50%(2)1 out of 2 people found this document helpful
This preview shows page 1 - 2 out of 4 pages.
1R 412 Marketing for Leisure Services Study Guide for Exam #1Key Concepts:Supplemental ReadingR1: The experience economy:What do the authors mean by the “experience economy”?What are the distinctions among goods, services and experiences?Chapter1•How is marketing defined?The process by which companies create VALUE for customers and build strong CUSTOMER RELATIONSHIPS in order to CAPTURE VALUE from customers in return. GOALs: attract new customers by promising superior value and keep and grow current customers by delivering satisfaction•What are market offerings?Customer needs and wants are fulfilled through market offierings Can they be goods, services, and or experiences?•What are the steps in the marketing process (need to understand what each step refers to, and the order of the steps)•How are needs/wants/demands defined? Use examples to explain each of the concepts.•What are the different marketing management philosophies?oContrast the following: the production concept(focus on availability & affordability), the product concept(offer the most in quality, performance and innovative features), the selling concept(sales volume supported by