Chapter 4

• Two current advertisements that are particularly effective are:
• Specifically, the better ads are effective because they use clear, concise language and eye-catching visuals.
• The ineffective ads fall short because they use complex language and lack visuals.
• To improve the less effective ads, it's important to use clear, concise language and eye-catching visuals.
• The two ineffective advertisements are:
• Up-selling can result in a more satisfied guest.
• Marketing mix is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to target group.
• The 4p’s of Marketing Mix which represents Product, place, price, and promotion has been most widely employed as a model for product marketing.
• The 4p’s of marketing have been the key areas where marketing managers allocate scarce corporate resources to achieve the business objectives.
• Services have unique characteristics-intangibility, heterogeneity, inseparability, and perishability.
• A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
• The basic hospitality product is a combination of goods, services, and environment.
• Goods refer to the tangible items provided by a hospitality marketer to its customers.
• Services comprises all the non-physical and intangible attributes that management can and should control.
• Personal selling may initially focus on developing a relationship with the potential buyer but will always ultimately end with an attempt to “close the sale”.
• Advertisements provide additional information to complement the sales personnel.
• Personal selling refers to oral communication with potential buyers of a product, with the intention of making a sale.
• Personal selling has a significant role in the marketing of a product or service as it is a tool of promotion which builds a personal relationship between the marketer and the customer.
• Sales Promotion describes promotional methods using special short-term techniques to persuade members of a target market to respond or undertake certain activity.
• Major Sales Promotion Tools/Techniques include Push Techniques like Point-of-Sale Display, Cooperative Advertising, and Advertising Materials, and Pull Techniques like coupons, contests, discounts, etc.
• Personal Selling involves a selling process that is summarized in the following five-stage personal selling process: Prospecting and Qualifying, Making the First Contact, The Sales Call, Objection Handling, Closing the sale.
• Personal selling allows the marketer to have personal interaction with the customers.
• Advertisements in the mass media like newspaper, TV and other mass communication channels provide greater element of prestige and impression to the organizations image in front of the target market.
• Advertisements can end up creating confusion in the minds of the customers due to over-crowding of information about the products and services.
• Inability to close sales is a disadvantage of advertising as it is impersonal in nature.
• The attention value of an advertisement is less when compared to other forms of marketing communication.
• Environment is an element of product which may or may not be physical or tangible in nature and consists of those items where the management has some control, but not direct or easy.
• A core product refers to the fundamental benefit that the customer/guest receives form a hospitality service.
• Hospitality Pricing Objectives involve considering the characteristic features of hospitality services such as intangibility, perishability, heterogeneity, etc., and keeping the following objectives in mind, while fixing the price for hospitality products and services.
• The brand portfolio is the set of all brands and brand-particular category or market segment, and marketers often need multiple brands to pursue these multiple segments.
• Leveraging brands involves companies using an existing brand by employing co-branding and ingredients branding.
• Managing Brands involves companies carefully managing their brands, continuously communicating the brands positioning to consumers, carrying on internal brand building, and periodically auditing their brands strengths and weaknesses.
• Pricing is key in the hospitality industry, as issues such as seasonality and regional variations affect the price that is charged for what is essentially the same product.
• Companies must manage their brands carefully, continuously communicating the brands positioning to consumers, carrying on internal brand building, and periodically auditing their brands strengths and weaknesses.
• The product life cycle consists of Introduction, Growth, Maturity, and Decline stages, each with distinct characteristics and marketing strategies.
• Brand name selection is a crucial task that begins with a careful review of the product and its benefits, the target market, and proposed marketing strategies.
• Brand Portfolios are the set of all brands and brand-particular category or market segment, and marketers often need multiple brands to pursue these multiple segments.
• A company’s positioning and differentiation strategy must change as product, market, and competitors change over the product life cycle.
• Companies can leverage an existing brand by employing co-branding and ingredients branding.
• Product Life-Cycle Stages are Introduction, Growth, Maturity, and Decline stages, each with distinct characteristics and marketing strategies.