Shaped By Culture
ENGLAND: Shepherd's Pie, Beer
USA: Hamburger, Fries, Coke
5 CORE CUSTOMER & MARKETPLACE CONCEPTS
1. Needs, Wants & Demands
2. Marketing Offerings (Tangible Products, Services & Experiences)
3. Value & Satisfaction
4. Exchanges & Relationships
are best seen as the result of running a business well.
will pay a
for the product… and continue to
IT'S THE EXPERIENCE!!!
What type of experience do customers get from your property/event/business?
Identify with your group
3 selling points that you feel
currently enrich their experience. Future?
The purpose of a business is to create & maintain satisfied, profitable customers.
Marketing for Hospitality
THE MARKETING MIX
The Four “P”s
NEEDS, WANTS, & DEMANDS
DEMANDS: When backed by buying power, wants become demands.
-A BETTER WAY TO KEEP
BEVERAGES COLD = KOOZIES
DEFINITION OF MARKETING
Marketing is the art & science of
finding, retaining & growing
It's all about the experience!
How can we help or hinder the customer expectation?
Exchange is the act of obtaining a desired object by offering something in return
Marketing consists of actions taken to build and maintain desirable exchange relationships with target markets
Customer Relationship Management (CRM): Managing detailed information about individual customers and carefully managing "touch points" to maximize consumer loyalty
Customer Touch Point: Any occasion in which a customer encounters the brand and product - from actual experience to personal or mass communication to casual observation
Word of Mouth
Employee Support from Upper Management
Retaining a loyal customer is just 20% of the cost of attracting a new customer
Most important concept in modern marketing
Able to customize the customers experience and provide accurate reward promotions