Marketing Management For Tourism And Hospitality

Today’s world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Supply and demand is a fundamental element of economics; it is the main support system of a market economy. Demand can be interpreted by the quantity of a product or service a consumer is desired to acquire at a given time period. Quantity demanded is the amount of product consumers are willing to purchase at a given price; the relationship between price and quantity demanded is commonly known as the demand relationship. Supply however, accounts for how much a market produces for consumers. The quantity supplied refers to the actual amount of a certain good firms are willing to supply to consumers when receiving a certain price. Having limited resources we all have to

Moreover, Al-Ghamdi stated that “Customer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses” (Al-Ghamdi, 2015, p. 2).

Marketing is the methodology of communicating the value of a product or service to customer for the purpose of selling that product or service.

By using this type of marketing strategy organizations ' are given the opportunity to market a very successful product, so it would be true to say that the marketing mix and its manipulation are vital for the success of a business. However, their good or service may only be successful if the organization provides products that satisfy consumers ' needs and wants through a co-coordinated set of activities that also allow the organization to achieve its goals. Customer satisfaction should be the major aim of the marketing concept. But the process does not end here because the organization should continue to alter, adapt and develop products to keep pace with customers ' changing desires and preferences. Organizations ' should be aware of the importance of customers and release that marketing activities begin and end with the customer.

As Drucker puts it “The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself”. In order to achieve this company’s must understand “what does the customer buy” and “what is value to the customer.”

Demand is the relationship between price and quantity demanded for a particular good and service in particular circumstances. For each price the demand relationship tells the quantity the buyers want to buy at that corresponding price. The quantity the buyers want to buy at a particular price is called the Quantity Demanded.

Customer satisfaction and customer retention are important linkages to market-based strategy and to profitability. The ultimate decision of any marketing strategy should be to attract, satisfy, and retain target customers. The customer as a critical component in the profitability equation is completely over-looked in financial analysis and annual reports. It is an asset that businesses have yet to quantify in their accounting systems.

As a business to business and business to consumer company is fundamental for us to acknowledge the demand for our services in these two dimensions.

Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.

The basic aim of our marketing strategy should be recognized and then interconnect the profits

Table of Contents 1 Introduction .......................................................................... 1 1.1 Background ................................................................................... 1 1.2 Problem Discussion....................................................................... 2 1.3 Purpose......................................................................................... 3 1.4 Delimitation ................................................................................... 3 2 Frame of Reference .............................................................. 4 2.1 Service Marketing.......................................................................... 4 2.2 Marketing

One interesting way to analyze customer satisfaction is to look at the apostles and terrorists. Apostles are those customers that are so pleased with a product or company, that they get more people to like the product as well. Terrorists are those customers who are so displeased that

Customer satisfaction is when the customer’s experience with a certain product or service equals the customer expectations. Various factors affect customer satisfaction and they include quality, quantity, price and after sale services. There are various issues that managers need to address and face when chasing customer satisfaction and in trying to deliver quality service.

For this task the author will be discussing the factors which influence the travel and tourism industry and defining the marketing mix.