Strategy
Pricing Strategy
1. Different Hotels have different pricing strategy it is divided according to the type of customers they cater. For example: For ultra rich people they have special rooms & services (special suits) they charge a high amount of money.
2. For International Tourists they have special packages which include room charges as well as Sightseeing services. Since Tourists have different economic budget constraints they have different packages accordingly that is from high to medium price.
3. As the National Tourism plays a vital role in the Hotel occupation Business. So, the Hotels have got special pricing strategies for local tourists.
4. As the Hospitality industry’s major source of income is the meetings , conferences and ceremonies which are held in the hotels. So, hotels have different pricing strategies as per their requirements.
…show more content…
As there is a lot of competition in attracting the consumer so different pricing is done by the hotels and some hotels are providing discounts and special packages for different professionals. For Example: Hyatt announced a flat discount on its daily room rate, as a ‘Monsoon Flash Sale’. The Hotel Chain will sell its rooms at a 50 per cent discount for bookings made between August 1–15, 2013 for stay between August 1 and October 31, and again from December 16 to January 10, 2015.The discount will be available for any length of stay, at all its 19 properties across the country. This would mean an upscale Hotel room at Hyatt may be priced at ₹4,000 or even less. Advertising
• The Hotel industry in India follows a mixed strategy of advertising, they go for online advertising through websites like Expedia.co.in , Yatra.com etc. where they give different promotional offers in terms of price discount and complementary services.
• They also go for advertisement through business magazines and newspapers.
• Through social media they advertise by spreading the promotional offers and various types of group
Not everyone is the same, especially when it comes to expectations. Depending on a person's ethnic background, the necessities are different. It's the same type of idea for different cultures; Chinese, French, American etcetera all have different mindsets when it comes to what they want to see in a hotel during their stay.
Apex aims to provide a very high standard of hotels with a wide range of package types. Apex Hotels do many discounts and special offers which vary from business meetings to training days, Apex also holds events such as Weddings and Christmas/New Year meals and stays. Due to this high standard of hotel service as well as the four star status, Apex Hotels is expensive to stay, but it does offer a variety of stay types for different types of guests(business, families, solo, couple). Apex’s hotel in Dundee includes a spa alongside its hotel, this is also the case with its bar.
47% of Marriott’s rooms are in North American Limited Service, 30% are classified as North American Full Service, and the remaining 23% of its rooms are in the international segment (Marriott, 2015). Recognizing that travelers have a range of budgetary and amenities needs, Marriott operates its properties under a variety of different brand names, 19 in total, each of which has its own “price and service points” (Marriott, 2015). Most of Marriott’s brands are at the high end of the market, which includes such widely recognized luxury brands as the Ritz-Carlton, JW Marriott, Renaissance Hotels, Bulgari Hotels, Marriott Executive Apartments, Marriott Vacation Club, Edition Hotels, Autograph Collection Hotels, Gaylord Hotels, and Marriott Hotels (Marriott, 2015). These properties often command nightly rental rates that can run several hundred dollars a night and offer a wide range of amenities well suited for both business and pleasure travelers. These properties are classified as “Full-Service.” Marriott also offers a range of “Limited-Service” brands that do not contain as many amenities and tend to be much cheaper than the Full-Service line. Examples of these properties include Courtyard, Residence Inn, SpringHill Suites, and Fairfield Inn & Suites (Marriott, 2015). Even though these properties are considered Limited-Service, they do offer considerably nicer accommodations and more amenities than other types of budget motels and hotels. In contrast to many of the other hotel brands, Marriott International does not operate any midscale, economy, or budget
Thanks to these factors, pricing becomes one of the primary uses with which hotels attract customers. However, due to customers’ independent nature, there influence over industry players is limited. In the high-end segment of hotels, price influence becomes even less as hotels find it easier to differentiate themselves from the competition and customers become less price sensitive coming to expect higher prices as a symbolism of superior quality and services. Lastly, corporate business and tour operators can exert more influence due to their large purchases but this affect is of a limited nature and does not extend across the whole
The Hotel industry has become very important in the past years due to immense traveling and growth of international business. Hotel industry not only plays an important role in the life of people but as well as the economy of the country. Development and advancement in the Hotel industry have rapidly been taking place and especially since the rapid change in technology, it is very important for hotels to be promptly keeping up to date. When the hotel industry is spoken of, there are many famous hotels but one hotel company that has been outstanding in growth and other aspects of business, like in Leadership, Teamwork (Employee turnover), Motivation (Customer retention and satisfaction, Goals and objectives, (changing the way hotel business has worked), and Change within the company; structurally inside and physically outside, adding elements, like entertainment, gaming, and outdoor activities, is the Hilton Hotel Company.
They had developed numerous marketing strategies such as launching a marketing campaign. The content of the campaign will able to engage their target market to travel, assist them to get the information of the destination. The purpose of Marriott International is to stand on the side of customers when they want to promote their product and services. They will want to connect with their customer and understand the weakness of their product and services, so that they can improve
The hotel industry performs within a saturated market, driven by customer loyalty and competitive pricing to stand-out. This competitive nature makes it extremely important to capitalise on strengths while improving on
As the marketing consultant for a hospitality management company, it is often my responsibility to define target markets for various restaurants and hotels. In fact, I have been tasked with creating a fictional hospitality operation, to utilize as an illustration to define a marketing strategy and target market. In addition, I must identify and analyze the product life cycle of an organization that has been in business for a minimum of twenty-five years.
For the introduction, brief information regarding my purchase and the travel and tourism industry is presented. It was then followed by the explanation of the 2 chosen theories from two different chapters.
Relihan III, W. J. (1989). The yield-management approach to hotel-room pricing. The Cornell Hotel and Restaurant Administration Quarterly, 30(1), 40-45.
The top leading hotel bees are the Hilton, Choice Hotels, the Best Western, Accor and the Marriott. They all strive to offer luxurious, accommodating environments, which puts a struggle on the economy. Due to the various splurges and lavish venue spaces required, an increase in real asset prices has been the result. Intense capital has been the solution for many of the hotel chains, to be able to acquire the necessary properties.
The hotel industry is one of the fastest growing industries in India. The total market size of Indian tourism and hospitality sector stood at US$ 117.7 billion and is expected to touch US$ 418.9 billion by 2022. The foreign direct investment (FDI) inflows in hotel and tourism sector during April 2000 to July 2013
The hotel industry is by far one of the biggest business industries known to man in this era. The businesses of this industry are affected by many factors. The businesses environmental factors in external factors are demographic, economic, global, political, sociocultural and technological.
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Many investments for infrastructure construction in the destination primarily designed for the business tourists (hotels, restaurants, transportation…) provide economic profits, and they can also be enjoyed by local residents and leisure tourists.