Features of the Travel and Tourism Industry Which May Affect Pricing
Travel and tourism industry, like many industries, displays particularities of pricing. These arise partly from custom and practice. The pricing decisions can be affected by tourism demand, costs, the competition in the field, tourism supply, government policies on pricing, customer legislation and competition, the economy (in particular, exchange rates and interest rates), profit margins and other corporate objectives. In common with all marketing decisions, pricing decisions also need to be made in the light of the marketing environment for the particular product under consideration. The travel and tourism industry has its own features which have important effects on pricing. Taking into consideration all these elements, the paper describes the features of the travel and tourism industry which may affect pricing and offers real case studies that implies setting prices according to the particularities of the tourism activity.
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