Exchanges and Relationships Notes
Marketing occurs when people decide to satisfy needs and
wants through exchange.
Exchange (transaction) is the act of getting a desired object
(product, service, idea ) from someone by giving
something in return.
Marketing Management Philosophies Notes
There are five alternative concepts under which
organizations conduct their marketing activities: the
production, product, selling, marketing and societal
The Production Concept; holds that consu
Physical motivations Notes
refreshment of body and mind (rest and relaxation)
beach holidays, lakes and mountains, etc.;
for health purposes (i.e. either medically prescribed or
undertaken voluntarily) spas, etc.;
for participation in sports skiing, cano
A product (persons, places, organizations, activities, ideas)
is anything that can satisfy a need or want. Producers must
see themselves as providing a solution to a need (benefits)
rather than just selling a product. Otherwise, when a new
Geodemographic segmentation Notes
A very powerful and productive segmentation tool;
developed through combining an analysis of census
data with the postal area (zip) codes that identify group
of households in the country.
Segmentation by price
Segmentation by buyer needs and benefits sought Notes
Within purpose of travel, the next logical consideration for
segmentation is to understand the needs, wants and
motivations of particular customer groups (as discussed).
The range and perceived importa
Understanding needs and wants Notes
What are people looking for when they visit different
Why would a tourist choose to holiday in Florida rather than
Spain what variables are at work apart from cost?
Why would he choose to travel with Briti
The Marketing Process Notes
Managers must realize that they cannot satisfy all
customers; they have to choose their customers carefully.
Companies work to (1) understand consumers, (2) construct
marketing programs to create superior value for the
Selecting Customers to Serve Notes
The company must first decide who it will serve. It does this
by diving the market into segments of customers (market
segmentation) and selecting which segments it will go after
Some people think of m
What is Marketing Notes
Marketing is not selling or advertising.
Marketing is the management of creating and exchanging
products and value in order to satisfy the needs and wants of
Marketing involves building profitable, long-term