Assume that you are the marketing director for an Internet travel and tourism company. Identify how that distinct business could adopt and benefit from each of the advanced pricing strategies (time-based, personalized, and bundle pricing). Are there any of the advanced pricing approaches that would be ineffective or unworkable? Why?
As the marketing director for an internet travel & tourism company, I would use numerous advanced pricing strategies to serve our clients. One strategy, time-based,can be highly effective because it is the rental of the property and amenities for a limited and scheduled time. It also reduces the costs for the consumer as well as the property owner. The second strategy, personalized, gives the consumer the opportunity to be in control, after extensive research to find out what they are looking for and excited about. This strategy alos gives the ability to track, store, verify and learn and individual’s preferences. Lastly, price bundling, promotes the purchasing of multiple items by offering them at reduced prices. Offering options that are cheaper than purchasing them separately generally increases the sales. I don’t see any of these options being ineffective or unworkable because you are using the deals to service the customer in a way that has been adapted to them. The only way these options would be unsuccessful is if they weren’t researched properly before premiering to the public.
Unit 8 Exam: This exam covers Chapters 5-11. It consists of 10 multiple choice questions each worth 5 points and 10 true/false questions each worth 2 points for a total of 70 points.
Unit 8 Exam Results: 41/70