InnQuest

AUGUST 8, 2023

Pricing plays a crucial role in determining the success of any business. When it comes to hotel businesses, one must continuously strive to achieve a balance between the customer experience and pricing. Hotels follow different pricing strategies to get there and seasonal pricing remains one of the most important.

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Pricing Guest Satisfaction Blog Budgeting 220

MEWS

MARCH 21, 2024

What is hotel pricing intelligence? Hotel pricing intelligence involves analyzing, gathering, and using data to make informed pricing decisions based on room rates and various pricing strategies.

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Hospitality Magazine

APRIL 10, 2024

As agave prices in Mexico continue to fall and demand for premium-and-above tequila moderates in the United States, alcohol market analysts IWSR says brand owners have an opportunity to improve product quality at lower price points.

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Pricing Marketing 130

eHotelier

DECEMBER 18, 2023

Implementing these pricing strategies effectively will position your hotel as a sought-after destination during this festive period while ensuring a profitable season ahead.

Pricing 289

Pricing 289

MEWS

MARCH 12, 2024

What is discount pricing? 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.

Pricing 130

Pricing 130

STAAH

JULY 23, 2024

In the ever-evolving landscape of the hotel industry, finding the right pricing strategy can significantly impact your business’s success. One approach that has gained traction among savvy hotel owners and managers is dynamic pricing. But what exactly is dynamic pricing?

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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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Soft Inn

JULY 10, 2023

Take a look at what you can learn from Marriott's pricing strategy. Try googling the largest hotel chain in the world and see what pops up. It's a guarantee that Marriot International takes the cake. Being so successful must come from a solid strategy, right?

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Pricing 246

Modern Restaurant Management

OCTOBER 9, 2023

The data also supports what RMS has been advising: pricing must be strategic. Insights from transactional POS data specific to locations and customer segments can help operators assess where item sensitivities are low or high, indicating which items might have further pricing opportunities and which don’t.

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Pricing Information Marketing 189

Hospitality Net

JULY 17, 2024

Booking.com recently dropped the price parity clause in the European Union. This move has caused a wave of questions and uncertainty in the hotel industry. How will the platform respond to hotels that decide to offer lower rates on their own websites to promote direct sales?

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Pricing 116

Horizon Hospitality

MARCH 11, 2024

The hottest topic of discussion at industry conferences lately has been dynamic pricing for restaurants, a data-backed strategy that adjusts menu prices on demand. Existing Models are Already Accepted Most consumers encounter surge pricing in their daily lives already. Restaurants must have digital menu boards.

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Revenue Hub

MAY 21, 2024

While this is a significant part of our role, it’s easy to overlook the in-depth analysis that underpins each pricing decision to get to the sticker price. If you get too fixated on solely pricing, it can be very easy to lead your hotel astray and deliver sub-optimal revenue outcomes. A big event is announced.

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Revenue Hub

JUNE 4, 2024

Understanding local competitor pricing is a fundamental component of a successful hotel’s revenue strategy. For instance, a hotelier may recognize that June through August represents their peak season and adjust pricing upwards accordingly. The Winning Strategy for Hotel Pricing appeared first on Revenue Hub.

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Pricing Article Marketing 102

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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MEWS

MARCH 5, 2024

What is cost-based pricing? Cost-based pricing lets hoteliers set prices for rooms, services and amenities based on how much they cost their hotel, and then add a profit margin.

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Revfine

APRIL 5, 2024

Recent studies reveal that prices perceived as unfair trigger discomfort in consumers, leading to reduced purchases, complaints, and negative reviews. Conversely, fair prices activate pleasure centers, enhancing customer satisfaction.[1] Conversely, fair prices activate pleasure centers, enhancing customer satisfaction.[1]

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Pricing 127

Revenue Hub

JUNE 19, 2024

Smart hoteliers implement dynamic pricing, but very smart hoteliers combine it with a strategy for reaching the top positions on OTAs. Dynamic pricing is crucial for hotels looking to maximize revenue and occupancy rates. Read on to become a very smart hotelier!

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Revenue Hub

JUNE 27, 2024

Effective pricing strategies are the cornerstone of spa revenue management. Setting Competitive Spa Prices Spa Revenue Management begins with setting competitive prices that attract guests while ensuring profitability. These prices can be considered standard or par. These prices can be considered standard or par.

