MANAGEMENT

Detailed explanation-1: -A hotel room pricing strategy is an important part of hotel revenue management. It is essentially the rate you charge per hotel room in an effort to sell as many rooms as possible and gain maximum room revenue.

Detailed explanation-2: -Profit maximisation is a process business firms undergo to ensure the best output and price levels are achieved in order to maximise its returns. Influential factors such as sale price, production cost and output levels are adjusted by the firm as a way of realising its profit goals.

Detailed explanation-3: -1. Price Maximization. A price maximization strategy aims to make pricing decisions that generate the greatest revenue for the company. Calculating the fixed and variable costs a business will incur, and then figuring out how to minimize these costs, aids in arriving at a profit-maximizing output.

Detailed explanation-4: -Price Reductions Lowering prices is a solid strategy to help a company win market share. Lower, more attractive prices can attract consumer attention and loyalty. That can increase the all-important sales that drive market share higher.