Model and Application of Promtional Pricing for Hotel Rooms
Abstract:
This essay studies on the problem of pricing of hotel rooms
when promoted as slack season. The promotional pricing of hotel rooms is studied
taking account of their sales characteristics,discount rates,room occupancy
rate, room over the determination and so on. A dynamic pricing model is thus
developed to minimize the loss of profit on a restricted condition that the
volume of rooms is needed to sell off. For the genetic application and particle
swarm, pricing is given with optimal cost. The effect of pricing on loss of
profit is analyzed through a simulation. This study aims to provide an important
reference for promotional decision-making at the hotel industry.
How to cite this article
Ji Yan, Liu Hong and GU Mingchong , 2013. Model and Application of Promtional Pricing for Hotel Rooms. Journal of Applied Sciences, 13: 2998-3000.
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