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Elements and Performance Criteria
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Research the market.
1.1.Focus product research according to organisational objectives.
1.2.Evaluate information sources for tourism, tourism market trends, and distribution and marketing networks.
1.3.Consult with internal and external stakeholders.
1.4.Analyse current market trends, needs, and product and service gaps.
1.5.Identify product development opportunities and target markets, including opportunities for new and innovative approaches.
1.6.Evaluate distribution and marketing networks that support proposed tourism product, including the use of new technologies.
2. Analyse issues relevant to product establishment.
2.1.Identify and analyse product preferences and quality expectations of different consumer markets, including those with special needs.
2.2.Identify and assess external issues that impact on establishing a product.
2.3.Assess suitability of destinations for accessibility and availability of services for target markets.
2.4.Assess organisational capacity to provide proposed product and identify additional resources required.
2.5.Consider issues relating to product life cycle.
3. Determine profitable selling price.
3.1.Determine net delivery cost by identifying expenditure items.
3.2.Identify organisations involved in the product distribution network and the commission or mark up structures that would apply.
3.3.Incorporate distributor commissions or mark-ups, and determine required profit margin and mark-up for profit.
3.4.Make reasonable cost adjustments to ensure price-competitive product.
3.5.Estimate expected income and assess profitability and yield.
3.6.Clearly and accurately document pricing structures.
4. Establish the product.
4.1.Create and implement product development plan that incorporates strategies and actions for marketing, communications and implementation.
4.2.Communicate plan to relevant internal and external stakeholders.
4.3.Where appropriate, test new products and services in marketplace prior to full implementation.
5. Monitor and evaluate the success of the product.
5.1.Monitor product development initiatives based on feedback and other business factors.
5.2.Identify and action changes required in a timely manner and according to any contractual obligations.
5.3.Communicate changes to relevant colleagues, customers and distributors.