1. Market Pricing
Unit IV

2. MARKET PRICING
ELEMENTS OF MARKETING:
Product
Price
Promotion

3. Competencies for Revenue Management
1. Explain the concept of revenue management, and discuss how managers can maximize revenue by using forecast information in capacity management, discount allocation, and duration control.
2. Discuss common formulas managers use to measure and manage revenue.

4. Competencies for Revenue Management
3. Explain how revenue management decisions are affected by group room sales, transient room sales, other revenue opportunities, local and area-wide activities, special events, and fair market share forecasting.
4. Discuss the revenue manager’s role and position, summarize typical revenue meetings, outline potential tactics to use in periods of high and low demand, discuss revenue management tactics, and explain how revenue management software helps hotel managers.

5. Benefits of Revenue Management
Improved forecasting
Improved seasonal pricing and inventory decisions
Identification of new market segments
Identification of market segment demands
Enhanced coordination between the front office and sales divisions
Determination of discounting activity

6. Benefits of Revenue Management
Improved development of short-term and long-term business plans.
Establishment of a value-based rate structure
Increased business and profits
Savings in labor costs and other operating expenses.
Initiation of consistent guest-contact scripting

7. Heritage Institute of Hotel & Tourism
Sale Close
The concluding phase of every sale is known as CLOSE.
Steps are:
Assumption close
Choice close
Narrative close
Minor point close
Physical action close
Asking the customer
Heritage Institute of Hotel & Tourism 7

8. Ten commandments of a good salesman
Speak to people
Smile at people
Call people by name (Remembering)
Be friendly and helpful
Be cordial
Be genuinely interested in people
Praise
Considerate with others’ feelings
Be thoughtful of others’ opinion
Be alert to give service
Heritage Institute of Hotel & Tourism 8

9. Qualities of a sales person
Recognize customers motive for buying.
Product Knowledge (Know what you are selling and what are the USP ).
Direct conversation for the sales leads.
Understand to whom you are selling. 9

10. MARKETING
Marketing is the planning and execution of the production, pricing, promotion and distribution of goods and services to create exchanges that achieve individual and business objectives.
You meet their needs.
They are aware that you meet their needs.
They are motivated to buy from you.
They are motivated to keep buying from you.

11. MARKETING Sell the Benefits:
Customers won’t buy from you if they can’t receive benefits from doing so. Customers always ask: “what’s in it for me?”