5 Questions
What is a key factor that determines the elasticity of demand?
Availability of substitutes
What has been the impact of new technology and online intermediaries on hotel revenue management?
It has disrupted traditional revenue management strategies focused on pricing and allocating rooms based on the time of purchase.
What can influence the price elasticity of demand in the hospitality industry?
Availability of substitutes
What has changed significantly over the past two decades in the hospitality industry?
Travel booking behavior
What is the impact of the fast-paced, dynamic booking environment on hotel revenue management strategies?
It has disrupted them
Explore the concept of Consumer Demand in Hospitality Economics and Disruptive Business Models. Learn about Welfare Economics, Willingness to Pay, and Tracking consumer behaviors like Amazon Prime subscriptions. Dive into the 3 Pillars of Consumer Demand - Utility, Total Utility, and Margin.
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