Ch 6: Pricing for the Hospitality Industry

About This Chapter

Use these text and video lessons to develop a deeper understanding of pricing strategies and objectives relating to the hospitality industry. Review information for testing or class discussion purposes or simply enhance your knowledge for use in the workplace.

Pricing for the Hospitality Industry - Chapter Summary

How are new products developed? What should be considered when setting prices for products and services? These are among the topics you can expect to explore when you refer to the lessons in this chapter. You'll be presented with an overview of general pricing strategies, elasticity, objectives and the role of brand strength in pricing, and you'll discover how each of these is applicable within the hospitality industry. Monitor your progress through this chapter on your Dashboard and test your knowledge with self-assessment quizzes appearing at the end of each lesson. Once you have completed this chapter, you should be able to:

  • Understand new product development and marketing
  • List types of new products
  • Explain how consumers adopt new products
  • Apply the price elasticity of demand formula
  • Name and define the three types of pricing strategies and indicate how they are used in the hospitality industry
  • Detail various pricing strategies used by companies
  • Note the impact of pricing on consumer perception
  • Describe the effect of brand strength on the pricing of hospitality products and services

10 Lessons in Chapter 6: Pricing for the Hospitality Industry
Test your knowledge with a 30-question chapter practice test
How to Develop and Market New Consumer Products

1. How to Develop and Market New Consumer Products

In this lesson, you will learn the six stages of the new product development process that companies use when they develop new consumer products. You'll also learn why it is important for companies that develop new consumer products to use this process.

Types of New Products: New Product Lines, Product Improvements & More

2. Types of New Products: New Product Lines, Product Improvements & More

You will learn about the types of new product categories, such as new product lines or repositioned products, and the new product development process, from idea generation to commercialization.

How a New Product is Adopted by Consumers

3. How a New Product is Adopted by Consumers

In this lesson, you will learn the five stages consumers go through to determine whether or not to adopt a product that is new to the marketplace. You will also learn why it is important for companies introducing new products to understand the adoption process their customers use.

Price Elasticity of Demand: Definition, Formula & Example

4. Price Elasticity of Demand: Definition, Formula & Example

This lesson will provide a clear definition of price elasticity of demand, show you step-by-step how to calculate it using the formula, and why this formula is important to a firm when setting prices. Afterwards, check out the quiz.

Price Elasticity of Demand in the Hospitality & Tourism Industry

5. Price Elasticity of Demand in the Hospitality & Tourism Industry

Should you charge a traveler from England more or less money for a hotel room than a traveler from Canada? Price elasticity of demand may help answer that question. Learn more about how it applies to the hospitality and tourism industry in this lesson.

Pricing Objectives: How Firms Decide on a Pricing Strategy

6. Pricing Objectives: How Firms Decide on a Pricing Strategy

After watching this video, you should understand pricing strategy as it relates to the marketing mix. The three types of pricing strategies are profit-maximization, sales-oriented and status quo.

Pricing Strategy in Marketing: Definition, Types & Examples

7. Pricing Strategy in Marketing: Definition, Types & Examples

Companies utilize a variety of pricing strategies to market their products to consumers. Throughout this lesson, we will explore some of these strategies and test your knowledge with a short quiz.

Pricing Strategy and Consumer Perception

8. Pricing Strategy and Consumer Perception

Consumers' perceptions of products rely heavily on the pricing strategy that is chosen by the marketing manager. Price will impact not only consumer perception but also profit and speed of product adoption.

Brand Strength & Pricing in Hospitality & Tourism

9. Brand Strength & Pricing in Hospitality & Tourism

As your grow your business, brand strength and pricing are two aspects that can affect how customers relate to your product. Learn how to make your brand stronger and associate the brand to pricing strategies.

Required Assignments Reminder

10. Required Assignments Reminder

Sorry for the interruption to your course progress! We wanted to make sure you knew this course has a written assignment requirement in order to be completed. Read on to learn where to find these assignments and how to submit them.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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