Chapter 3 Flashcards
A component of the integrated development theory in which one area of the development can operate at a loss that is offset by lucrative operations elsewhere within the resort.
Balanced Development
Development of a destination in which a single developer encourages complementary businesses in and around the property.
Catalytic Development
The avenues though which travel products are sold. “Place” when discussing the four P’s of Marketing.
Channel of Distribution
Locating a variety of tourism sites and products in one area to create easy access for visitors.
Clustering
Development of a destination that occurs naturally , without community planning. A lack of common theme often means duplication of services and a general lack of development of the destination.
Coattail Development
When demand changes significantly as result of price changes.
Elastic Demand
The process of attempting to determine the future demand for a product/experience.
Forecasting
Creating products to fulfil the needs of a specific segment of the total market.
Niche Marketing/Target Marketing
Product, Price, Place, and Promotion
4 P’s of Marketing (Marketing Mix)
The use of experts and their accumulated experience and knowledge to predict future demand.
Qualitative Forecasting
The analysis of numerical data (current and past) to help predict the future.
Quantitative Forecasting
Adherence to a common theme. Easily done within Integrated Development
Functional Form
When demand does not significantly change as a result of price changes.
Inelastic Demand
A basic system that includes facilities such as roads, sewage systems, electricity, and water supply.
Infrastructure
Term used to describe the service and experience of the tourism product. Cannot be “held” or sampled prior to purchase.
Intangible