Refers to exchange activities conducted by individuals or organizations for the purpose of satisfying human needs / wants with the view of accomplishing the individual / organizational objectives.

It is a social and managerial process by individuals and groups obtain what they need and want through creating and exchanging products/services, and value with each other.

Refers to marketing management philosophy as basis of achieving goal depends on the identified market Ns / Ws and delivering desired satisfaction more effectively and efficiently than that of the competitors.

Anything that can be offered to satisfy a need or a want.

Consists of all target and potential customers sharing a particular need or want.

Anything that satisfies certain requirement by a human being.

Desire for unfulfilled needs.

Refers to wants for specific products/ services that are backed/ supported by the ability and willingness (market) to buy/ avail them.

Customer’s estimate of the product’s / service’s overall capacity to satisfy his/her needs/wants.

Product’s / services’ perceived performance in delivering value relative to a buyer’s expectation (delighted d - amused/ frustrated- disappointed).

Freedom from defects (closely linked with value and satisfaction. It is defined according to customer satisfaction.

The act of obtaining a desired P/S from someone by offering something in return.

A process where two or more parties engaged in exchange negotiation and moving toward an agreement.

Involves creating, maintaining and enhancing strong relationships with customers and other stakeholders.

Refers to the analysis, planning, implementing and control of programs designed to create, build and maintain beneficial exchanges with target market for the purpose of achieving organizational goal.

Refers to cooperative marketing efforts among complementary hospitality & travel organizations.

This era was the first evolutionary stage in the development of marketing. It began with the “industrial revolution.

As the competition intensified, this era emphasis switched from production to selling. Customer’s needs and wants were still of secondary importance.

This era, companies began to realized that selling alone did not guarantee customer satisfaction and more sales.

Firms started to realize social responsibility in addition to their profit and customer-satisfaction objectives in this era.

Due to rapid adoption of digital technologies, this era revolutionizes the use of internet as marketing tool.

The practice of appealing to the unique needs of individuals within more than one specific generational group, with a generation being a group of individuals born and living about the same time.

Form of services that cannot be tested using the five senses before the purchase.

Services that cannot be separated from their providers. Customers & provider (employee) must be present during the transaction.

Quality of service depends on who provides them and when, where and how (Service offered in different times showing variation in their nature)

Services cannot be stored for later sale or use. Revenue loss is gone. Opportunity to sell is loss

Consists of the larger societal forces that affect the entire micro-environment.

Consists of players close to the company that affect its ability to serve its customers.

Planning technique that uses graphical representations of the goods and services of a business in an attempt to help the organization determine whether hold products, sell products, or invest in new market.

Operating in high-growth markets with low relative market share, it is used because a firm must think hard whether to keep pouring money into their business.

This produces positive cash flow for the company. The company must spend substantial funds to keep up with the high market growth and fight off competitors’ attacks.

Characterized by its ability to achieve less than 10% annual growth rate and produces a lot of cash for the company.

Describes the sub-business unit (SBU) that have weak market shares in low-growth markets. The business typically generates low profits or losses.

This concept is used as a tool by companies to track the environment they’re operating in or are planning to launch a new project/product/service.

These factors determine the extent to which a government may influence the economy or a certain industry.

These factors are determinants of an economy’s performance that directly impacts a company and have resonating long term effects.

These factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, population analytics.

These factors pertain to innovations in technology that may affect the operations of the industry and the market favorably or unfavorably.

These factors have both external and internal sides. There are certain laws that affect the business environment in a certain country while there are certain policies that companies maintain for themselves.

These factors include all those that influence or are determined by the surrounding environment, include but are not limited to climate, weather, geographical location, global changes in climate, environmental offsets.

Refers to an analysis technique / tool used as the foundation of an organization’s strategic market plan and marketing plan.

An action tool, it identifies the relationships between these factors and selecting strategies on their bases.

Refers to individuals / people who buy hospitality services for personal consumption; they are the end users of the services.

Refers to organizations or buyers that purchase hospitality services for business purposes.

Refers to the buying behavior of final customers (individuals & organizations who avail of products / services to satisfy certain needs / wants).

Refers to the study which analyzes how consumers make decisions about their wants, needs, buying or act with respect to a product, service or organization.

This model is based upon external stimulus-response which means that a point triggers the consumer’s mind to make a purchasing decision which is influenced by different factors like sampling, marketing message, promotions, product availability and price.

The decisions are based upon internal factors. Internal factors may include belief systems, goals, goals, traditions, personal opinions or any other similar internal motivator

Refers to all groups who participate in the purchasing decision-making process, who share common goals and the risks arising from the decisions.

Marketing is important because it converts societal needs into profitable opportunities.

The components of the Tourism Umbrella (Travel, Lodging, Events, Restaurants, Recreation) covers all the product and services we offer to our guests and the experience that goes along with it.

The modern hospitality and tourism industry is composed of numerous separate industry segments. Sometimes competing, yet more often providing services supplementary in nature.

The Product / Service choice are guided by the concepts of value, cost and satisfaction.

Companies don’t follow a single marketing concept rigidly. They usually use a mix of marketing concepts or change it depending on the market situation, competition and sales numbers.

Hospitality and Tourism Industry is a people oriented industry.

Each and every company has its own idea on how the company will do production, how it will sell and do the marketing of its product. The decision will become their marketing management philosophy, how they will be producing, marketing and selling the product.

The shared trait in every one of the marketing management philosophies and approaches is that they all have the same objective which is the organizational benefit, either concentrated all on the product or the consumer or could be even both.

Managers do not control the quality of the product when the product is service.

The quality of the service is in a precarious state – it is in the hands of the service workers who “produce “ and deliver it.

The service culture focuses on serving and satisfying the customer. Foundation of a service culture has to start with top management and in the hands of the service workers.

On average, a satisfied customer tells three people about a good product experience, but the average dissatisfied customer gripes to 11 people.

In strategic planning, company matches its capabilities with available opportunities and take action to minimize threats.

Hospitality and Tourism organizations can make better marketing decisions if they have a thorough understanding of the current and future behaviors of their customers.

By understanding the compelling reason for which a consumer buys a particular product or service over the other, it becomes easier to identify which product is in demand and which is obsolete so that marketing strategies can be designed accordingly.