Pricing depends on the objectives of price as it relates to the businesses profitability. The image of the business, supply and demand, the stage of the product life cycle, and the expense related to the product are all considerations. Four factors: costs/expenses; supply and demand; consumer perception; competition Pricing is a competitive tool indicates quality to the consumer; is a function of supply and – demand; position of the company in the market place; laws in place, break even point; economies of scale Participant should mention some of the above and how they affect the ability of the restaurant to offer specials on an on-going basis. They want to increase demand by increasing the number of patrons ordering before 5:00 pm, but cannot exceed capacity The participant should recognize some or all of the following factors: profit variable and fixed costs of the goods and/or services competition business law and ethics 5 Explain factors affecting the prices of hospitality and tourism products Discuss factors affecting price in the hospitality and tourism industry such as weather, season, holidays, and events occurring The level of competition in the area—other attractions and amenities available in close proximity Tourism Canadian dollar exchange rate against the US dollar which determines the level of tourism Costs of operation Explain factors that motivate people to choose a hospitality site Location (proximity to other sites) Quality Price Availability 3 Explain how frequency schedules are determined for public area cleaning The participant must note that frequency of public area cleaning will be driven by hotel occupancy. A good understanding of what the minimum acceptable standards will be for the hotel and then identify when and how the schedules will be flexed based on occupancy levels Identifying a basic rotation, this could be anywhere from 5-8 times per day. Hotel occupancy plays an important part in determining whether or not to deviate from the basic rotation. I.e. On a day when the Hotel is at 85% or higher may see an increase in the number of housekeeping associates, and adjustments to the scheduled cleaning times may be changed based on arrival/ departure patterns and times. The same can also be said for if the hotel has a low occupancy of 35%, decisions will need to be made on whether or not to schedule below the basic requirement. 3 Explain how guests make reservations on line Guests can make reservations on line through the website or through a hotel’s number of other online booking agencies 4 Explain key factors in building a clientele
Pricing depends on the objectives of price as it relates to the businesses profitability. The image of the business, supply and demand, the stage of the product life cycle, and the expense related to the product are all considerations. Four factors: costs/expenses; supply and demand; consumer perception; competition Pricing is a competitive tool – indicates quality to the consumer; is a function of supply and demand; position of the company in the market place; laws in place, break even point; economies of scale Participant should mention some of the above and how they affect the ability of the restaurant to offer specials on an on-going basis. They want to increase demand by increasing the number of patrons ordering before 5:00 pm, but cannot exceed capacity The participant should recognize some or all of the following factors: profit variable and fixed costs of the goods and/or services competition business law and ethics 5 Explain factors affecting the prices of hospitality and tourism products Discuss factors affecting price in the hospitality and tourism industry such as weather, season, holidays, and events occurring The level of competition in the area—other attractions and amenities available in close proximity Tourism Canadian dollar exchange rate against the US dollar which determines the level of tourism Costs of operation Explain factors that motivate people to choose a hospitality site Location (proximity to other sites) Quality Price Availability 3 Explain how frequency schedules are determined for public area cleaning The participant must note that frequency of public area cleaning will be driven by hotel occupancy. A good understanding of what the minimum acceptable standards will be for the hotel and then identify when and how the schedules will be flexed based on occupancy levels Identifying a basic rotation, this could be anywhere from 5-8 times per day. Hotel occupancy plays an important part in determining whether or not to deviate from the basic rotation. I.e. On a day when the Hotel is at 85% or higher may see an increase in the number of housekeeping associates, and adjustments to the scheduled cleaning times may be changed based on arrival/ departure patterns and times. The same can also be said for if the hotel has a low occupancy of 35%, decisions will need to be made on whether or not to schedule below the basic requirement. 3 Explain how guests make reservations on line Guests can make reservations on line through the hotel’s website or through a number of other online booking agencies 4 Explain key factors in building a clientele