A tourism product is any product that is marketed by a country or an institution to visitors so as to attract them to visit a country as tourists and experience the said product. According to the Jamaica Tourist Board, for example, Jamaica has marketed its tourism products since 1890; as of 2014, tourism is one of the major industries in the country.Know More
Tourism products include accommodations, tours, transportation, recreational activities and historic sites. In Jamaica, some of the popular tourism products include accommodations in five-star hotels and other smaller hotels, villas and specific accommodations for families or small groups, which have seen the island's bed capacity standing at over 31,000 in 2010. Jamaica's recreational facilities for tennis, golf and water sports are another important tourism product. The island's scenery and historic sites offer opportunities to provide tours as tourism products, and the unique cultural heritage of the Jamaican people form part of the attraction.
Many other countries have similar tourism products with slight variations, but they are all aimed at attracting tourists and generating income for the countries. In some countries, a government agency provides support for the development of tourism products. For example, in Canada, the Northwest Territories' Department of Industry, Tourism and Investment has a Tourism Product Diversification and Marketing Program that "provides funding for business planning, product and product package development."Learn more about Economics
Simply speaking, inbound tourism is when a non-resident or foreigner visits a given country, and outbound tourism is when a resident of a given country leaves that country to visit another one.Full Answer >
Price elasticity of demand has four determinants: product necessity, how many substitutes for the product there are, how large a percentage of income the product costs, and how frequently its purchased, according to Economics Help. By using these determinants, businesses can estimate how a change in the price affects demand.Full Answer >
Some advantages of tourism are job creation, expansion of local infrastructure, such as roads, public transportation and sanitation facilities, and education of tourists. Meanwhile, many advantages are also disadvantages. For example, job creation does occur, but many of these jobs tend to be menial and offer little chance of advancement; the jobs that do offer upward movement are often filled from outside.Full Answer >
Tourism is an important industry in the Philippines because it provides a direct source of income to the country. It is a significant contributor to the economy, adding 5.8 percent of direct gross value to the GDP from 2000 to 2010, and generates earnings from foreign exchange, revenue and employment.Full Answer >