Marketing Strategies For Running And Operating Any Hospitality Business Essay

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In running and operating any hospitality business takes ample amounts of research and marketing strategies. From overcoming obstacles in setting prices, taking different approaches in choosing the best prices, relying on psychological pricing, to market intermediaries, many different factors play a role in the selection of the best price for each product. Taking a closer look into each one allows businesses to select prices for their services that will generate and create a profitable company.
Many external factors play a role in the pricing of products, with some of them being, “the market and demand, competition, and other environmental elements” (Kotler, Bowen, Makens, & Baloglu, 2016, p. 297). Market and demand influences the price in the sense that the company must know the market’s demand of their certain product to know the highest price they will be able to charge. The next area the company must be well equipped in is cross-selling and upselling. If the sales people are unable to sell their own products, then the company needs to either reevaluate their employee’s sales skills, or the product itself. Next, the customer must be able to see the value of their dollar. If they see that spending $100 on a room for a night gets them an unforgettable stay in the city of their choosing, then they will be more likely to spend the $100. The marketers must know, “why they buy, and how they make their buying decisions,” in order to price their products accurately (Kotler,
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