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…

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…