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Griffith University 2105HSL International Tourism and Hotel Marketing Course Content
Topic 7 Travel and Hospitality Product Analysis and Design Objectives Learn about the stages and processes to consider when bringing a new product to the market - and when to delete a product Be familiar with examples of product development case studies Consider stages and processes in relation to designing the travel or hospitality product assessment item Product Life Cycle Changing consumer tastes, new markets, new technologies, government regulations, availability of resources and competition result in birth, maturation and decline of products Product Market Expansion Options Product Development A company can acquire new products through: Acquisition: buying a whole company, an existing brand, a product license 2. Implementing a product development strategy existing product improvements (least expensive) existing product modifications (more expensive) new products (most expensive) Stages in Product Development Generating Product Ideas Immediate need/external environmental trend: e.g., increased security issues - improved CCT coverage, employ security staff Internal sources (55%): company employees, FB staff - new menu items Customers (30%): surveys, discussions with customers about existing and other experiences Competitors (30%): analysing competitor products Suppliers and distributors: new products, technologies, techniques, materials Trade shows and magazines, universities and government departments, product consultants, individual inventors Contests: e.g., new destination landmarks, hotel guest competitions Concept Screening The aim is to find good ideas, get rid of bad ideas Which of the choices or does the product: Fulfil our mission and protect our core business? Complement or enhance our existing products? Protect and please our existing customers? Better use existing resources? Concept Screening Assumes more than one product idea is possible and is achieved by specifying/listing: Qualitative description of product; target
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