Priceline Or ( Pcln )

Decent Essays

Priceline or (PCLN) is a travel agency that offers cruises, hotel rooms, airline tickets, vacation packages, excursions and rental cars. The company 's "Name Your Own Price" option offers its customers an incredible proposition by allowing them to name their own price for any travel related products or services. determines the lowest price it can accept, while the customer has the discretion in the supplier selection. also provides a brand preserving sales service that enables them to sell excess inventory without harming their existing retail pricing structure. also has a more traditional travel sales model that allows customers to choose specific suppliers and …show more content…

Priceline operates as the middleman or broker bringing the two parties together in a seamless and friendly manner. Priceline’s revenue is a result of the difference between the “Name Your Own Price” rate and the amount charged by the supplier for the service. Priceline also brings in revenues from a more traditional travel agency model also available on its website. The oversaturation of the travel industry has created never ending competition for Priceline. However, with the increase of competition comes and increase of the amount of individuals willing to purchase products and services over the internet. This positive relationship will help Priceline maintain its dominant market share along with its unique and competitive business model and well-known brand name.
Ownership and Management
All firms need skilled management to run properly and efficiently. The manager is in charge of creating a firm’s goals, plans to achieve said goals, and directing employees to successfully achieve them. He/she must also recognize internal weaknesses and external threats. Forecasting potential threats is included in external threats, and is vital to a firm’s long run success. The role of a manager is extremely demanding. Managers must have strong communication skills and an exceptional “team first” mentality. The inherent characteristics and

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