Having the most luxurious hotel won't guarantee success if your guests can't afford the rooms. The key question: Will they choose you over a cheaper competitor? Setting a pricing baseline is crucial not just for affordability but also to ensure that your price aligns with the perceived value of your offering.
In this online lesson about establishing a pricing baseline, Fabian Bartnick will explain the importance of a good pricing structure. You'll also learn how to define your value proposition so you stand out from your competitors.
What you'll learn in this lesson, Establishing a baseline in pricing
- How to define your value proposition
- How to gain a competitive advantage within your venue and against your competitors
- What a value perception is
- Market Vs. Competition Vs. Demand
- The paradox of choice