About This Chapter
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the Hospitality 301: Hospitality Marketing course
- Basics of Hospitality Marketing
- Hospitality Industry Trends
- Hospitality Marketing Research
- Consumer Behavior in the Hospitality Industry
- Hospitality Market Segmentation
- Hospitality Marketing Channels
- Hospitality Marketing Strategies
- Advertising for Hospitality
- Hospitality Industry & Public Relations
- Selling for the Hospitality Industry
- Hospitality Marketing & Technology
- Required Assignments for Hospitality 301
- Studying for Hospitality 301