Les Roches

JANUARY 12, 2024

Pricing strategies are an essential part of commercial activity. Entrepreneurs, marketing strategists, and a whole host of other roles in practically every industry require a thorough knowledge of how to set pricing. It goe­s beyond simply assigning a random price and require­s strategic thinking and careful analysis.

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Pricing Marketing Definition Catering 52

Modern Restaurant Management

MARCH 21, 2024

It also ended with continued economic growth and low unemployment, making it a profitable, yet challenging year for small businesses in the food service industry. As we head into 2024, all eyes are on the Federal Reserve as interest rates hold the key to employment and the consumer spending fueling the small business economy.

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Reservations Pricing Presentation Marketing 177

Modern Restaurant Management

MARCH 15, 2023

Dynamic pricing would add friction to the guest experience, according to Capterra’s 2023 Dynamic Pricing in Restaurants. Sixty-five percent of consumers say dynamic pricing would make the decision of where and when to eat more difficult; 63 percent say it would make it harder to budget their restaurant spending.

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Les Roches

JANUARY 17, 2024

Strategic decisions about menu design, customer de­mographics, and pricing strategies also play critical roles. By unde­rstanding effective pricing strate­gies, restaurants can achieve a sustainable balance betwe­en profitability and memorable customer experience. Bachelor in Hospitality Management.

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Pricing Information Marketing Accounting 52

Modern Restaurant Management

NOVEMBER 15, 2022

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.

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Pricing Communication Marketing Training 191

Hotelogix

NOVEMBER 13, 2023

Pricing strategies in the hotel industry is one topic that will forever be discussed by hoteliers the world over. That being said, there are some hotel room pricing strategies that have steadily proven to be effective. A combination of different pricing methods can take you a long way in attaining success in the hospitality industry.

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Pricing Book Property Management Marketing 130

Revenue Hub

FEBRUARY 5, 2024

Open pricing is a hotel pricing and room distribution strategy that sells rooms at a rate that will both benefit the customer and provide the highest possible profit for the hotel at the same time. How does open pricing work? Open pricing offers more flexibility than the popular BAR strategy used by most hotels.

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Pricing Article Book Marketing 95

Revenue Hub

MARCH 18, 2024

Discount pricing is a strategy in which you offer your hotel rooms at a lower price to draw guests, boost demand, increase sales volume, or decrease perishable inventory. This pricing strategy can be applied temporarily for promotional purposes or over an extended period to help position your hotel.

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Pricing Article Marketing Book 100

Modern Restaurant Management

NOVEMBER 7, 2022

Striking a balance between value and price. As inflation continues to pummel businesses and consumers, QSRs are searching for ways to make their menus work harder. Is it possible to strike a balance between value and price to satisfy both parties? Have We Hit a Price Ceiling? Is it possible?

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Pricing Scheduling Information Marketing 199

Hotel Owner

JANUARY 11, 2024

The Atholl Hotel in Aberdeen has reduced its asking price from £3.5m Following the sale Sinclair intends to retire while Nicoll will focus on his other business interests. The Atholl was previously being marketed by Bruce and Co but now Cornerstone Business Agents are responsible for the sale. down to £3.2m

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Pricing Marketing 98

Modern Restaurant Management

SEPTEMBER 9, 2021

Below is an excerpt from The Business Side of Restaurants: How Intelligent Restaurant Business Entrepreneurs & Investors Can Lead, Win and Make More Money in Life by Clifford K. Every item sold within a business contributes to the product mix of item sales. This step can apply to any type of business.

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Hospitality Magazine

FEBRUARY 21, 2024

Create unique and high-caliber content Food content is big business on social media and it’s time to take a multifaceted approach to posting. Establish your digital presence This one goes without saying and the following platforms are essential: a website, Google business profile, and social media accounts.

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Hotel Business

FEBRUARY 1, 2024

According to the 2024 State of the Meetings Industry report from Knowland and ConferenceDirect , pricing continues to be an issue with 47% of meeting planners. Highlights from the survey include: The rise in F&B and AV prices of up to 50% is a game changer for event design and production.

