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Central Idea: Tourism, Hospitality, & Events (THE) as Service…

- - - - Production and consumption happen simultaneously
      - Staff and service quality directly impact customer experience
    - - Services cannot be stored
      - Challenges in managing capacity and fluctuating demand
    - - Variation in service delivery
      - Influence of human resource management on customer satisfaction
    - - No transfer of ownership when purchasing a service
      - Importance of building customer relationships and loyalty
    - - Tangible offerings (brochures, free samples)
      - Difficult to assess before purchase
- - - - Considerable expense for consumers
      - Importance of building trust and value
    - - Demand fluctuations based on time of year
      - Cash flow management challenges
    - - Relatively low barriers for new businesses
      - Implications for competition and differentiation strategies
    - - Linkages between the various sectors (e.g., accommodation relies on transport)
      - Importance of managing the supply chain
    - - Profound effects on local communities and environments
      - Balancing positive and negative impacts
    - - External Shocks
        
        Vulnerability to unpredictable events (wars, natural disasters)
        
        Importance of crisis management and flexibility in strategy