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WHAT IS THE HOSPITALITY MARKETING 📈📊

 HOSPITALITY MARKETING📈📊

• Basic concept of marketing

 The key concept of marketing are illustrated 

Need 

Need is the basic concept of marketing. It is a positive, motivational factor that compels action for its satisfaction. It includes basic physical needs (food, warmth, clothing, safety, etc.), social needs (belongingness, affection, fun, relaxation, etc.), and esteem

needs (prestige, recognition, fame etc.). An unfulfilled nend is a driving force that stimulates the person to pursue and achieve it. For example, comfortable accommodation is a physical need for everyone, more to when one is visiting a city and does not have a place to stay there.



Want

Want is the next important concept of marketing. A want may be understood as the way one expresses or communi cates his/her need. The basic need of accommodation may be expressed as a want for a luxury hotel by an affluent per son; a resort by a leisure traveller, a sarai, or a dhanamuhale by a person from the low-income group. A want may be described in terms of the objects that can satisfy the need.


Demand

Demand is the foundation stone that forms the basis of marketing. People have unlimited wants but limited resources. Demand is a want that is backed by the ability and willingness to pay for the product. Thus, only those wants become a demand that qualify the following

• The ability to pay for the service or product that a person wants (if one wants something but is not in a position to pay for the same, the want will not turn into demand)

• The person should be willing to pay (if a person has enough amount to pay for a product but is not willing to pay the amount that is quoted by the seller/producer, it will not qualify as effective demand. For example, if a person has ₹10,00,000 bur is not willing to pay a rent of ₹25,000 for a suite in a hotel, it will not be an effective demand)


Product

A product is a good or service that is the end-result of a process and serves as a need or want satisfier. It is usually a bundle of tangible and intangible attributes (benefit, features, functions, and uses) that a seller offers to a buyer for purchase. People satisfy their needs and wants by using desired products. For example, when people stay in a five-star hotel, they satisfy their basic need of shelter, along with the needs of prestige. status, and ego. Thus, it is evident that a product should be able to satisfy the basic an well as hidden needs of the consumer.


Value

Value is the extent to which a good or a service is perceived by its customer to meet his her needs or wants, measured by the customer's willingness to pay for it. It commonly depends more on the customer's perception of the worth of the product than on in intrinsic value. When the value of any item is expressed in terms of money, it is known a price. According to customers, value is the difference between the benefits they will gain


Satisfaction

Satisfaction is an expression of a customer's approval that a product's performance meets his/her expectations. If the product/service meets the customer's expectation, it leads to customer satisfaction. If the product/service or its performance falls short of the customer's expectatiom, the buyer is disatisfied. If the product/service exceeds the customer's expectations, it leads to customer delight. A delighted person is an unpaid advertiser for the product as he/she will give positive feedback of the product to other potential users. A guest who is delighted with a hotel's service will revisit and also share his/her experience with colleagues, friends, and family.


Quality

Quality is the totality of features and characteristics of a product or service that bear on its ability to meet customers needs. It has a direct impact on product or service performance and is closely linked to customer value and satisfaction. The fundamental aim of today's total quality movements has become total customer satisfaction.


Marketing Mix

Marketing mix is a planned mis of the controllable elements of a product's marketing plan, commonly known as 4 P product, price, place, and promotion. The basic marketing mix is the blending of these four inputs which form the core of the marketing system. Apart from these, service marketing relies on additional 3 Ps-people, process, and physical evidence (Fig. 17.3). These elements are adjusted until a right combination is found that serves the needs of the product's customers while generating optimum income. The task of a marketing manager is to integrate these variables into a marketing mix that meets the needs of each consumer group or market segment targeted by the organization.

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