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Pricing Events Budgeting Presentation 109

Are Morch

JANUARY 25, 2023

As a business owner, one of the keys to getting your customer’s attention and also showcasing your in-store merchandise is to use price tags. Price tags have an important role in marketing your products directly to customers. They are an effective way to do this.

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Pricing Marketing Article 59

Revenue Hub

FEBRUARY 20, 2024

NB: This is an article from Lighthouse (formerly OTA Insight) Subscribe to our weekly newsletter and stay up to date Your property should have a tailored pricing strategy that fits its unique needs, but there are common industry practices that can be honed to compliment your business and improve performance.

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Pricing Article Accounting Training 89

Revenue Hub

JULY 27, 2023

NB: This is an article from Demand Calendar One of the most pivotal decisions is setting the right price policy for hotel rooms. A hotel’s pricing strategy can be the difference between empty rooms and a bustling, thriving business.

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Pricing Guest Satisfaction Article Blog 89

Revenue Hub

NOVEMBER 15, 2023

In the good old days, hotel room pricing used to be simple. As a result, however, hotels were often under priced when travellers were willing to pay more and overpriced when travellers were price sensitive. Subscribe to our weekly newsletter and stay up to date Today, most hotels take a dynamic approach to pricing.

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Pricing Book Special Events Article 102

Hospitality Net

NOVEMBER 17, 2023

Competitor-based pricing or competition-based pricing is a data-driven approach where businesses use advanced analytics to set their prices based on competitors’ rates.

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Pricing 98

Revenue Hub

JULY 4, 2023

NB: This is an article from WebRezPro But as inflation and high flight prices persist, the revenge travel surge may start to wane. As the cost of living continues to rise, so will travelers’ price sensitivity. Keep reading for ideas… Value-added packages Attract price-sensitive guests by offering added value.

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Pricing Reservations Property Management Article 75

Hotel Owner

JULY 3, 2023

The way that the majority of hotel businesses currently make price level decisions is by looking at historical data, taking what happened last year and comparing that with the upcoming dates year-on-year. Pricing needs to reflect two factors. and global real GDP growth at 2.3%.

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Pricing Book Information Marketing 105

Revenue Hub

JULY 26, 2023

NB: This is an article from Global Asset Solutions Unlike other products that can be stored and sold later, the prices of hotel room nights often fluctuate based on supply and demand, with prices typically rising during peak seasons or when major events are happening and falling during slower periods.

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Pricing Book Marketing Article 92

Revenue Hub

SEPTEMBER 25, 2023

Talk to any hotel operator about empty rooms, and you’ll likely hear about price sensitivity. What if the relentless focus on price is causing more harm than good? If you think you know all there is to know about price sensitivity, prepare to think again.

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Pricing Travel and Tourism Special Events Article 96

Modern Restaurant Management

FEBRUARY 14, 2022

It may sound like just an excuse to eat out, but experiencing the food and ambience of your competitors is essential to writing a persuasive restaurant business plan. So let’s look at a few of the aspects of your competition that your investors will want to see in your business plan. Menu and Price Points. Food Quality.

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Pricing Information Marketing Catering 229

Revenue Hub

OCTOBER 13, 2022

Seeing one price to then being presented with another one. I just came from Expedia at $100) Price ambiguity hits: let’s check Booking.com too. Point being, even when you saying the truth, you’re lying, because too many external factors impact the final price prospects are presented with. Just saying….

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Pricing Book Presentation Article 87

SiteMinder

OCTOBER 18, 2023

What is competitor based pricing? Competitor-based pricing or competition-based pricing is a data-driven approach where businesses use advanced analytics to set their prices based on competitors’ rates. But it’s not just about matching or undercutting competitors’ prices.

