Strategic Pricing
Hospitality Revenue Management HFT4468
Discussion 2 Strategic Pricing
Jacklyn Dougherty
Complete research on the topic of strategic pricing and be ready to discuss your findings, your own perceptions and critical thinking on the topic, and how the topic is currently being used in the hospitality field.
Strategic pricing is a strategic decision made by a company that determines how much it will charge for its products or services. There are eight types of strategic pricing: commodity pricing, cost-plus pricing, dynamic pricing, freemium pricing, high-low pricing,penetration pricing, price skimming pricing, and promotional pricing. These are the different ways a company can charge for its products. Strategic pricing is often used in the hospitality industry. When a family or a group of people go on vacation, they are looking for a cheap and safe hotel to stay at. Strategic pricing is a way to capture that market. It helps them with the pricing process for the hotel. What should they include in their price when they have so many different variables that affect the pricing of the hotel, including the type of room and the size of the room. Strategic pricing will help you set a price for your product, including free breakfast, a grab and go meal or snack, and even fun activities for guests. This type of pricing is used by hotels and restaurants across the country to attract customers.
8 Types of Strategic Pricing for Products and Services - Indeed, ca.indeed.com/career-advice/career-development/strategic-pricing. Accessed 12 Sep. 2023.
Use two or more articles for your conclusions.
17 Important Hotel Pricing Strategies for 2023
17 Important Hotel Pricing Strategies for 2023 - Hotel Tech Report, hoteltechreport.com/news/hotel-pricing-strategies. Accessed 12 Sep. 2023.
This talks about different types of pricing strategies that hotels use in the year of 2023. These are important strategies that every hotel needs to have in order to be successful. The article goes into detail about the different strategies that hotels use to determine how much they charge for their rooms. This article is written by Nathan Mayfield who has worked in the hospitality industry and discusses many different strategies that hotels use to make sure that they are making the most out of their money.
11 Hotel Pricing Strategies To Stay Ahead Of The Game
Jangid, Neha, and Admin. “11 Hotel Pricing Strategies to Maximize Occupancy.” Makcorps Blog, 20 July 2023, www.makcorps.com/blog/hotel-pricing-strategies/.
This article talks about how to maximize your revenue and profit with hotel pricing strategies. In this article, there are 11 different hotel pricing strategies that will be discussed. This article has grate points that need to be thought about when running a hotel. They talk about how to increase your profits, making sure that you are not over charging, and many other things. Hotel rats per night is also a strategy that is mentioned in this article. This is a strategy that will help you determine how much rates should be for a night. This is important for the hospital indersery when they are trying to make sure that they are not overcharging for their rooms.
