This is the fourth post and it is going to talk about A Shift to Dynamic Pricing in Asia, I will summaries the article call" How much should competitors influence your hotel’s pricing strategy?" The reason that I choose to read and summaries this article is because I think this article is going to be very useful for my term paper.
Different component has difference standard of pricing. For example, Asian hoteliers’ room price has always been length of stay, rate management and overlooking management. Dynamic pricing is a demand as a function of price and the best price strategy being used in order to obtain through a complex pricing strategy which would lead to increase income. A hotel that charges at a fixed room rate could lose an opportunity of getting a great deal of money. Marketing pricing is being sold to a large amount of rooms, relevant packages through the balancing of benefits and price. A particular hotel decided their own pricing strategy based on a product they are offering, depends on their target market, competitors’ pricing and the cost of production.
In my view, competitors’ pricing do influence on a business pricing. If a business be in a strong competitive market, prices should be very similar or equal to other products, so will be able to compete with the others and be survived in the market. Lastly, I'm attempting to use some of this useful information to help and support my term paper.
I have attached the following link as a reference for my summary:
http://www.hotelmarketing.com/index.php/content/article/how_much_should_competitors_influence_your_hotels_pricing_strategy/
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