THC010: TOURISM & HOSPITALITY MARKETING

Assignment

Instruction

Explain in 3 paragraphs
Explanation:
➢ When selling a product or service, businesses can employ a number of pricing
tactics. Senior executives must first analyze the company's price position, pricing
segment, pricing capacity, and competition pricing reaction strategy in order to
select the most successful pricing strategy. Pricing strategies and methods vary
from business to business, as well as across nations, cultures, and industries.
They also alter over time as markets and industries mature and as general
economic conditions change. Pricing policies govern the cost that businesses
charge for their goods. Pricing can be chosen to maximize profits from either the
market as a whole or from each individual item sold. It can also be used to
expand one's market share, protect an existing market from competitors, or join a
new market. It is vital to pick the proper pricing strategy because it can give your
company both competitive benefits and disadvantages. Pricing strategies
frequently determine whether a business succeeds or fails. A pricing strategy
considers factors such as market conditions, consumer willingness to pay,
competition activity, trade margins, and input costs, among others. Target
audiences include the specified clients and rival businesses.