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HOSP3050 Chapter 1

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by

Elizabeth Swart

on 20 March 2014

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Transcript of HOSP3050 Chapter 1

DEFINITIONS CONTINUED

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.

DEFINITIONS

MARKETS

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

SATISFACTION…

When customer expectations either meet or exceed the customer value!

CUSTOMER VALUE AND SATISFACTION

CUSTOMER VALUE: The
difference between
the benefits that the consumer gains from
owning and/or using a product/service
and the
costs of obtaining
the product/service.
*One of the biggest nonmonetary costs for the hospitality industry is time.

CUSTOMER EXPECTATION: Based on past experience, referrals, and market information.

MARKET OFFERINGS

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
5. Markets

CUSTOMER ORIENTATION

Profits
are best seen as the result of running a business well.
Satisfied customers
will pay a
fair price
for the product… and continue to
return
.



IT'S THE EXPERIENCE!!!


What type of experience do customers get from your property/event/business?

Group Activity:
Identify with your group
3 selling points that you feel
currently enrich their experience. Future?

CUSTOMER ORIENTATION




The purpose of a business is to create & maintain satisfied, profitable customers.

HOW?

CHAPTER 1



Marketing for Hospitality
and Tourism

THE MARKETING MIX

The Four “P”s
-Product
-Price
-Place
-Promotion

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
profitable customers.

Professor Swart
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
Full transcript