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What is included in pricing in hospitality?
Pricing in hospitality and tourism includes restaurant pricing, promotional pricing, and lodging packages.
What is Special Pricing Strategies?
Price lining, Bundle pricing, Loss-Leader Pricing, Yield Management.
What does pricing in hospitality include?
Pricing in hospitality and tourism includes restaurant pricing, promotional pricing, and lodging packages.
What is Price?
What is "The value placed on goods or services being exchanged?"
Why is knowing how to price important?
To understand the methods to price goods and services will help increase sales
What did this chapter include?
This chapter includes the value of pricing, how to price in hospitality and tourism and special pricing strategies.
What is Cost-Plus Pricing?
pricing products by calculating all costs and expenses and adding desired profit.
What is restaurant pricing?
Restaurant pricing includes several pricing options. Prices may be set on the menu for single items such as desserts, and appetizers.
What is Marketing?
What is "the process of developing, promoting, and distributing products or goods and services in order to satisfy customers needs and wants"
Aspects of employee relations?
Leadership, expectations, motivation
Name 2 examples of marketing Mix
Senior Citizens, Teens, grandparents
What is the value of pricing?
The value of pricing goes over how much people are willing to pay for a tangible or intangible item.
What are the 3 methods of service?
What is a loyal customer?
A returning customer or guest.
3 ways to build customer relation?
Name 3 examples of demographics
Age, Gender, income, education...
Name 1 Pricing Strategy
Price lining, Bundle pricing,Loss-Leader Pricing, Yield Management...
What is one example of promotional pricing?
Happy hour in a restaurant
What is supply?
The amount or quantity of goods and services that producers provide.
Customer and Employees
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Name 1 example of something on demand right now
Cups, phones, etc...
How is promotional pricing used?
Promotional pricing is used in hospitality and tourism to generate sales during slow periods.
What is Elasticity of demand?
The variation of consumer demand due to a change in price
3 examples of pricing methods
coupons, promotion, sales