eHotelier

JUNE 12, 2024

Optimizing hotel room pricing requires a holistic understanding of various factors influencing demand and market conditions. By analyzing these elements and implementing strategic recommendations, you can set logical, competitive prices that enhance revenue and profitability.

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Pricing Marketing 173

Modern Restaurant Management

AUGUST 16, 2024

One of the more popular solutions to helping a business thrive is dual pricing credit card processing. What is Dual Pricing? Dual pricing is a payment model that allows businesses to implement two different prices for credit card transactions. A perfect example of dual pricing is a gas station.

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Pricing POS Systems Accounting Presentation 170

Hospitality Magazine

SEPTEMBER 15, 2024

FoodByUs, Australia’s largest online hospitality wholesale ordering platform, has launched a new feature, Price Tracking, designed to help the more than 90,000 independently owned Australian restaurants, cafes and caterers access real-time pricing visibility across all items and suppliers. The result?

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Pricing Download Menu Planning Catering 130

eHotelier

JULY 10, 2024

You must research as much as possible to make the best decisions, and perhaps my outlook on this one topic can help you decide for yourself the importance of addressing your current pricing strategy.

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Pricing Information 203

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

Modern Restaurant Management

APRIL 17, 2024

Eighty-one percent of diners said they would either stop going to a restaurant altogether or alter their dining hours to avoid prices surging during peak hours and 64 percent said they have a negative reaction to restaurants using surge and dynamic pricing, according to a HungerRush’s National Restaurant Price Surging Survey.

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Pricing Information Communication Magazine 197

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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Pricing Information Book 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.

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Pricing 289

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

Hotelogix

JUNE 10, 2024

In this context, hotel dynamic pricing is one of the most critical elements. What is dynamic pricing in hotels?  Dynamic pricing strategy in hotels allows hoteliers to optimize revenue by ensuring room rates accurately reflect market conditions and consumer behavior.

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Pricing Demo Communication Training 130

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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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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Pricing Budgeting Communication Server 198

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.

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Pricing 130

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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Pricing Special Events Article Book 97

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 193

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

Revenue Hub

OCTOBER 16, 2024

Now for the second consideration… Dynamic Pricing So, what exactly is Dynamic Pricing? Put simply, Dynamic Pricing is the practice of changing room pricing, multiple times per day based on a rooms individual demand. Many hotels work much better with a derived pricing strategy. What is Dynamic Pricing?

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Pricing Article Blog Marketing 93

Revenue Hub

OCTOBER 29, 2024

NB: This is an article from CWT Subscribe to our weekly newsletter and stay up to date With the hotel sourcing season well underway, many corporate travel and procurement teams are likely trying to figure out which hotel pricing model makes the most sense for their programs. Which Rate Is Best?

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Pricing Procurement Budgeting Article 88

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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Pricing Communication Marketing Training 196

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

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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Pricing Multi-Unit Operations 130

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

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.

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Pricing Article Events Marketing 89

Revenue Hub

SEPTEMBER 2, 2024

Price skimming can be highly effective, especially during peak demand periods like major events or holidays. We explore the ins and outs of price skimming in hotels, discussing how it works, its benefits and challenges, and best practices for implementing it successfully. The goal is to maximize total revenue rather than occupancy.

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Pricing Guest Satisfaction Events Article 101

Revenue Hub

OCTOBER 22, 2024

As we look toward 2025, global pricing trends reveal a resilient industry, but one marked by stark regional differences. Latin America leads the charge Latin America has emerged as the star performer in hotel pricing recovery. The hospitality landscape in 2024 is a study in contrasts. With a remarkable 12.2%

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Pricing Presentation Article Marketing 84

Revenue Hub

SEPTEMBER 27, 2024

NB: This is an article from Knowland Subscribe to our weekly newsletter and stay up to date Also known as attribute-based pricing, the shift allows guests to customize their stay by selecting only the necessary services, potentially reducing costs and enhancing their overall experience.

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Pricing Guest Satisfaction Communication Book 87

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 94

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 can you use data to improve your pricing strategy? Do they have shared price sensitivities?

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Pricing Book Marketing Article 92

MEWS

AUGUST 20, 2024

What is dynamic pricing in hotels? We’re all likely familiar with algorithms now, as many of the tools we use daily depend on them. Type anything into Google, and a complex system of data retrieval kicks into action to deliver the best possible results for your query.

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Pricing 130

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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Pricing Catering Events Marketing 242

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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Pricing Housekeeping 130

Revenue Hub

OCTOBER 10, 2024

You want to be sure you’re offering minimum pricing that’s beneficial for your company’s bottom line, and that makes sense for your customers. Read the full article at Tripleseat The post Best Practices to Determine Event Minimum Pricing appeared first on Revenue Hub.

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Pricing Events Catering Maintenance 97

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 104

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 82

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 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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