The Marketing Concept
When you adopt the concept, it means that you will act on the belief that satisfying guests needs and wants if first priority.
Guest Orientation
Having a guest orientation implies that the manager has accepted and acted according to the Marketing Concept.
Satisfying Guest Needs And Wants
To ensure long term survival in business, the manager must always be ready to anticipate emerging guest needs.
Market Segmentation
All guests are different. Therefore, segmentation describes the concept of identifying specific groups of people and market only to them. Managers 'take aim' at specific targets to ensure the highest returns.
Value And The Exchange Process
'Value' and 'value for money' are terms often used in today's business and in our daily lives. VALUE represents a mental estimate the guests perceive of a product or service's ability to satisfy their needs and wants. Although some guests do equate value closely with price, PRICE however, in not the only indicator of value.
Product Life Cycle
The product life cycle idea suggests all hospitality services pass through four predictable stages - introduction, growth, maturity, and decline. Marketing approaches need to be modified with each stage so as to avoid a decline - the key to long-term survival.
Marketing Mix
Every organization has a marketing mix. It includes the controllable factors that are used to satisfy the needs of specific targets. Traditionally, these are identified as the 4Ps - Product, Place, Promotion, and Price.
