Elements and Performance Criteria
- Research the market.
- Focus product research according to organisational objectives.
- Evaluate information sources for tourism, tourism market trends, and distribution and marketing networks.
- Consult with internal and external stakeholders.
- Analyse current market trends, needs, and product and service gaps.
- Identify product development opportunities and target markets, including opportunities for new and innovative approaches.
- Evaluate distribution and marketing networks that support proposed tourism product, including the use of new technologies.
- Analyse issues relevant to product establishment.
- Identify and analyse product preferences and quality expectations of different consumer markets, including those with special needs.
- Identify and assess external issues that impact on establishing a product.
- Assess suitability of destinations for accessibility and availability of services for target markets.
- Assess organisational capacity to provide proposed product and identify additional resources required.
- Consider issues relating to product life cycle.
- Determine profitable selling price.
- Determine net delivery cost by identifying expenditure items.
- Identify organisations involved in the product distribution network and the commission or mark up structures that would apply.
- Incorporate distributor commissions or mark-ups, and determine required profit margin and mark-up for profit.
- Make reasonable cost adjustments to ensure price-competitive product.
- Estimate expected income and assess profitability and yield.
- Clearly and accurately document pricing structures.
- Establish the product.
- Monitor and evaluate the success of the product.