Product

Product

Anything offered to a market to satisfy a need, including physical objects and services.

Characteristics of Products:

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Products that can be seen and physically held.

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Standardized products where each is the same, like rooms in a hotel chain.

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Products distinguishable by their unique features.

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Products that last and are not perishable.

Characteristics of Services:

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Services that cannot be seen or physically held.

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Non-standardized services where each experience is unique.

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Services integral to the overall experience, like being waited upon during a meal.

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Services that cannot be stored or transferred for later use.

Development and Modification of Travel & Tourism Products:

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Product Life Cycle:

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Product launch, intense marketing, limited sales volume, high promotion costs, no competition.

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Rising demand, increasing sales volume and profitability, competition emerging.

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Sales peak, product profitable, strong competition, need for marketing to maintain appeal.

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Sharp sales decline, decision to discontinue or relaunch, costly for the organization.

Uses of the Product Life Cycle for Travel & Tourism Organizations:

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