THMs

Marketing in the tourism and hospitality industry requires an understanding of the differences between _________________.

It is a continuous, sequential process through which management plans, researches, implements, controls, and evaluates activities designed to satisfy the customers’ needs and wants, and meet the organization’s objectives

It must be understood in the sense of satisfying customer needs.

It is the process by which companies create value for customers and society, resulting in strong customer relationships that capture value from the customers in return.

Human beings have many complex needs. These include basic physical needs for food, clothing, warmth, and safety; social needs for belonging, affection, fun, and relaxation; esteem needs for prestige, recognition, and fame; and individual needs for knowledge and self-expression.

This are how people communicate their needs.

People have almost unlimited wants but limited resources. They choose products that produce the most satisfaction for their money. When backed by buying power, wants become _____.

Some combination of tangible products, services, information, or experiences that are offered to the market.

It is the difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product.

This are based on past buying experiences, the opinions of friends, and market information.