HTM 302 Lecture 2: Week 2

• School: Ryerson University
• Department: Hospitality and Tourism Management
• Course: HTM 302
• Professor: Rachel Dodds

Document Summary

Exchange must include at least 2 parties, something of value, communication and delivery, freedom to accept or reject, and desire to deal with other party and an agreement must be reached. Explain the relationship between customer satisfaction and value. Meet or exceed customer"s expectations, delighting customers, provide solutions, and cultivate relationships not one-time transactions. Core marketing concepts: needs, wants and demands. When backed by buying power, wants become demands: products. Anything that can be offered to satisfy a need or want. E. g. cruise, hotel room, theme park ticket, seat on a plane: value, satisfaction and quality. Perceived value delivered relative to a buyers expectations. The totality of features and characteristics of a product or service that bear on its ability to satisfy customer needs. Difference between the customer benefits from owning the product and the costs of obtaining the product: exchange, transactions and relationships, markets.