It is most important because it affects directly the sales and profits of a hotel. The main target of pricing strategy is to strike the optimum balance between supply and demand in order to maximize the hotel’s profits, because it affects the volume of sales and profit maximize for the hotel (Virginias and Wood, 2002) “Price represents a significant strategic decision for all hotel accommodation operators, and its important device for ‘creating’ consumers’’ (Virginias and Wood, 2002, pp54)...
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In this essay the few strategies which are discussed are Cost-based price and Market based price. According to Abbott and Lewry (1999) ‘There are two fundamental methods of approaching the problem of accommodation pricing’. First one is cost based pricing, in this system the tariff is designed to cover the basic costs of operation at a given level of services, plus a given rate of return and another one is market based pricing...
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