Setting the right price.
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Permalink Reply by sandrine urvois on -
for my experience, nothing like a bit of benchmarking as they say, and then add another 10% , I know it sound a bit childish but sometime the big theory , just don't work in practice. and this days just go for gold , as with marketing price are at record hight in $ , got for a minimum of 80% profit and go backwards.
does it make any sense ,I do hope so
sandrine
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Permalink Reply by BASSEL K. on -
according to the market demand and season.
and most of the times you cannot work according to those conditions
then you must take into consideration do not change the rate to a level you cannot raise it up again, or do not set rates that would effect your future business.
take into consideration that those rate you have applied for your rooms and F&B Menu should cover all the expenses.
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Permalink Reply by sandrine urvois on
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you know to set rates! one thing is true is, you can go down but you can't go up, it is better to set your prices higher and then to come up with promotion mania,to get them down if they are to high; than to sell yourself cheap and then manage just to struggle, I am talking as a business owner, who has work for herself for 10 years, I am sorry I haven't got a MBA or Harvard sheet, I just do know what work, like texting works , in the right context and for the right segment, leaflet work, etc....
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Permalink Reply by BASSEL K. on
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in hotels experience is needed more cause they cannot teach how to manage a group of people nor a crisis so fallow your intention and your experience can a Harvard graduate spin a tray on his finger i don't think so, while a waiter with five years experience he can do it...
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Permalink Reply by Khurram Niaz Khan on -
I hope you will find the attach presentation useful for the revenue management practices
Happy selling
Khurram - Attachments:
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RevenueManagementOverview.ppt, 465 KB
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Permalink Reply by Aldi on -
Hai Paredes,
It's interesting issue, i lead RevMax team at my previous company and make Revenue Plan on weekly basic, we do competitive benchmarking at the beginning.
And you can make pricing diagnostics and rate evaluation, there are a number of rates outside the banding depend on competitive market situation in your city.
While the rates in two of our most important market sectors, Corporate & Wholesale, are mostly within the banding, other less significant pricing groups like Weekend/Seasonal & Consortia are outside the banding. However, this is due to pricing strategies within your competitive set.
I'm developed my own software right now for Revenue Plan..
Rgds,
Aldi
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