How do hotels adapt their pricing strategies to macroeconomic factors?
| Autor: | Isabella Blengini, Cindy Yoonjoung Heo |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Supply chain management
business.industry Strategy and Management Profit maximization 05 social sciences Business model Hospitality industry Supply and demand Shock (economics) Pricing strategies Tourism Leisure and Hospitality Management 0502 economics and business Revenue 050211 marketing business 050203 business & management Industrial organization |
| Zdroj: | International Journal of Hospitality Management. 88:102522 |
| ISSN: | 0278-4319 |
| DOI: | 10.1016/j.ijhm.2020.102522 |
| Popis: | The hospitality industry is naturally highly sensitive to subtle changes in the external environment, and its performance is affected by various external factors. Therefore, hoteliers should carefully monitor the various macroeconomic indicators affecting the market, when making important strategic management decisions. In particular, hotels’ pricing decisions are important because they play a crucial role in the determination of hotel revenue and in the process of profit maximization. In this paper we classify hotels by business model (i.e., chain management, franchise and independent) and analyze how these different types of hotels in Switzerland adapt their pricing strategies to macroeconomic factors (i.e., exchange rate, room supply and market demand). We find that hotels adopting different business models react differently to the same macro shock. Implications of our findings and future research directions are discussed. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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