ch.1
Globalization
the international consolidation of big businesses and the growing trend for countries to allow the transfer of goods and services across national boarder
niche marketing
designing and building and marketing hospitality products for specific market segments
competition analysis
an evaluation of a business competition to identify opportunities and unique selling points
market segmentation
dividing the market into groups of consumers with similar needs, wans, back rounds, incomes, buying habits... etc.
market plan
a guide for marketing, sales, advertising and promotional efforts
customer relationship management
a system used by a business to record customer preference and track customer interactions with the business in order to provide better service, with the goal of building customer loyalty and retaining customers long term
partnership marketing
AKA developing strategic alliances and synergism marketing
2 or more companies ideally serving same markets with non competitive products join together to benefit from each others strengths
competitive set
made up of properties in the immediate area that sell to similar market segments and offer similar products and services at similar prices
market share
the number of room nights a property sells compared with the total number of room nights within a market area
positioning
a marketing term used to describe the process of shaping how consumers price the products and services offered by a particular hotel in relation to competitors
environmental scanning
the analysis of trends and factors that will affect a hospitality firms marketing efforts
revenue management
the science of pricing products and services at differing price points over time in such a way as to maximize the amount of money a business takes in.
fair share
number of room nights a property would sell if demand were distributed based on the number of rooms in each property
marketing audit
evaluation of a business, its competition and the marketplace
RevPAR
a combination of paid occupancy percentage and average daily rate.
formula:
divide room revenue by available rooms
marketing mix
the combination of the four p's that is used to cheive marketing objectives for a target market
sales
direct efforts to sell a product or service through personal contact, telecommunication and advertising and other promotion
feeder city
a city other than the properties city which guests arrive
marketing information system
the people, equipment and procedures involved in gathering and analyzing data to provide accurate information to marketing decisions
target market
market segments that a property identified as having the greatest potential and toward which marketing activities are aimed
marketing
a system of interrelated activities formulated to plan, price, promote and make available service and products to potential customers or guests in a particular target market.
strategic alliance
a business alliance in which the allies benefit from each others strengths
guest mix
refers to the variety or mixture of guests who stay at a property or eat at a restaurant
marketing intelligence
information useful for marketers that has been properly analyzed, evaluated and formatted to help marketers and managers formulate plans and make decisions
zero base budget
a budget that starts at zero and forces planners to justify expenditures