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 113

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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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

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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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 163

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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Fast Casual

APRIL 9, 2024

About 64% of diners said they had a negative reaction to restaurants using surge and/or dynamic pricing. Additionally, 81% of diners said they would either stop going to a restaurant or alter their dining hours to avoid increased pricing during peak hours.

Pricing 55

Pricing 55

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

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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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 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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Hospitality Net

APRIL 11, 2024

Introduction - You have the best pricing strategy in place. You have even implemented pricing automation. Last edition we talked about it. The power or AI; Machine learning and how it is imperative to maintain market share and profitability. Having a powerful RMS is not enough.

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Pricing Reservations Marketing 92

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 97

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

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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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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Revenue Hub

APRIL 8, 2024

NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date We need hoteliers to embrace innovative strategies that resonate with modern travelers, setting a new standard for hospitality excellence beyond competitive pricing.

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Lodging Magazine

MARCH 31, 2024

The post Build A Better Menu: Solving the Profit vs. Price Puzzle appeared first on LODGING Magazine. If implemented correctly, this will have a positive effect on your profits. Explore the art and science of menu engineering. Download the free copy.

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Pricing Download Magazine Whitepaper 129

Revenue Hub

MARCH 15, 2024

Hoteliers and revenue managers rely on effective hotel price monitoring to optimize revenue and maximize profitability. By understanding market trends, demand patterns, and competitor pricing strategies, hoteliers can adjust their pricing strategies in real time to attract more guests and maintain a competitive edge in the industry.

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Revenue Hub

APRIL 4, 2024

After a series of lawsuits, newly expressed interest in a case by the DOJ and FTC could signal more scrutiny over alleged hotel pricing collusion. Department of Justice is ramping up its scrutiny of how algorithmic price-fixing impacts consumers across multiple verticals, including the hotel industry.

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Pricing Article Marketing Information 73

Revenue Hub

MARCH 11, 2024

Cost-based pricing is the easiest and most financially secure way of determining prices. NB: This is an article from Mews Subscribe to our weekly newsletter and stay up to date A cost-plus strategy puts a profit margin on top of your prices, which should be your go-to strategy during times of regular demand.

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Revenue Hub

FEBRUARY 23, 2024

are among a group of hotel chain operators accused of inflating the cost of luxury hotel rooms with help from a price-setting database. The agreement to regularly exchange detailed and non-public information about current supply and pricing suppressed competition between the defendants,” according to the suit. “The

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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

FEBRUARY 8, 2024

We touch on the potential benefits of adopting automated pricing systems for revenue management, occupancy optimization, and reducing manual efforts, especially in smaller properties where dedicated resources are limited.

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Pricing Marketing 94

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

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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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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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 86

Revenue Hub

FEBRUARY 15, 2024

It’s the price you charge for each room, and hoteliers often fret about setting it too high. In this blog post, we’ll delve deep into why you shouldn’t be afraid to push your room prices higher. The Price-Quality Paradox One of the surprising aspects of pricing is the price-quality paradox.

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Pricing Article Blog Book 95

eHotelier

NOVEMBER 19, 2023

This innovative pricing concept enables hotels with 40 or more rooms to start their digital transformation without the usual challenges of an initial investment. SuitePad, announces the launch of its Performance Model today, redefining hotel technology financing.

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Pricing 130

Revenue Hub

JANUARY 17, 2024

Surging ADR: Noteworthy Escalation in Average Daily Room Rates Average daily rate per room values, known as ADR, experienced a greater global growth in the last 3 years than in the last two decades prior to COVID-19 pandemic, resulting in the highest hotel prices since records began (Figure 1). Evolution of hotel room price from 2002 to 2023.

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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

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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Hospitality Net

DECEMBER 12, 2023

As a regular restaurant eater I have always been surprised that dining establishments are offering fixed pricing - rain or shine - that is the same every day of the week, every season, even on public holidays. A recent discussion on LinkedIn promoted this post.

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Pricing 96

Revenue Hub

DECEMBER 15, 2023

For hotels, this time offers a golden opportunity to implement effective pricing strategies that not only cater to the surge in guests but also optimize revenue generation. Dynamic Pricing Model Implementing a dynamic pricing model allows hotels to adjust rates based on demand fluctuations.

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Hospitality Net

MAY 25, 2023

One component is "dynamic pricing." You’re familiar with this model when considering your rack rate vs. your bottom prices. Those bottom prices may not cover much more than your costs, but they impact your rack rate months away when you can see higher profits. You’ll see below how this works.

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Pricing 93

Sculpture Hospitality

OCTOBER 24, 2023

But, as restaurant owners and operators, it’s important that you don’t overlook another equally crucial aspect of menu creation and that is pricing. Creating an enticing menu is an art form.

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Pricing 94