HTM 3080 Chapter Notes - Chapter 1-2: Overselling, Bilen People, Marketing Mix

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 3080
• Professor: Anahita Khazaei

Document Summary

Defining elements of marketing at the time. Definition: the process by which companies create value for customers and society, resulting in strong customer relationships. Not only about customers and finding customers. Promotions (such as bogos or 50%off) doesn"t necessarily mean customers will return. Quality and services get customers to return. Product, place (distribution), price, promotion (sales and advertising) Wants: the way we express our needs. Example: two people are both hungry but both want different things (one wants sushi, one wants burgers) Customers wants and needs are fulfilled through tangible and intangible products and services. Intangible (services) aspects are important for building customer relationships. Customer satisfaction: comparing customer values to customer expectations. Not just one transaction, want customers to return. Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime. Social and financial benefits (tailoring experience to specific customers)