TIM 304 Exam 1 Study Guide 159 Questions with 100% Correct Answers | Verified | Latest Update

Will tourism industry continue to exist without the hospitality industry? - ️️No. Will hospitality industry continue to exist without tourism industry? - ️️Yes. Marketing - ️️art and science of trying to finding, retaining, growing profitable customers - Process by which companies create values for customers and build strong customer relationships in order to capture value from the customers in return Purpose of marketing - ️️1) provide value to targeted customers 2) motivate purchase 3) fulfill consumer needs Marketing means... - ️️1) Satisfying customer needs 2) Develop products and services that will provide value to solving customers' problems or needs. 3) Build strong customer relationships. Steps in the marketing process - ️️1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity Customer equity - ️️the discounted lifetime values of all the company's current and potential customers