Introduction to Travel & Tourism Exam 1 with Questions and Correct Answers 2025.

Introduction to Travel & Tourism Exam 1
with Questions and Correct Answers 2025




When ,was ,the ,term ,"Experience ,economy" ,termed ,and ,by ,who ,- ,CORRECT
,ANSWER-July ,1998 ,issue ,Harvard ,Business ,Review ,published ,Joseph ,Pine ,and
,James ,Gilmore's ,article ,"Welcome ,to ,the ,experience ,economy".


After ,P&G ,published ,their ,article ,what ,was ,next ,on ,their ,agenda ,- ,CORRECT
,ANSWER-they ,published ,their ,book ,The ,Experience ,economy ,in ,1999


What ,are ,P&G's ,arguments ,in ,terms ,of ,the ,experience ,economy? ,- ,CORRECT
,ANSWER-They ,argue ,that ,just ,as ,the ,manufacturing ,sector ,of ,the ,economy
,superseded ,ag, ,and ,the ,service ,economy ,has ,superseded ,manufacturing, ,the
,experience ,economy ,must ,gain ,ascendancy ,as ,the ,last, ,best ,hope ,for ,future
,economic ,growth


Goods ,and ,services ,are ,- ,CORRECT ,ANSWER-no ,longer ,enough, ,unless ,we ,make ,a
,transition ,from ,manufacturing ,and ,service ,to ,next ,phase ,of ,the ,economy- ,we ,will
,have ,problems


Management ,and ,marketing ,experts ,and ,researchers, ,together ,with ,scholars
,researching ,t&t ,- ,CORRECT ,ANSWER-now ,recognize ,the ,importance ,and ,potential
,of ,the ,experience ,economy, ,there ,is ,consensus ,among ,such ,experts ,around ,the
,world ,the ,the ,experience ,economy ,is ,the ,essential ,next ,step, ,without ,which ,prospects
,for ,the ,future ,of ,modern ,economies ,are ,dim ,indeed


What ,is ,the ,experience ,economy? ,Coffee ,example ,- ,CORRECT ,ANSWER-First-
,extract ,commodities ,(Coffee ,beans)
-- ,low ,in ,market ,value
--generic ,customer ,need
--undifferentiated ,diversity
Second- ,make ,goods ,(coffee ,in ,a ,bag)
--medium ,in ,market ,value
--medium ,in ,customer ,need
--medium ,in ,diversity ,
Third- ,Deliver ,services ,(cup ,of ,coffee)
--more ,in ,market ,value
--more ,in ,customer ,needs

,--more ,in ,diversity ,
Fourth- ,Provide ,experiences ,(Starbucks)
--high ,in ,market ,value
-- ,specific ,customer ,need
--different ,and ,unique

What ,is ,the ,key ,to ,progression ,of ,economic ,values ,and ,what ,is ,the ,solution ,-
,CORRECT ,ANSWER-Commoditize
solution: ,Customize- ,differentiate- ,make ,each ,product ,as ,specific ,as ,possible ,to ,the
,individual ,buyer


What ,does ,commoditize ,mean ,- ,CORRECT ,ANSWER-the ,act ,of ,making ,a ,process,
,good, ,or ,service ,easy ,to ,obtain ,by ,making ,it ,as ,uniform, ,plentiful, ,and ,affordable ,as
,possible
-something ,becomes ,commodities ,when ,one ,offering ,is ,nearly ,indistinguishable ,from
,another
-As ,a ,result ,of ,technological ,innovation, ,broad-based ,education, ,and ,frequent
,iteration, ,goods ,and ,services ,become ,commoditized, ,and ,therefore, ,widely ,accessible


What ,is ,the ,progression ,of ,economic ,values ,in ,terms ,of ,"happy ,birthday ,to ,you" ,-
,CORRECT ,ANSWER--sing ,happy ,birthday ,$0
-here ,is ,an ,orange ,(commodity) ,$.50
-I ,have ,baked ,a ,cake ,and ,decorated ,it ,(manufactured ,goods) ,$3
-I ,went ,out ,and ,bought ,you ,a ,cake ,$20 ,(manufactured ,good)
-I ,have ,arranged ,a ,party ,for ,you ,as ,well ,as ,bough ,the ,cake ,(service ,economy) ,$200
-Lets ,take ,everyone ,to ,Chuck-E-Cheese ,(Service ,economy/experience ,economy)
,$200
-Hire ,a ,professional ,party ,planner ,for ,your ,birthday, ,with ,presents ,for ,everyone ,who
,comes, ,and ,great ,entertainment ,at ,a ,wonderful ,resort ,(experience ,economy) ,$2000 ,&
,up