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Pricing Book Events Marketing 105

Hotel Owner

OCTOBER 12, 2022

UKHospitality chief executive Kate Nicholls has welcomed the Government’s new Energy Prices Bill adding that it will provide “relief to all manner of hospitality businesses”. The measures in this Bill will provide relief to all manner of hospitality businesses, from the smallest companies to the largest.

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Pricing 104

Revenue Hub

OCTOBER 9, 2023

Pricing is a critical element of a hotel’s revenue management strategy. NB: This is an article from Agilysys The right pricing approach can help hotels optimize profitability, attract the right customer segments, and maximize return on margins. Each segment has distinct needs, booking behaviors, and willingness to pay.

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Pricing Article Book Marketing 91

Lodging Magazine

FEBRUARY 5, 2024

WASHINGTON—Improvement in group business, especially across the Top 25 Markets and upper-upscale chains, drove growth in U.S. hotel revenues and profits, according to 2023 P&L data from CoStar. Hotel Performance 2023 per-available-room metrics Percentage change from 2022GOPPAR: $75.83 (up 8.2 percent)TRevPAR: $211.49 (up 9.6

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Pricing Magazine Marketing 122

Revenue Hub

OCTOBER 10, 2023

NB: This is an article from BEONx , one of our Expert Partners When it comes to maximizing revenue and occupancy rates, dynamic pricing strategies have taken a quantum leap forward. This comprehensive guide not only demystifies dynamic pricing but also showcases innovative approaches to elevate your hotel’s performance.

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Pricing Competitive Analysis Article Book 92

Duetto Cloud

JULY 27, 2023

Leading hotel companies across the world, such as the Radisson Hotel Group and Louvre Hotels Group, work with Duetto as a preferred partner for intelligent revenue management solutions to help their hotels price smart, report accurately, and optimize contract business.

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Pricing 52

Revenue Hub

AUGUST 22, 2023

Dynamic pricing is vital for hotel success today, but only some operators can see beyond the guestroom when applying this technology. NB: This is an article from IDeaS Many factors impacting guestroom dynamic pricing, like seasonality and occupancy, also play a role when optimizing event revenue.

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Pricing Events Book Guest Retention 86

Hotel Owner

SEPTEMBER 8, 2023

Stockport’s Wycliffe Hotel has been sold to new owners off a guide price of £950,000. The purchase price was not disclosed but Graham and Sibbald said it generated “considerable interest” in the hotel given its location.

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Pricing 105

Modern Restaurant Management

OCTOBER 12, 2023

Both legacy restaurants and newer establishments can agree that the literal cost of doing business from payment processing can severely hamper revenue growth from the first sale. business owners an added $1.2 Businesses can easily avoid this by becoming PCI compliant. billion in fees.

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Revenue Hub

NOVEMBER 30, 2022

This is where price segmentation comes in. One of the first uses of price segmentation was in the airline industry during the early 1980s. Over the years, variable pricing has become almost exclusively automated, and many additional features have been introduced. PRICE SEGMENTATION.

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Pricing Article Marketing 81

Hotel Business

AUGUST 11, 2023

Global business travel and events costs are set to climb higher through the remainder of 2023 and into 2024, albeit at a much more moderate pace than the exceptionally steep increases seen in 2022. This is according to the 2024 Global Business Travel Forecast , released by CWT and the Global Business Travel Association (GBTA).

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Events Pricing Book Information 98

SiteMinder

OCTOBER 10, 2023

What is hotel price monitoring? Hotel price monitoring is a crucial practice that involves tracking the prices of hotel rooms, both within your own portfolio and across competitors. This data-driven approach enables you to make informed pricing decisions , ensuring you remain competitive in the market while maximising revenue.

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Pricing Guest Satisfaction Information Catering 59

Revenue Hub

NOVEMBER 3, 2023

Boiling Down the Data The challenge the industry faces is boiling down the data to get to the core business problems and decisions underneath the questions. The current landscape makes it challenging for a hotel owner or revenue leader to interrogate the details of the business and understand what’s going on.

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Pricing Article Information Book 94