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Questions and Answers
What is a tangible product?
What is a tangible product?
What is an example of a tangible product?
What is an example of a tangible product?
What is an intangible product?
What is an intangible product?
What is an example of an intangible product?
What is an example of an intangible product?
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What is a product in marketing?
What is a product in marketing?
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What is the primary characteristic of a physical product?
What is the primary characteristic of a physical product?
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What type of product is a JPG file?
What type of product is a JPG file?
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Which of the following is an example of a service?
Which of the following is an example of a service?
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What is the main difference between a conference and a convention?
What is the main difference between a conference and a convention?
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What is an 'add-on' service in the context of tourism and hospitality?
What is an 'add-on' service in the context of tourism and hospitality?
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What is the primary purpose of a product or service?
What is the primary purpose of a product or service?
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What type of product is a yoga class or a therapy session?
What type of product is a yoga class or a therapy session?
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What is an example of a tangible product?
What is an example of a tangible product?
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What is the purpose of pricing a product?
What is the purpose of pricing a product?
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What is an example of an event planning product or service?
What is an example of an event planning product or service?
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Study Notes
Classification of Products
- Intangible data products can be further classified into virtual digital goods (VDG) and services or ideas.
- Goods are physical products capable of being delivered to a purchaser, involving the transfer of ownership from seller to customer.
- Services are non-material actions resulting in a measurable change of state for the purchaser, caused by the provider.
Types of Products in Tourism and Hospitality
- Tours and Transport: allowing tourists to get to their destinations and get around.
- Conferences and Conventions: opportunities for people to network and learn, with conferences focusing on knowledge exchange and professional development, and conventions celebrating shared interests.
- Entertainment: infrastructure in tourism providing facilities and services designed to provide entertainment experiences for tourists.
- Restaurant facilities: physical amenities and services provided by a restaurant to enhance the dining experience.
- Food and Beverage services: professional industry providing meals to customers for various purposes.
- 'Add-on' services: additional products or services that customers can purchase to enhance their primary booking.
Steps in Promoting a Product
- Accurately provide information about products and services to customers through brochures, websites, etc.
- Employ selling techniques to encourage usage and purchase, such as social selling.
- Above the line promotions include advertising, press releases, consumer promotions, etc.
- Below the line promotions include trade discounts, freebies, incentive trips, awards, etc.
- Personal selling: one of the most effective ways of customer relationship, best for high-value or premium products.
- Sales promotions: include freebies, contests, discounts, free services, passes, tickets, etc.
- Public relations: deliberate, planned, and sustained effort to establish and maintain mutual understanding between the company and the public.
What are Products?
- A product is defined as a "thing produced by labor or effort" or the "result of an act or a process."
- In marketing, a product is anything that can be offered to a market that might satisfy a want or need.
- Products can be classified as tangible or intangible.
- Tangible products are physical objects that can be perceived by touch, such as a building, vehicle, or gadget.
- Intangible products are products that can only be perceived indirectly, such as an insurance policy.
The Four Ps of Marketing
- The four Ps of marketing are: product, price, place, and promotion.
- Product: what your company sells, such as smoothies or jewelry.
- Price: the amount of money you charge customers for the product or service.
- Place: where the product or service is sold, such as a physical store or online platform.
- Promotion: the methods used to communicate with customers and promote the product or service.
Event Planning Products and Services
- Event management, event coordination, theming, decorating, and styling.
- Catering, entertainment, and venue sourcing.
Pricing a Product
- The price of a product or service is affected by factors such as supply costs, seasonal discounts, and competitors' prices.
- The price must be related to the product's real and perceived value.
- Effective pricing strategies involve understanding costs, adding up variable costs, and considering other factors that affect pricing.
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Description
Learn about the differences between intangible goods and services, including virtual digital goods, physical products, and non-material actions.