What ,are ,examples ,of ,the ,experience ,economy? ,- ,CORRECT ,ANSWER-Disney
,world, ,Starbucks, ,hard ,rock ,cafe, ,Chuck-E-Cheese, ,Game-works, ,Build-A-Bear, ,The
,gambling ,industry


What ,are ,the ,best ,examples ,of ,the ,experience ,economy? ,- ,CORRECT ,ANSWER-
Travel ,and ,tourism ,and ,then ,gambling ,industry

How ,do ,you ,distinguish ,the ,experience ,economy ,from ,the ,service ,economy ,-
,CORRECT ,ANSWER--value ,added- ,input ,added ,by ,the ,customer
-time ,spent- ,method ,of ,supply ,is ,sustained ,through ,time
-participation- ,something ,happens ,in ,the ,customer
-memory- ,durable ,takeaways ,from ,experience

, P&G's ,definition ,of ,experience: ,an ,experience ,occurs ,when ,a ,company ,- ,CORRECT
,ANSWER-intentionally ,uses ,services ,as ,the ,stage ,and ,goods ,as ,props, ,to ,engage
,individual ,customers ,in ,a ,way ,that ,creates ,a ,memorable ,event ,(Theatre ,model)


Hunnicutt's ,definition ,of ,an ,experience: ,an ,experience ,- ,CORRECT ,ANSWER-that ,a
,customer ,is ,willing ,to ,buy= ,one ,in ,which ,more ,value ,is ,added ,and ,input ,provided ,by
,the ,customer ,
-a ,continuum- ,there ,is ,no ,way ,to ,make ,a ,clear ,distinction ,between ,service ,and
,experience
-value ,added ,by ,customer
-value ,happens ,inside ,the ,customer ,and ,is ,largely ,subjective

What ,is ,also ,involved ,in ,the ,experience ,economy? ,- ,CORRECT ,ANSWER--marketing
-best ,buy ,and ,other ,retailers ,that ,are ,improving ,and ,selling ,the ,experience ,of
,shopping
-interactive ,vending ,machines
--ex. ,extra ,tall ,coke ,machine, ,dancing ,with ,machine

Growth ,and ,the ,experience ,economy ,- ,CORRECT ,ANSWER--employment ,is
,shrinking/increasing ,in ,small ,rates ,in ,all ,sectors ,of ,the ,economy ,including
,commodities, ,goods, ,and ,services, ,while ,employment ,is ,growing ,in ,the ,experience
,economy
-GDP ,is ,growing ,in ,all ,sectors ,of ,the ,economy, ,however ,is ,growing ,tremendously ,in
,the ,experience ,economy


What ,is ,the ,best ,example ,of ,the ,experience ,economy ,- ,CORRECT ,ANSWER-Travel
,and ,Tourism
-some ,say ,this ,is ,the ,largest ,industry ,in ,the ,world- ,more ,money ,spent
-more ,jobs ,than ,any ,other ,field
-this ,leads ,the ,way
-some ,of ,best ,scholarly ,research ,is ,being ,done ,in ,travel ,and ,tourism
-most ,innovative ,of ,all ,areas ,of ,TEE

Cultural ,tourism ,- ,CORRECT ,ANSWER--International ,relations
-development ,of ,emerging ,economies ,and ,struggling ,economies ,around ,the ,world
--China
--Scandinavian ,nations
-hard ,to ,be ,a ,bigot ,when ,you ,get ,to ,know ,other ,people
-Building ,webs ,of ,interdependencies
-New, ,innovative ,experience-products ,designed ,to ,share ,cultures
-Get ,the ,tourist ,closer ,to ,the ,people, ,and ,sharing ,the ,culture ,with ,them

Where ,is ,the ,experience ,economy ,heavily ,being ,studied ,- ,CORRECT ,ANSWER-
Europe- ,more ,heavy ,than ,US
-moving ,toward ,that ,direction ,in ,US