HFT 1000 Final: hft 1000 final exam study guide
Document Summary
What is service? an act or process representing a form of economic exchange. What are services? the interchanging units of output or activities which in a commercial sense are offered for sale as a part of a sale. How does an increase in family income affect spending behavior? (3 ways) Percentage spent on other purchases (education, health care, entertainment, recreation, and transportation) increases rapidly. What are some of the changing patterns of tourism that have changed the habits of tourists? (5 things) Active aging population with a high spending power. What has contributed to the growth of the hospitality industry in most countries? economic growth. A way of adding value to their core product offerings. What is servitization? a concept that describes how many companies that once considered themselves manufacturing or product companies are now incorporating more service components within their offers. The major benefit that the consumer is seeking. Services that complement, support, and add value to core services.
