Pricing of the tourism product: a tool for entrepreneurs to adapt to a flexible market

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dc.contributor.authorBuiga, Anuţa
dc.contributor.authorStegerean, Roxana
dc.contributor.authorChiş, Alexandru
dc.contributor.authorLazăr, Dorina
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2017-03-21
dc.date.available2017-03-21
dc.date.issued2017-03-15
dc.description.abstractThe paper approaches the hedonic pricing analysis as a useful instrument for tourism entrepreneurs to get a competitive advantage through price setting policies. The main goal of this research is to conduct an analysis useful to measure the marginal effect of the attributes which contributes to price setting; the empirical analysis is developed on the prices of accommodation establishments from Romania. The study focuses on small and medium sized accommodation units, most of them entirely privately-owned. Within the analysis we set attributes from inside and outside the accommodation establishment as long as they are both ultimately linked with the pricing policy. Several hedonic specifications are estimated, in order to investigate the significance of accommodation attributes in the formation of room rates. There is a set of attributes with significant effect on the room price in all models, but with different intensity. The managers have to pay more attention to their internal facilities, goods or amenities (as recreational facilities), and to be committed to increasing the quality of their service delivery process, but there is also an opportunity for higher prices supported by attractive neighbourhoods. These findings are useful for the entrepreneurs interested in developing new businesses in tourism but also for managers already performing in the sector. Both categories have to face challenges such as new services development, price setting policy, choosing new locations. A flexible pricing strategy could become an effective and efficient tool for accommodation units in order to increase their performance. These elements are potential competitive dimensions and provide good opportunities for adapting to a dynamic market. Public and local administration organizations can develop appropriate policies for regional development based on hedonic models and thus, generate revenues and create opportunities for a sustainable development of tourism and also of the geographical region.en
dc.formattext
dc.format.extent172-186 s.cs
dc.identifier.doi10.15240/tul/001/2017-1-012
dc.identifier.eissn2336-5604
dc.identifier.issn1212-3609
dc.identifier.urihttps://dspace.tul.cz/handle/15240/19863
dc.language.isoen
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisherTechnická Univerzita v Libercics
dc.publisher.abbreviationTUL
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dc.relation.ispartofEkonomie a Managementcs
dc.relation.ispartofEconomics and Managementen
dc.relation.isrefereedtrue
dc.rightsCC BY-NC
dc.subjecttourism entrepreneurshipen
dc.subjectpricing strategyen
dc.subjecthedonic pricing modelen
dc.subjectattributes for price settingen
dc.subject.classificationL83
dc.subject.classificationL26
dc.subject.classificationL11
dc.subject.classificationC20
dc.titlePricing of the tourism product: a tool for entrepreneurs to adapt to a flexible marketen
dc.typeArticleen
local.accessopen
local.citation.epage186
local.citation.spage172
local.facultyFaculty of Economics
local.fulltextyes
local.relation.abbreviationE+Mcs
local.relation.abbreviationE&Men
local.relation.issue1
local.relation.volume20
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