2 pages reflection paper
Moe102
HT383TenPrinciplesofManagingRevenue1.pptxTen Principles of Managing Revenue
Businesses exist only to create wealth (value) for their customers.
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Ten Principles of Managing Revenue
Successful businesses are careful to focus externally; on their customers’ needs, rather than on their own needs.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
Consumers make rational buying decisions based on their perceptions of the value they receive for the prices they pay.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
The true value of a product or service is equal to what a buyer will willingly pay for it.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
Product quality is important, but service quality is just as important when delivering value to buyers of hospitality products and services.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
Any change in product quality, service quality, or price will have a direct impact on buyers’ perceptions of value.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
While it may be viewed simply as a number, a price is a very powerful message sent by sellers to buyers.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
Different buyers place different values on the same products or services, and as a result are willing to pay different prices for them.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
Strategic pricing is the application of data and insight to effectively match prices charged with buyers’ perceptions of value and willingness to pay.
Chapter 4: Differential Pricing
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Ten Principles of Managing Revenue
Revenue managers are those individuals or teams directly responsible for optimizing a business’s income and profits
Chapter 4: Differential Pricing
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