Explain how the concepts of demand and price
Pricing Strategies: Part I
You have just been hired as the corporate account manager at a brand hotel. The manager asks you to evaluate the prices of corporate accounts that the hotel has to see if they need to be adjusted. How would you go about this task?
Pricing Strategies: Part II
Case Study: Pricing Almost Destroys and Then Saves a Local Restaurant
Why was Mr. Herrera reluctant to raise his prices? How did these low prices almost destroy the business?
Using this case as an example, explain how the concepts of demand, price, and profits are interrelated and why was the revenue (Yield) management important for the Mexicatessan restaurant?
In addition to revenue management, are there other pricing strategies that this restaurant can consider? If yes, discuss what those are. If no, support your idea.