Unit 5
What does this definition describe?
When new inventions and modifications are introduced by businesses in an attempt to stay relevant with customers, and competitive in the job market.
Innovation
"The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large."
Marketing
The movement of people (visitors) outside their typical environment or country for a number of purposes (whether business or pleasure)
Tourism
The complete flow of waste from its domestic or industrial source through to recovery, recycling or final disposal.
Waste Stream
This stage generally requires that the business make a substantial investment in advertising. At this point, the marketing is focused on making consumers aware of the product and its benefits, especially if it is broadly unknown what the item will do.
The Introduction Phase
This Disruptor started as a DVD rental service before it became one of the most popular modern streaming services.
Netflix
These can be divided based on Demographic, Geographic, Behavioural or Psychographic.
Market Segments
These can be positive (protecting a special ecosystem) or negative (over-using a trail and scaring away animal life) impacts as a result of Tourism.
Environmental Impacts
A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats
SWOT Analysis
This phase is characterized by increased competition and other companies copying your success. You may begin to lose market share.
Decline
The process in which an underrated, or unexpected, product or service starts to become popular enough to replace, or displace, a conventional product or service on the market
Disruption
1. This offers customers a glimpse of the product, and it should be designed to attract their attention, with attention given to colour choice, style of lettering, and other details.
2. This identifies the product but also provides information on the contents within.
1. Packaging
2. Labelling
The official symbol of hospitality according to your reading
Pineapple
An establishment (or group of establishments) that has been created or re-purposed with the aim of attracting tourists and their money.
Tourist Trap
This Phase is characterized by increased demand, increase in production and expanded availability. The product is more popular and recognizable.
Growth
This Disruptor allows us to talk "face to face" from far away.
Skype, Facetime, Zoom etc. Video Chat.
What are the 4 "P's" that make up the Marketing Mix?
Product, Place, Price, Promotion
Positive impacts from this include robust foreign exchange, increases in income, and GDP growth.
Economic Impacts of Tourism
The ability to understand and share the feelings of another.
Empathy
This is the most profitable stage, when the costs of producing and marketing decline. Competition is high, profit margins begin to shrink.
Maturity.
***Double Points***
What is the most prominent and profitable modern Disrupter?
OpenAI
What do these steps describe? Product introduction, growth, maturity and decline.
Product life cycle.
What is the leading cruise destination in the world?
The Caribbean (36%)
A first, typical, or preliminary model of something, especially a machine, from which other forms are developed or copied.
Prototype
What stage of the product life cycle is Netflix in right now?
Maturity