Module 1

• Hospitality Marketing is marketing efforts directed towards the increase of revenue in the hospitality industry.
• Marketing is the process for marketing takes a look at a company's product or service out to consumers.
• Tourism and Hospitality are one of the most leading industries of the future.
• Marketing for tourism covers several levels, from tourism destination as the product, down to specific tourism products and services that a tourist should avail to complete the tourist experience.

  These products include:

  1.      Transportation

  2.      Accommodation

  3.      Food and Beverage

  4.      Attractions

  5.      Amenities
• Intangible - Tourism products cannot be touched, smelled, tasted, felt nor heard prior to purchase.
• Inseparable - When tourists avail of products and services, they have to personally go to where the products are.
• Variable - the tourism experience is likely to be be different depending on when the product is availed, who one is with, and how the service providers deliver the service at the time of consumption.
• Perishable - as used in this context, refers to not being able to forward inventory to next day.
• Seasonal - It also refers to the behavioral patterns of the travel market.
• Substitutable - With new destinations emerging and competing in the global marketplace, one destination can easily be replaced for another destination.
• High involvement - there is greater degree of thought or study involved prior to the purchase.
• Characteristics of High Involvement Products

  1. Expensive
  2. Complex
  3. Unrepeatable
• Expensive products - is likely to go through a long and detailed process of canvassing and comparing brands, suppliers, and product features.
• Unrepeatable nature - "once in a lifetime purchase".
• Customer satisfaction is the center of marketing
• Marketing - the art and science of finding, retaining, and growing profitable customers.
• Marketing information System - with the advent of technology, the provisions for a marketing information system enables the organization to compile an updated set of information about its customers, competitors, and organization's capability and effectiveness.
• Marketing operations - this process involves challenging part of implementing the planned strategic and tactical campaigns by coordinating with all stakeholders, fine tuning the marketing mix as they unfold, and ensuring that activities are conducted as planned.
• Marketing Information Management - entails gathering information about customers to better serve their needs and improve decision making.
• Pricing - ensures that the value and cost of goods and services offered to customers will be at the level the customers are willing to pay.
• Financing- involves planning to ensure that resources are available to maintain and improve the business.
• Distribution - involves bringing the products and services to the customers in the best way possible.
• Product or service - is what the company is offering to satisfy consumer's want or need.
• Price - the value that the seller put on the products or services. The amount a customer has to pay in exchange of the product or service.
• Place - the means by which the product or service reaches the consumer.
• Promotion - the strategic plan by which customers are informed about the product or service and its value.
• 4P's

  1. Product
  2. Price
  3. Place
  4. Promotion
• Integrated Marketing Communications Approach - It is the process of using all forms of promotion to achieve maximum communications impact while maintaining consistent image for the product or services.
• FACTORS THAT CONTRIBUTED TO THE GROWTH OF IMC

  • Growth of Technology
  • Incentive Based compensation
  • Consolidation of Retail Industry
  • Database Marketing
• Market - a set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchange relationships.
• Market Segmentation - is dividing the market into distinct groups who might require separate products and/or marketing mixes.
• A market segment is a subgroup of the total consumer market who share similar characteristics and needs relevant to the purchase of the product, service or experience.
• Identifiable - the people who comprise the segment can be located and identified such that targeting them would be easy.
• Cohesive - the consumers should be part of a whole specific qualities are common to all.
• VARIABLES TO SEGMENT CONSUMER MARKETS

  Technographic - the prevalence of internet and World Wide Web
• Three Market Coverage Strategies

  1. Undifferentiated Marketing - a company ignores market segmentation and goes after the entire market with only one market offer.
• Three Market Coverage Strategies

  Differentiated Marketing - approaches the market by targeting several market segments using separate offers per segment.
• Three Market Coverage Strategies

  Concentrated Marketing is practiced by companies with limited resources. It pursues getting a big share of a small market rather than a small share of large market.
• Market homogeneity if there is a diverse market, differentiated marketing is advisable.
• Family life cycle - refers to the progressive stages through which individuals and families proceed over time.