MARKETING
Marketing all around us
Why is there a need to study marketing management?
1. To understand that as consumers, we pay for marketing activities. We learn and
appreciate the value of all activities and their relative importance to the ultimate
satisfaction of the consumer.
2. To ensure an understanding of things today, of obtaining business conditions and
consumer needs.
3. To respond to the present reality that today's companies must urgently and critically
rethink their business mission and marketing strategies.
4. To fully appreciate the impact of marketing-driven strategies on gaining competitive
advantage in terms of technology, competitive forces, economic and social pressures
have increased the size and scope of markets, creating a global competitive edge.
5. To fully understand the objective of the company is to satisfy its customers' needs over
competition
6. Finally, Marketing Management that combines theory and varied applications is
workable within our country or even globally. Enriching glamour of marketing educators
and students in many business schools, marketing practitioners, entrepreneurs, and allied
business professionals.
MARKETING has become a buzzword in the world of business when the competition to gain
Market share began among businesses like the Tourism and Hospitality Industry.
When production is increasing, they begin competing for recognition within the MARKET (1)
Tourism has become one of the largest and fastest–growing industries.
Marketing for Tourism covers several levels, from the Tourism destination as the product itself,
specific tourism products and services, to complete the tourist experience.
Note: Tourism is not a single product. It is a combination of products and services that results in
a HOLISTIC EXPERIENCE for the traveler.
Unique Characteristics of TH Industry
1. INTANGIBLE
Tourism products cannot be touched, smelled, tasted, felt, or heard before
purchase. One cannot examine or test them before purchase, unlike consumer products.
A destination that promises fresh air from its beaches or a scenic view of the
mountains cannot be sent. The beauty of the scene can only be appreciated when one is
actually at the destination.
2. Inseparable
The tourism product cannot be separated from the consumer. When tourists
avail the product and services, they must personally go to where the products are.
3. Variable
The tourism experience is likely to be different depending on when the product is
availed, who one is with, and how the service provider delivers the service at the same time of
consumption.
4. Perishable
Products become perishable when they can no longer be consumed today, even
when no one consumed them the day before.
Airline and restaurant seats, hotel rooms, and function rooms are perishable
products. Revenue management addresses the perishability factor of the tourism product
5. Seasonal
Seasonality does not only refer to the seasons of the year or the weather conditions. It
refers to the behavioral pattern of the travel market.
6. Substitutable
One destination can easily be substituted for another destination. It is quite a challenge
to establish loyalty among clients since there is a wide range of product offerings to choose.
With many choices available, the tourism product is highly substitutable.
Definition of Marketing
The process of planning and executing the conception, pricing, promotions, and
distribution of ideas, goods, and services to create an exchange that satisfies
individual and organizational objectives.
The management function, which organizes and directs all these business
activities involved in assessing and converting customer purchasing power into
effective demands for a specific product or service to achieve the profit target.
Is a total system of business-related activities designed to plan, price, promote,
and distribute want-satisfying products, goods, and services to the target market to
achieve organizational objectives.
To determine potential demands of the product, develop and test market the
product before mass production, name the product through branding, design the
package, analyze direct competitors, determine the price of the product, develop
creative advertisement, and hire qualified sales personnel.
Core Marketing Function
1. Marketing Information Management
entails gathering information about customers to better serve their needs and improve
decision-making.
2. Financing
Involves planning to ensure that resources are available to maintain and improve the
business.
3. Pricing
ensures that the value and cost of goods and services offered to customers will be at the
level that customers are willing to pay.
4. Promotion
prepares the various promotional strategies that will enable the products to be
introduced and sold to the customer.
5. Product/ Services Management
Involves designing, developing, maintaining, improving, and acquiring products and services to
meet the needs of the customer.
6. Distribution
Involves bringing the product and services to the customer in the best way possible.
7. Selling
is the ultimate measure of marketing success. Strategies on following up the sale, closing
the sale, and making a repeat sale are crucial tasks of marketing.
