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TOPIC: Pricing Strategies

INSTRUCTIONS: Choose a specific market segment, such as family leisure or business traveler. Use Arizona Grand Resort & Spa that caters to the market you selected and use Arizona Biltmore, A Waldorf Astoria Resort, Royal Palms Resort and Spa, Hilton Phoenix Resort at the Peak, JW Marriott Phoenix Desert Ridge Resort & Spa and Legacy Golf Resort for its comparable set (at least five comparable properties) utilizing data from various sources such as TripAdvisor, Trivago, Kayak, etc. Identify a hotel service and product attributes that contribute to the desired guest experience for that market segment using property/brand websites, review sites, and social media platforms, and examine pricing, photos, descriptions, reviews, and service ratings.

ANSWER THE FOLLOWING QUESTIONS WITH THOROUGH EXPLANATION ONCE THE EXCEL IS DONE:

1. Does the comp set seem reasonable? Are there any hotels that do not seem to belong with the group? Why or why not?

2. Is your selected subject hotel priced appropriately? Are there any hotels that offer more value? Why or why not?

3. How can you increase the value for the price paid based on the chart data on the Pricing tab of the Excel tool?

4. What investments/enhancements do you recommend to increase the value of your selected hotel?

5. What hotel seems to be a threat to capturing more guests based on current positioning? Why?

READ THE INSTRUCTIONS IN EXCEL: PUT THE ACTUAL PRICES AND DATA OF EACH HOTELS

\begin{tabular}{|l|l|} \hline Spreadsheet Exercise \#1 & \\ \hline Step 1 & Price Positioning Process \\ Step 2 & Determine the hotel's most critical guest market segment(s). \\ Step 3 & Select a competitive set (up to five) for each segment by examining OTAs, review sites and social media \\ Step 4 4 & Pinpoint value drivers for the primary guest segment (which service and product offers matter the most) \\ Step 5 & Evaluate subject hotel's experience level for each value driver \\ Step 6 6 Mark each of the subject hotel's experience score as ZERO for each value driver \\ Step 7 & Evaluate comp set's relative experience level against the subject hotels better (1, 2 or 3) or worse (-3, -2 or -1) \\ Step 8 8 & Shop hotel and comp set and record the most frequently quoted rates for a specific season \\ Step 9 & Mark price for subject hotel as ZERO and mark the competitors as the difference from the subject hotel \\ Step 10 & Graph the experience differentails scores on the X axis \\ & Graph the room rate differentials on the Y axis \\ & See excel file for template \end{tabular}