Perfect pricing is not a myth or impossibility. All it needs is for hoteliers to rethink their approach to traditional revenue management
The one word that governs the hospitality industry’s lexicon is ‘price’. And perfect pricing is often considered to be an unfathomable concept, especially when it comes to revenue optimisation. Or is it?
According to Kabir Ahmed, complex director of revenue, for Sheraton Grand Bengaluru Whitefield and Convention Center as well as Aloft Bengaluru Cessna Business Park, pricing that is in line with a company’s strategy and with what a customer is ready to pay for the product is, simply put, perfect pricing. Both these components – the hotel’s strategy and customer expectation – are equally important.
If the hotel gives more importance to strategy and price than customer expectation, their demand will fall. Likewise, if they ignore their strategy and price lower than customer expectation, they might gain room nights, but lose potential revenue. The right mix of both defines perfect pricing. This is also where the concept of rate integrity comes into play.
هذه القصة مأخوذة من طبعة July 2017 من Hotelier India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 2017 من Hotelier India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Why Western Couples Are Choosing India For Their Big Day?
Decoding the reason, and how to cater to them...
A Match Made in India
Director General of Tourism Mugdha Sinha's grand vision for wedding tourism...
Tee Off in Style
Hoteliers are giving golfing facilities a boost even as they offer putting greens that make the sport popular.
Bespoke Getaways: What Makes Them Desirable?
Boutique hotels are increasingly becoming the first choice among discerning guests as they provide meaningful breaks.
Blending Tradition with Innovation
The balance of honouring tradition while adding a dash of modern flair is what keeps the culinary scene fresh and exciting...
DON'T THINK, OUTSIDE THE BOX
The oft-quoted maxim, \"Think out of the box!\" does little to encourage creativity or innovation and often is their enemy.
Putting the Wow into Weddings
As hotels become the preferred venue choices for weddings, the industry is certainly shaking things up.
Innovation Is Not an Option but a Necessity
Emphasizing the need for the Indian hospitality sector to innovate and disrupt itself in the current transformative period.
Why Marriott built its GCC in India?
Drew Pinto, Executive Vice President and Chief Revenue & Technology Officer of Marriott International, tells Hotelier India all about finding the best talent in India...
FROM POTENTIAL TO POWERHOUSE
In an exclusive and candid interview with Hotelier India, Gajendra Singh Shekhawat, India's Minister of Culture and Tourism, speaks about how tourism and hospitality will power India's economy by 2047.