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

eHotelier

APRIL 10, 2023

By analysing guest data, using dynamic pricing strategies, leveraging pricing psychology, personalizing offers, and providing staff with the right tools and training, hotels can improve overall business performance.

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Pricing Training 299

InnQuest

MAY 11, 2023

As we step into 2023, the hospitality industry is still reeling from the effects of the pandemic – which makes implementing hotel pricing strategies more important than ever. However, one of the biggest challenges hoteliers face is determining the right pricing strategies to maximize their revenue in the post-pandemic world.

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Pricing Reservations Book Marketing 220

Hospitality Net

OCTOBER 24, 2024

Global hotel rates are forecast to continue rising in 2025, but price increases will moderate compared to the steep rises of recent years, thanks to easing leisure travel demand and a surge in new hotel construction.

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Modern Restaurant Management

JUNE 12, 2024

Have you completed a small business checkup at your restaurant lately? If you are experiencing the opposite: if check sizes and alcohol sales are declining, employee turnover is increasing, and vendors are refusing to deliver without receiving payment in advance, then your business is not thriving, he warned.

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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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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. However, if restaurants could capitalize on their busy rushes, they would have a financial cushion for their slow hours.

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Revenue Hub

OCTOBER 16, 2024

In our last blog, we looked at Channel Shift and the impact that this can make by simply restricting lower rated business in favour for higher rated business. Now for the second consideration… Dynamic Pricing So, what exactly is Dynamic Pricing? Many hotels work much better with a derived pricing strategy.

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Pricing Article Blog Marketing 93

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 hotel increased business year on year for over 40 years. The post The Lion Hotel for sale at reduced price of £1.8

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Hospitality Magazine

JULY 16, 2024

New figures from CreditorWatch’s June Business Risk Index paint a grim forecast for hospitality operators, with 1 in 11 businesses predicted to fail in the next 12 months. The business failure rate has increased by 8.8 The hospitality business failure rate is forecasted to rise from 7.5 per cent to 9.1

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Pricing Magazine 237

Hospitality Magazine

OCTOBER 9, 2024

Inspectors are targeting 27 food businesses in the Manningham City Council suburbs of Doncaster, Doncaster East, Bulleen, Templestowe, Park Orchards, and Warrandyte. Contributing factors include high rates of labour turnover, readily accessible workforces, and menu prices that appear ‘too good to be true’.

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Pricing Magazine 130

MEWS

SEPTEMBER 3, 2024

What is a hotel business? What transforms a hotel into a hotel business is the ability to consistently fill rooms while providing these services at a price that ensures profitability and keeps guests coming back. Running a hotel business isn't easy, but with the right strategy and execution, it can be highly successful.

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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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Revenue Hub

OCTOBER 30, 2024

Welcome to the “rate wars,” where hoteliers engage in a constant game of pricing cat and mouse. From fancy software tools that track every rate change in real-time to secret phone calls under the guise of a corporate booker, hoteliers have mastered the art of “price espionage.”

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Pricing Training Book Marketing 91

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

Revenue Hub

SEPTEMBER 9, 2024

Dynamic pricing can be a contentious topic. Consumers often view it as an exploitative pricing strategy in which brands try to charge the highest possible price for their products or services. For example, in the fast-food industry, the introduction of dynamic pricing has gone down like a lead balloon.

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Pricing Book Article 93

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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Revenue Hub

SEPTEMBER 18, 2024

One of the most pervasive myths is the belief that offering low prices will automatically lead to high occupancy rates. In fact, setting prices too low can have several detrimental effects on a hotel’s revenue, profitability, and overall brand perception. This can result in lower levels of repeat business and brand loyalty.

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Revenue Hub

JULY 31, 2024

The ongoing manual calculations and pricing updates across all your distribution channels are huge headaches to most hoteliers, especially if pricing isn’t your only responsibility at your property. How and why should you set business objectives for your property? How and why should you set business objectives for your property?

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Pricing Book Marketing Article 92

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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Revenue Hub

OCTOBER 31, 2024

Hotel buyouts present a compelling business opportunity that delivers both financial stability and operational efficiency. Read the full article at Tripleseat The post Hotel Pricing for Buyouts: How to Maximize Revenue with Groups appeared first on Revenue Hub.

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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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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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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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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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Modern Restaurant Management

OCTOBER 9, 2024

With the post-pandemic return-to-office, business catering is in full swing. But business catering is a different beast requiring different menus, operations, and technology. So, how can operators best invest in their businesses to meet the needs of local businesses? Business catering is complex and high stakes.

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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

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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Hotelogix

SEPTEMBER 22, 2024

These platforms allow users to compare prices and amenities, making it easier to find and book accommodations at the best prices available on the Internet. Since many travelers book based only on price or location, they may not develop loyalty to a particular hotel brand. Popular OTAs include Booking.com, Expedia, and Airbnb.

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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.

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Pricing Guest Satisfaction Article Blog 90

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

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

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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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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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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Revenue Hub

MAY 7, 2024

Perfect competition is a term used in economics to describe a market structure where many buyers and sellers interact without any restrictions, and prices reflect the actual supply and demand dynamics. The industry is characterized by its diverse pricing and services and the advanced technological tools used to set those prices.

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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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