CURRENT TRENDS IN PRICE POLICY AND METHODS OF PAYMENT IN THE HOSPITALITY INDUSTRY
Abstract
In the hospitality industry, pricing policies and payment methods are and have always been common in the tourism market for organizing a safe, successful, and revenue-generating activity. The wish of being the best on the market is always actual, so the entrepreneur wants to use various strategies to promote their product by applying a convenient price but also to meet customer preferences the way that the applied pricing policy applied guarantee the success of the hotel business. Identifying and researching the pricing policy within the hotel industry but also highlighting the most modern payment methods used between customer-enterprise that ensures data confidentiality and fast, secure payment of services consumed remotely without direct interaction has become a well-defined goal in this article. The main objective of this article is to analyze the strategies for creating price offers, as well as to analyze the importance of reservation systems (IDS) in creating the discounts that will form the individualized pricing policy of the hotel enterprise. Determining all payment instruments and their characteristics in hotel enterprises has become another well-defined goal. The price policy is one of the most important elements of the overall business strategy, being one of the mechanisms by which decisions are made on the main types of markets to achieve the stability objectives of economic activity.
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