Marketing in the Travel and Tourism Industry
Introduction
For this task the author will be discussing the factors which influence the travel and tourism industry and defining the marketing mix.
Marketing;
The term marketing is a complex management tool and can be defined many ways.
Marketing can be defined as being all about getting the right products to the right customer at the right time; in general the term marketing is the action or business of promoting and selling products and services. Marketing is based on thinking about the business in terms of customer needs and satisfaction.
The Chartered Institute of Marketing’s’ (CIM) definition of marketing goes as follows ‘Marketing is the management process for identifying and satisfying customer needs profitably’.
‘Marketing is the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ this is an approved definition by the American Marketing Association Board of Directors.
Marketing Mix;
This usually refers to E. Jerome McCarthy’s 4 P classifications for developing an effective marketing strategy which includes product, price, placement (distribution) and promotion.
(1) Identification, selection and development of a product.
(2) Determination of its price.
(3) Selection of a distribution channel to reach the customer’s place.
(4) Development and implementation of a promotional strategy.
There must be a balance between the 4 Ps of the marketing mix on order to achieve their marketing objectives for example a new company that is just setting out is likely to spend more time and money on promotion in order to advertise their business to the public.
Price
The price of a product is the amount in which you have to pay to use, buy or rent a product. The pricing of products and services is very important to the marketing in travel and tourism; prices change constantly and based on many factors
For this task the author will be discussing the factors which influence the travel and tourism industry and defining the marketing mix.
Marketing;
The term marketing is a complex management tool and can be defined many ways.
Marketing can be defined as being all about getting the right products to the right customer at the right time; in general the term marketing is the action or business of promoting and selling products and services. Marketing is based on thinking about the business in terms of customer needs and satisfaction.
The Chartered Institute of Marketing’s’ (CIM) definition of marketing goes as follows ‘Marketing is the management process for identifying and satisfying customer needs profitably’.
‘Marketing is the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ this is an approved definition by the American Marketing Association Board of Directors.
Marketing Mix;
This usually refers to E. Jerome McCarthy’s 4 P classifications for developing an effective marketing strategy which includes product, price, placement (distribution) and promotion.
(1) Identification, selection and development of a product.
(2) Determination of its price.
(3) Selection of a distribution channel to reach the customer’s place.
(4) Development and implementation of a promotional strategy.
There must be a balance between the 4 Ps of the marketing mix on order to achieve their marketing objectives for example a new company that is just setting out is likely to spend more time and money on promotion in order to advertise their business to the public.
Price
The price of a product is the amount in which you have to pay to use, buy or rent a product. The pricing of products and services is very important to the marketing in travel and tourism; prices change constantly and based on many factors
Bibliography: http://www.businessdictionary.com/definition/marketing.html http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx Philip Kotler – Marketing Management, Analysis, Planning, Implementation and Control, Prentice-Hall, 6th edition, 1988 http://businesscasestudies.co.uk/business-theory/marketing/marketing-mix-price-place-promotion-product.html#axzz2geDRt6Hg http://www.learnmarketing.net/price.htm