Product Innovation and Customer Needs
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Questions and Answers

How can businesses attract a wider customer base and increase revenue streams?

  • By ignoring customer feedback
  • By expanding service offerings (correct)
  • By decreasing the variety of services
  • By reducing the quality of services
  • What is an example of service innovation in the tourism industry mentioned in the text?

  • Elimination of customer reviews
  • Decrease in the number of travel destinations
  • Introduction of virtual reality (VR) tours (correct)
  • Closure of hotels
  • How can businesses create new markets according to the text?

  • By offering limited options
  • By ignoring market trends
  • By reducing customer service quality
  • By developing specialized services (correct)
  • Why is service innovation considered essential for businesses in the tourism industry?

    <p>To stay competitive and relevant in the market</p> Signup and view all the answers

    What did Netflix do to revolutionize the way people watch movies according to the text?

    <p>Introduced a streaming service with a vast library of movies and TV shows</p> Signup and view all the answers

    How does offering virtual reality (VR) tours in the tourism industry benefit customers?

    <p>Helps customers experience destinations virtually before booking</p> Signup and view all the answers

    In what way can businesses enhance customer satisfaction according to the text?

    <p>By continuously innovating and improving their services</p> Signup and view all the answers

    What does creating new markets allow businesses to do according to the text?

    <p>Expand their customer base</p> Signup and view all the answers

    What impact can entering new geographical markets have on businesses according to the text?

    <p>Expand their customer base and increase market share.</p> Signup and view all the answers

    What are some ways businesses can tap into underserved market segments?

    <p>Targeting niche markets or developing specialized services.</p> Signup and view all the answers

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