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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Pricing Article Book Accounting 108

Revenue Hub

OCTOBER 1, 2024

As a hotelier, one of the most critical aspects of revenue management is setting the right prices at the right times. This is where a seasonal pricing strategy comes into play. We explore what a seasonal pricing strategy is, why it’s essential, and how you can effectively implement it in your hotel.

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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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Pricing Article Accounting Training 107

Revenue Hub

SEPTEMBER 13, 2024

Open Pricing provides you with the ability to yield room types based on demand. NB: This is an article from Duetto Subscribe to our weekly newsletter and stay up to date All prices in a BAR concept are fixed modifiers off each other, either at a dollar mark or as a percentage discount.

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Pricing Accounting Article Marketing 101

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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Pricing Article Accounting Information 109

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 103

EATER

SEPTEMBER 20, 2023

In the bread aisle, you see two loaves identically wrapped; both are perfectly edible, but one is a day older and costs half the price. This is a business practice called dynamic pricing, and it may be coming soon to a supermarket near you. The price is changing throughout the [time] horizon.” Which do you choose?

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Pricing Accounting Communication Marketing 137

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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Pricing Marketing Book Accounting 107

Revenue Hub

DECEMBER 15, 2023

NB: This is an article from Hotelivate Subscribe to our weekly newsletter and stay up to date Moreover, from their initial target segment of price sensitive customers, the AI model has rapidly evolved to include elaborate food and beverage offerings, unique experiences, and wellness treatments among others. Why does All-Inclusive Work?

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Pricing Accounting Article Book 109

Modern Restaurant Management

MARCH 15, 2024

Many processors offer different deals, technology, pricing and other unique options. Reasonable Pricing With hundreds of payment processors, if establishing reasonable pricing is a priority, it’s essential to work with a processor that is smooth, reliable and clearly outlines what fees are accounted for.

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Customer Service Pricing Accounting 196

Modern Restaurant Management

APRIL 22, 2024

The first is account takeover (ATO), which allows fraudsters to gain unauthorized access to accounts with stored funds, change the password, sell the account or use the account’s funds themselves. Fraudsters can also create multiple accounts and add funds to them using stolen payment methods.

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Accounting Training Pricing Magazine 203

Modern Restaurant Management

APRIL 10, 2024

Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. When prices for staple ingredients like chicken rose dramatically in 2023, restaurant operators were forced to increase their prices. Full-service menu prices climbed 4.5

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Modern Restaurant Management

FEBRUARY 16, 2022

Those who don’t are effectively lowering their prices. Understand if your prices are keeping pace with inflation and maintain a markup that matches the costs associated with paying suppliers and staff. How is inflation affecting food prices? Business owners should routinely track increased costs and adapt.

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Pricing Accounting Article Magazine 207

Modern Restaurant Management

MARCH 12, 2024

To reduce menu confusion and minimize price sensitivity, Ori’Zaba’s Scratch Mexican Grill recently rolled-out a rengineered and easier-to-read menu. The Ori’Zaba team told Modern Restaurant Management (MRM) magazine they watched people walk in and have a physical reaction to the three pricing tiers. Double Your Meat!”

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Pricing Accounting Server Presentation 179

InnQuest

NOVEMBER 30, 2022

Transparent Pricing: Easy-to-read statements, upfront pricing with no hidden fees. Subject per account. This is why we offer competitive pricing, without sacrificing quality or functionality in our software solutions. It is designed to be a one-stop solution for all your payment-related needs. Secure payment processing.

Travel and Tourism 217

Travel and Tourism Demo Pricing Accounting 217

Hospitality Magazine

FEBRUARY 21, 2024

If you’re working with a PR agency, put together a list of publications you’d like to be featured in and have an account manager pitch to editorial teams with information about your venue as well as an invitation to come in. But profiting from delivery should be front of mind, which means condensing your menu and pricing it accordingly.

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Marketing Accounting POS Systems Information 246

InnQuest

APRIL 5, 2023

Yield management, also known as revenue management, is a strategy hotels use to optimize their revenue by adjusting prices and inventory according to consumer demand. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue. And that’s where yield management comes in.

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Pricing Book Marketing Blog 220

Modern Restaurant Management

MAY 19, 2022

The prices of goods and services have increased 8.5 percent from March 2021 to March 2022, accounting for the highest inflation rate since December 1981. Rebounding demand, supply chain issues, and labor shortages are mostly to blame for driving prices to an all-time high. Take Advantage of QR Codes.

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Pricing Accounting Training Information 187

Modern Restaurant Management

MARCH 24, 2022

Assuming that 80 percent of seats are filled for both sittings and that each customer orders something of average price, Chloe can establish a rough baseline calculation for a day’s trading. Chloe will have to adjust her monthly calculation to account for the complexities of each individual month.

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Accounting Pricing Definition Catering 179

Modern Restaurant Management

MAY 10, 2022

Nobody has time for that when there is a crowded dining room, to-go orders flying out the window and customers complaining about their favorite menu items going up in price. It can take hours to manually figure out things like recipe costs, ingredient prices and inventory counts. Leverage Purchasing Data.

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Cost Reduction Pricing Procurement Information 197

Modern Restaurant Management

FEBRUARY 27, 2023

Hold Vendors Accountable to Contract Pricing As restaurant owners receive vendor invoices, they should use a system that can track purchased item costs to discover any contract violations. Reviewing these numbers frequently can help to hold vendors accountable to the prices they are quoting.

