HTM 4250 Lecture Notes - Lecture 4: Value Proposition, Marketing Mix, Cash Flow

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 4250
• Professor: Holmes

Document Summary

Weekly topic: price, value, displacement, and strategic pricing. The value by a firm on its products and services. The amount of money charged for a good or a service. Noun: a measure of the value driven up by a buyer and a seller in a business transaction. Verb: to establish the value to be given up by a buyer and a seller in a business transaction. With price, both the seller and buyer are part of the definition. The concept of value given up" is present whether price is used as a noun or a verb. Rms must ensure that buyers understand what they get and why it"s of value. Price in the 4 ps of the marketing mix. Marketing: the process of providing a seller"s value proposition to a market. Product: the product or service delivered to the buyer process of providing a seller"s value proposition to a market. Promotion: the means of communication between buyer and seller.