4 P'sPricing Strategies in Marketing Yr 12 LTT

Front

Price refers to how much a customer is willing to pay for a product or service.

Back

Price is a central part of the marketing mix.

Front

Perishable nature of hotel accommodation

Back

Cannot be resold after the specific week if not purchased

Front

High season accommodation pricing

Back

Higher during summer and peak periods

Front

Effect of unsold hotel accommodation

Back

Loss of potential revenue as it cannot be resold

Front

Example of high demand affecting prices

Back

North West 200 motorcycle race on the North Antrim Coast

Front

Airlines offer discounts close to departure dates.

Back

This helps find customers willing to take advantage of lower costs, reducing potential losses.

Front

Lower pricing can increase sales and profit.

Back

Organizations may sell more by offering lower prices than competitors.

Front

Peak and off-peak periods refer to times of expected greater or lesser demand for leisure, travel, and tourism services.

Back

Demand varies by time.

Front

High season and low season can refer to summer and winter rates.

Back

Seasons affect rates.

Front

High season at ski resorts or winter sports locations is usually from December to March.

Back

Winter sports peak season.