Product Management

What is Product Management?

 It is a critical strategic driver in a company.

 Huge impact in whether product or the entire company, succeed or fail in both the short and
long term.
 Only role in a company that grasps all aspects of the business, including customers, the market,
competition, trends, strategy, business models, and more.

Product Management

 Central point of communication

 Whole product
 Define product strategy
 Define go to-market strategy
 Gather requirements
 Guide engineering
 Guide sales and marketing

Whole Product Concept

Core

 Benefits

Actual Product

 Features  Brand  Fashion

 Quality  Style
 Packaging  Color

Augmented

 Standards  Services  Additional Software

 Installation  Warranties and Hardware
 Integration  Finance  Customer Care
 Delivery

Product Management to Sales

Product Management Product Marketing Marketing Sales

Tourism Product

Bringing new and innovative products, experiences, and services to the market for tourists to buy.

What is it???

 It’s a good, a service, or a package of goods and services for people to purchase while visiting a
new destination.
  It helps visitors explore the destination that they are visiting by offering them the chance to view
attractions, shop for souvenirs, take tours, or purchase experiences.

Developing New Tourism Products

How should we conceptualize it?

 It involves creating a totally new experience.

 It may also involve expanding or enhancing an existing product.
 Expansion of products can focus on new tourist markets, improved product lines, or seasonal
experiences.

What to remember:

1. A personal and business philosophy for why you are developing a tourism product
2. An understanding of industry trends and market demand
3. The ability to seize opportunities as they arise
4. A knowledge of visitor needs and buying patterns
5. Familiarization with competitors’ products and pricing

Framework for Tourism Product Development

Tourism Product is comprised of three responses from the tourist:

1. EXPERIENTIAL - Festivals, activities, community, dining, entertainment etc.

2. EMOTIONAL - human, cultural and history, hospitality
3. PHYSICAL - infrastructure, natural resources, accommodation, restaurants, shops

Influences and Determinants:

1. ECONOMIC - 2.5% growth in travel spend for each 1% growth in GDP

2. TECHNOLOGICAL - Instant communication access; social media influencing travel choices
3. POLITICAL - Barriers to travel reduced through withdrawal of visa requirements
4. DEMOGRAPHIC - Ageing of industrialized populations
5. OTHER FACTORS - i.e. Growing environmental awareness; globalization and localization

Ansoff Matrix

The elements include....

1. market development strategy

2. market penetration strategy
3. product development strategy
4. diversification strategy