Product Innovation and Customer Needs

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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?

To stay competitive and relevant in the market Signup and view all the answers

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

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

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

Helps customers experience destinations virtually before booking Signup and view all the answers

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

By continuously innovating and improving their services Signup and view all the answers

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

Expand their customer base Signup and view all the answers

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

Expand their customer base and increase market share. Signup and view all the answers

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

Targeting niche markets or developing specialized services. Signup and view all the answers

Product Innovation and Customer Needs

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Questions and Answers

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

What is an example of service innovation in the tourism industry mentioned in the text?

How can businesses create new markets according to the text?

Why is service innovation considered essential for businesses in the tourism industry?

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

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

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

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

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

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

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