Kyungsuk Hyun KMACThis study presents a multi-stage synthetic model designed to aid hotel room pricing. The complicated factors used in this model include fixed and variable costs, profit goal, identification of market competition, factors needed to measure a differentiation price premium, price standard limits, and factors needed to develop discriminatory pricing for different segments of customers. The model framework can provide realistic perspectives of hotel room rates. A five-star international hotel was used to illustrate the application of this model by deriving actual price data. A critical step in this model was to develop the hotel's market premium price (MPP) based on consumer surveys. Factor analysis, ANOVA, and the Scheffé post-hoc tests were utilized in the analysis. The model provides new insights into hotel room pricing by offering a step-by-step process leading to room-pricing decisions for hotel revenue managers and marketers.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.