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4.2. Pricing strategy • In business in general and marketing-mix strategy in particular, price is always an important factor because it is what generates revenue for the company. Not to mention, price is also the top consideration by customers before making a purchase decision and Vietravel understands this. With a cost-based pricing strategy, Vietravel brings low prices with corresponding products and services, in order to diversify their services and still ensure their revenue and number of c
Typology: Schemes and Mind Maps
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1. Objectives for Pricing of Services Effective pricing is central to the financial success of Vietravel. The key objectives forestablishing prices:
All tourism businesses should have a rack rate – this is your “full rate” before any discounts are applied and typically is what is provided to wholesalers and printed on brochures for the season ahead. For activity and attraction operators their full rate is more likely to be charged all the time without any day to day discounting, however accommodation operators – particularly those in the middle of the market will be changing pricing almost daily for the month or 2 months ahead to fill gaps.
customer-centric, yield management systems forecast demand and availability, to maximize revenue by using differentiated prices, at the right time. The following is a number of basic characteristics of the tourist industry that affects pricing:
Buyer Characteristics Frequency of volume of consumption