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Bookkeeping Budgeting Scheduling Accounting 189

Modern Restaurant Management

SEPTEMBER 9, 2022

Rising Overhead Costs Are Hiking up Prices. Inflation drives price increases for raw materials and labor costs, which are some of a restaurant's most significant expenses. The steady increase in cost is forcing restaurants to raise their prices because they’re spending more on materials.

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Pricing Maintenance Events Accounting 189

Modern Restaurant Management

MARCH 21, 2022

The key is to make the right decisions around inventory and pricing at the right times—and having the right technology can make all the difference. Even in the best of times, commodity prices change on a daily basis. Restaurant operators and franchisees are accustomed to this as a basic fact of life. and reporting.

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Pricing Scheduling Information Accounting 203

Modern Restaurant Management

AUGUST 6, 2024

66 percent of consumers believe a desirable experience is more important than price and convenience. Begin by promptly acknowledging and empathizing with the guest's concerns, followed by immediate action and accountability to resolve the issue. The key is to create an 'on-brand response' that aligns with your brand story.

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Pricing Accounting Presentation Budgeting 197

Modern Restaurant Management

DECEMBER 1, 2021

Work with your contractors to create a timetable taking these elements into account. They will have some similar skills to your accountant. But a financial manager’s role is more directed toward using the accounts data to influence the direction of a business. Look at what big local events are coming down the pipeline.

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Strategic Planning Front of House Accounting Scheduling 202

Modern Restaurant Management

DECEMBER 6, 2021

On the other hand, you can also take into account your low popularity/high-cost items as well as your low profit/low popularity items to see if they still belong on your menu. Increasing your prices may prove beneficial : You might even consider adding a special ingredient to some of your low-priced items.

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Server Pricing Reservations Accounting 197

Modern Restaurant Management

MARCH 30, 2022

Accountability down to the individual level. More accountability for who is responsible for what in an organization results from each step in a business workflow being clearly assigned to one action. If visibility is increased, then communication for employees can be more accurate. Value of Automated Workflow.

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Front of House Customer Service Accounting Communication 180

Modern Restaurant Management

MARCH 19, 2020

Any person with a social media account can be considered an influencer, so where should you begin? For example, let’s imagine an online reviewer who exclusively reviews low-priced fast food restaurants. Find Bloggers in Your Niche. This blog has done a great job of teaching you how to spot fake followers to avoid getting scammed.

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Marketing Blog Accounting Budgeting 213

Hotelogix

FEBRUARY 4, 2024

You can update prices, add new items, and manage inventory. Accounting Managing your hotel's finances is essential, right? With hotel management software, you can streamline your accounting operations.    Accounts receivable: This feature allows you to manage your accounts receivable.

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Revenue Hub

DECEMBER 9, 2024

-Timothe Giard, European Hotel Forum Parity Clauses may be gone – but Booking.com has other ways of influencing prices The overall sentiment in the room was that Booking.com hasnt done enough to create transparency and accountability in the way it uses prices and other factors to rank hotels on its platform.

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Workshop Pricing Book Article 104

Hotelogix

OCTOBER 3, 2024

Competitive Pricing Strategy Price is one of the most important factors for guests when choosing a hotel. Here’s how you can make sure your pricing is competitive: Rate Parity Keep your prices consistent across all platforms, including your own website. Dynamic Pricing Adjust your pricing based on demand.

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Marketing Pricing Book Accounting 130

Modern Restaurant Management

SEPTEMBER 7, 2022

Menu engineering, particularly for enterprise restaurant brands, has to take into account myriad details, from supplier pricing in different regions to regional menu item preferences to rapidly changing food costs.However, menu engineering doesn’t have to be a task you dread. Tap Into Technology to Make Menu Engineering Easier.

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Training Pricing Information Scheduling 196

Modern Restaurant Management

JULY 27, 2022

Most notably, consumer spending at restaurants appears to be holding-up relatively well this summer despite aggressive menu-price increases in the first-half of the year." Consumer spending at restaurants appears to be holding-up relatively well this summer despite aggressive menu-price increases in the first-half of the year.

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Modern Restaurant Management

FEBRUARY 26, 2024

Payment processing pricing structures often used by restaurants allow providers to layer their processing fees on top of other underlying debit and credit card fees. Payment processing can be complicated, but with the right partner and pricing structure such as flat rate, interchange plus, or tiered, unnecessary costs can be eliminated.

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Pricing Accounting Marketing Presentation 161

Horizon Hospitality

JUNE 6, 2023

You need to account for: Cost of Coverage for an open position ( the role’s average daily compensation x the number of days vacant ). After factoring in all these costs, you could face a price tag of anywhere from 50% of each entry-level worker’s pay or up to 200% of a management-level salary.

Accounting 246

Accounting Pricing Hospitality Management Information 246

Revenue Hub

JANUARY 15, 2024

Subscribe to our weekly newsletter and stay up to date First: Pricing aspect A hotel package is a combination of a room and at least one other component, like a bed and breakfast package. The critical aspect of the pricing is that every item should be discounted the same amount, i.e., percentage.

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Accounting Pricing Article Property Management 108

Modern Restaurant Management

AUGUST 2, 2024

As a result, they are making hard decisions to adjust prices and make menu changes. The increasing number of ‘no-shows’ is estimated to cost the hospitality industry £17.59bn per year, not accounting for staff costs and wasted food. LTO Impact A new Placer.ai The financial implications are massive.

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Pricing Training Marketing Book 100