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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