HM 316 Lecture Notes - Lecture 10: Advertising Mail, Psychological Pricing, Product Differentiation

• School: JMU
• Department: Hospitality Management
• Course: HM 316
• Professor: William Frye

Document Summary

~10 questions from each chapter learning objectives 60 questions. Marketing: hooking up buyers with sellers (advertising, promoting, distributing) Identify who prospective buyers are, educate and convince them, and make the sale. Identify target market (ex. no snow shovels in aruba, but need them in canada) Chipotle try to source products locally, non-gmo, fresher ingredients) Internal: strengths (positive, weaknesses (negative, external, opportunities (positive, threats (negative) Internal marketing: the club sells services (not products) and it requires employees to create and deliver these services, thi(cid:374)k of e(cid:373)plo(cid:455)ees as (cid:862)i(cid:374)ter(cid:374)al (cid:272)usto(cid:373)ers(cid:863, thi(cid:374)k of e(cid:373)plo(cid:455)ee jo(cid:271)s as (cid:862)produ(cid:272)ts(cid:863) In other words, take good care of your employees and they will take good care of your customers (members) If yes: substitutes are available, consumer cannot afford the current price, price will likely drop soon. Buying center roles: user: the person who uses the product or service, buyer: the person who actually purchases the product or service or has the authority for.