Product and pricing aspects in a hospitality industry

Most business institutions exist with the primary goal of profit maximization. However, the profits cannot be maximized without the provision of services or products. Therefore production features as an essential metric that most organization depends on in meeting the key objectives. These goods and services produced are therefore promoted, distributed to various destinations, and priced based on their usage, demand and value. Product and pricing work hand in hand in that a price cannot be fixed on a service or product that doesn’t exist and vice versa. A few days ago we did a research about product and pricing aspects in a hospitality industry and . Specifically, about services and products that will be provided in the hotel and resort. Among the key services includes but not limited to the provision of recreational services, provision of conference halls, accommodation, and more. For the hotel section, clients will be served by…

Business Plan and Entrepreneurship

Business Strategy Desired Image and Position in the Market Benjamin Beauty Enterprise is dedicated to providing excellent customer satisfaction by offering products and services at affordable prices. The business aims to take the leading position as the only efficient beauty parlor in Los Angeles City. SWOT Analysis The enterprise strength is the large pool of customers in the target population. The business is located in a prime area with major learning institutions, restaurants, supermarkets, and manufacturing plants. It sells a broad range of services and products compared to other competitors in the market. Additionally, the entity has a competent workforce composed of young and vibrant staffs who will offer quality and timely services. One major weakness is that the venture is new in the location and will need more marketing strategy to reach more clients. The economy of the city is growing, and more women are joining the workforce. In…

What I’ve learned about critical thinking

The key ideas that I have learned this week include problem-solving and how to use Turnitin to present plagiarism free work. Problem solving is essential in getting solutions to problems using various methods. Problem solving involves four basic steps. These steps are; defining the problem, generating alternatives to the problem, evaluating and selecting alternatives, and, finally, implementing the solutions. I’ve also found, that we have the barriers to critical thinking and creative thinking. I’m learning to overcome them now. Critical thinking is the ability to solve a problem by considering a broad range of perspectives. This is possible through keen examination of the information. The skills that are involved in critical thinking include rationality, honesty, judgment, and self-awareness. These skills provide the basis for writing high-quality academic work. Critical thinking and academic writing are directly related as for students to produce high-quality academic papers; they must be able to think critically.…

Distinguish between Value-Based Pricing and Cost-Based Pricing

Pricing is the key aspect that determines the competitive ability of a business given that clients compare the costs of products among providers before making a decision. As such, managers should develop proper pricing strategies that promote the profitability of an enterprise. It should be noted that a 1% change is price optimization has greater effects on the net profits that can be obtained by a firm. Therefore, various organizations use different pricing models that encompass value-based technique and cost-based approach to attain the intended objectives. This paper evaluates the differences between these two enterprise methods to determine the most appropriate plan. Differences Notably, cost-based pricing is determined by the amount of money spent by the manufacturer to produce and distribute a particular good in a market. In particular, the operator uses the cost of production as a concept to set the price of the commodity. As such, the producer…

Differentiation as an ability to distinguish your product from to others

Differentiation in a marketing setting is the ability to distinguish a product from to others or make it attractive to a specific target market. Moreover, it is expressed as a promotional method employed by a business to establish a strong and unique presence in a market, when using this strategy a manufacturer uses several variations on a product to be marketed under the same name brand to give the products a wider coverage and promote market dominance. The significance of this competitive strategy is based on the notion that, firms have resources that enable them to construct a particular competitive advantage over the rest of the competitors. Moreover, with proper management of resources the firm will reduce competition in every market aspect it is involved in. In this case, differentiation is seemingly a process of establishing a difference in products and creating more attractive ones aimed at a particular market.…

Digital Marketing Manager in ‘Free Floating’

Today, the forces of digitization and technology are significantly shaping how folks approach various activities in different fields. From education to marketing and advertising, technology and digitization are shaping how people go about their day to day activities. Well, from where I sit, digital marketing is gaining traction in businesses and other facets of life. Not having ties to other activities out there also allows me to focus on how digital marketing is evolving, and how to best go about it for maximum benefit.   Accept Things Are Changing Technology is revolutionizing many aspects of our day to day lives. Digital marketing encompasses social media, email marketing, search engines, mobile applications and websites, and other technologies which are collectively playing active roles in the marketing scene. Many sites today are doing Search Engine Optimization (SEO). So that they can rank high in results when people search for services that they…