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STAAH

MAY 21, 2024

Setting the right price for a hotel room can be a straightforward task for some, yet complex for others. Regardless, the key question remains: Is the price point logical? Decision: Should we increase or hold the retail pricing on online travel agents (OTAs) and the brand website?

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Pricing Book Marketing Information 92

Boutique Hotel News

JUNE 16, 2023

UK: The four-star Lion Hotel , located in Criccieth, Gwynedd in North Wales, is up for sale at a reduced price of £1,800,000 marketed by business property adviser Christie & Co. The post The Lion Hotel for sale at reduced price of £1.8 It can easily surpass this now with the right operator.”

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EATER

JULY 10, 2024

Sommeliers and wine professionals at top New York City restaurants like The Four Horsemen and Claud share how they price their wine lists.

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Pricing 113

Revenue Hub

JUNE 27, 2024

During periods of increased demand, it’s possible to elevate your room prices to make the most of the average daily rate (ADR). There are limits – don’t forget you have a brand and reputation to maintain, and your competitors can undercut you – but guests will expect to pay more at these times as long as it’s a fair price.

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Pricing Article Book Marketing 95

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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Hospitality Net

OCTOBER 20, 2023

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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EATER

FEBRUARY 27, 2024

Fast food chain Wendy’s has announced plans to test “dynamic pricing” at its locations across the country, beginning in 2025. According to CNN, the move is a part of the chain’s $20 million investment in digital menu boards, which will allow it to tweak the price of a Biggie Bag or Frosty in real time. If so, you’re in luck!

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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 94

Modern Restaurant Management

NOVEMBER 7, 2022

Striking a balance between value and price. Is it possible to strike a balance between value and price to satisfy both parties? To answer that question, Revenue Management Solutions (RMS) examined two factors: the impact of price increases on QSR sales performance and consumers’ perception of value. Is it possible?

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MEWS

MAY 18, 2023

Having a robust hostel pricing strategy is essential to a hostel's profitability. You want to find the price that gives you a competitive edge but isn't too high to scare away potential guests. It will depend upon the hostel location, the type of guests, your competitive set, how well your hostel is rated and market trends.

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Pricing Marketing 130

Revenue Hub

MARCH 15, 2024

Overall, the arrival of Swift is positive for pricing in every hotel market we look at, although the level of variation from destination to destination can be quite extreme, for reasons we will discuss later. We can see that the effect on hotel room pricing in some cities is staggering.

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eHotelier

MAY 16, 2023

Join Erik Tengen and IDeaS’ Chief Evangelist Klaus Kohlmayr as they discuss the Future of Dynamic Pricing.

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Pricing 130

Revenue Hub

MAY 9, 2024

Let’s talk about something revolutionary, yet as ancient as commerce itself: value-based pricing. It’s time to ditch the old-school, cost-plus mentality and hello to a pricing strategy that actually makes sense for your independent hotels. Why It Barely Works The fundamental flaw of cost-plus pricing is its inward focus.

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Revenue Hub

APRIL 24, 2024

Efficient hotel pricing strategy is a must-have for today’s hoteliers to increase their overall profitability. Hotel revenue managers should understand various aspects including distribution mix, demand forecast, competition pricing and consumers’ buying trends, etc. to manage pricing more effectively and to increase hotel profit.

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Pricing Book Accounting Marketing 81

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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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. In this approach, hotel rooms are viewed and sold as commodities, regardless of who the guest is.

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Pricing Guest Satisfaction Article Blog 88

Modern Restaurant Management

APRIL 12, 2022

RMS just released our latest findings around consumer sentiment for Q1 , which revealed, among other things, that price is starting to matter—and not by an insignificant amount. When asked why they were getting less value from a restaurant visit, 82 percent reported higher prices. The sentiment has changed rapidly.

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Fast Casual

JULY 17, 2024

Maximize profitability across QSRs, food trucks, and fast casuals with our FREE DoorDash Pricing Calculator. Offset DoorDash's 30% commission by calculating adjusted menu prices instantly. Input item prices and commission to see your adjusted earnings.

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Modern Restaurant Management

MARCH 2, 2022

Restaurant menu prices continue upward as the U.S. Operators are being forced to make changes in an effort to navigate the price escalation. Technomic also reported that 45 percent of consumers say they usually pick restaurants with lower prices. Department of Labor reported an inflation rate of 7.5 percent on an annual basis.

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