THMK

• Tourism Products - are the group of selected components or elements brought together in a ‘bundle’ to satisfy needs and wants.
• Product Development - should be an ongoing process to ensure profitability and sustain interest on the product line.
• Idea Screening - second step in New Product Development Process
• maturity - third phase in product life cycle
• price - is the amount of money charged for a good or service.
• Cost-based Pricing - here, the cost of producing the product is the first estimated, with cost often being primarily defined as the variable costs of a product or the cost of its direct components. This may also include activity-based costing adding labor and energy costs plus the desired markup percentage for computing the price.
• Competition-based Pricing - this bases its price to industry rates rather than on either cost or market perceptions. If you are producing Brand B which intends to challenge long-standing leader Brand A and you know that Brand A is priced at P98 per unit, then you may price your product at P95 just to communicate that your product is a better value.
• Target Pricing (Break-even Analysis) - this is similar to markup pricing except that it is based on the Return on Investment requirement of the firm. However, the flaw is, it assumes that unit sales can be predicted even before the price is set which goes against the economic premise that sales are supposed to be function of price and not vice versa.
• Value-based Pricing - it is a proactive and marketing-based pricing method whereby the value of the product to the market becomes the basis of the price through market research.
• Product Bundle Pricing - is a strategy where businesses combine multiple different products or services into one package at a single price. These complementary products are typically sold at a lower price than if they were purchased individually.
• Market Skimming - involves setting the price high in order to milk the segments with higher disposable incomes, with high prices gradually being reduced over time to milk the next income tiers and so on.
• Market Penetration - involves setting the price even lower than planned, if only to attract as much of the market into trying it and hopefully becoming loyal to it. Eventually, the price will be increased when the consumers would have already made the product part of their lifestyles.
• Prestige Pricing - is a marketing strategy where prices are set higher than normal because lower prices will hurt instead of helping sales, such as for high-end perfumes, jewelry, clothing, cars and other luxury products.
• Promotion - is defined as the coordination of all seller-initiated efforts to set up channels of information and persuasion to sell goods and services or promote an idea (Belch, 2008).
• franchising - Is a method of doing business
• franchisee - is granted the right to engage in offering, selling or distributing goods and services under a marketing format which is designed by the franchisor (Kotler 2008).
• tourism distribution channel - It is an operating structure, system, or linkage of various combinations of organizations through which a producer of travel products describes, sells, or confirms travel arrangements to the buyer.
• • Revenue  Management is employed in an effort to predict demand and optimize inventory and price availability. When utilized correctly, this will ultimately result in higher revenue.
• distribution channel - A set of independent organizations involved in the process of making a product or service available to the consumer or to the business user.
• time pricing - early bird rate or special discounted rates for specific season or travel period.
• free pricing - This works bundling two or more products that are sold together for a certain price proclaiming one as “free.”