Answer to Question #308154 in Management for rona

Question

Choose a business sector of your choice and design a unique product or service clearly outlining its features or attributes, how it works and how different it is from the existing products or services in the chosen sector.     

Answer 1

According to the hotel sector, if the commodities are not sold today, they may be saved and conserved for future sale. As a result, the risk factor is present in a different form here. However, in the case of services, failure to sell them results in a loss not just for today, but also for the future. If a labourer is unable to work, if an airplane seat goes unsold, or if a hotel room stays unbooked. While goods are manufactured, sold, and then consumed, services are sold, manufactured, and then consumed. When customers can quickly compare goods and services to those of rivals as the Internet makes increasingly available, they may choose the products and services with the most features.

Consumers evaluate services differently. Of course, this is due to the disparity in perceptions between suppliers and consumers. A product's or service's distinctiveness may help it stand out from the competitors. Features may convey a product's or service's capacity. However, features are only important if consumers value them in the hotel industry. You want goods or services in the hotel business that have qualities that clients see as worthwhile advantages. To be marketable, all products, physical or intangible, should have an exchange value and be capable of being traded between buyer and seller on mutually agreed terms.