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Reason of hotel price changing of Hotel du vin Birmingham - Speech or Presentation Example

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The hotel is one of the prestigious five-star hotel in the city. With a huge bed capacity of more than 1000 beds. The rooms are categorised into deluxe twin, Standard double, deluxe double and standard twin…
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Reason of hotel price changing of Hotel du vin Birmingham
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Price Changing Reason for Hotel du Vin Birmingham Hotel du Vin Birmingham is one of the major hotels in Birmingham city. The hotel is one of the prestigious five-star hotel in the city. With a huge bed capacity of more than 1000 beds. The rooms are categorised into deluxe twin, Standard double, deluxe double and standard twin rooms. These rooms have different ratings and prices which also depends on the attached services such as breakfast and supper.
In the past one month, these prices have been increasing steadily. From the beginning of October 2014, the prices have risen from an affordable £99 to the price of £169 in less than a month. The reasons behind this increase are economic and based on market analysis. First, there is the increasing cost of products production and services delivery globally. This implies that for the last few years, the cost of rooms in major hotels has been increasing. However, despite the expected increase which has been steady over the years, a tremendous increase must have had another reason.
As reported in marketingbirmingham.com earlier this year, the tourism industry in Birmingham city has been growing since 2012. This prompted the major hotels to advance their services to meet the expected demand. The development comes with expenses, and the market demand is expected to cover those expenses and make the process profitable. This is the main reason the bookings, as well as the prices of rooms, have increased over the last one month.
In addition, market psychology has also played a part in the change. With the increased demand and modernisation of services, the marketers have used the principle of market psychology in which the customers are driven to assume that the most expensive provides the best services. They have therefore increased the prices in a competitive strategy to control the reasoning of the customers in which the economists call reverse psychology of marketing.
Further, there has been an increasing need for the hotel industry to embrace technology in products and services delivery. Technology is costly but a major requirement in many industries today. This has prompted the hotel to increase prices, take advantage of the current demand with tourism growth and increasing revenue.

References
Birmingham and Solihull tourism industry to be put in ‘driving seat’ in efforts to boost growth. http://www.marketingbirmingham.com/news/birmingham-and-solihull-tourism-industry-be-put-dr/
Chen, J. S. (2004). Advances in hospitality and leisure. Volume 5 Volume 5. Amsterdam, Elsevier JAI.
Fyall, A., Legoherel, P., & Poutier, E. (2013). Revenue Management for Hospitality and Tourism. Oxford, Goodfellow.
Hallin, C.A. & Marnburg, E., 2008. Knowledge management in the hospitality industry: A review of empirical research. Tourism Management, 29, pp.366–381.
Hotel du Vin Birmingham . http://www.booking.com/hotel/gb/du-vin-birmingham.en-gb.html?aid=311984;label=du-vin-birmingham-WwDjdb06pLcrC70B425p8gS32443427113%3Apl%3Ata%3Ap1%3Ap2%3Aac%3Aap1t1%3Aneg;sid=4ca5973a3f39e1501dee98b8ba487978;dcid=1;ucfs=1;srfid=942ca71d04271f7f8199ebe93a58d025d2b2eabbX1#map_closed
Reid, R. D., & Bojanic, D. C. (2010). Hospitality marketing management. Hoboken, N.J., John Wiley & Sons.
Sinha, I. (2006). Reverse Psychology Marketing the Death of Traditional Marketing and the Rise of the New "Pull" Game. Basingstoke, Palgrave Macmillan. http://public.eblib.com/choice/publicfullrecord.aspx?p=293784.
UK Hotels Forecast 2015 - Growth beds in. http://www.pwc.co.uk/hospitality-leisure/uk-hotels-forecast/index.jhtml
Watson, S., 2008. Conceptual model for analysing management development in the hospitality industry: A UK perspective. International Journal of Hospitality Management, 27, pp.414–425.
Zhou, Qingyuan. (2011). Applied Economics, Business and Development International Symposium, Isaebd 2011, Dalian, China, August 6-7, 2011, Proceedings. Springer-Verlag New York Inc Read More
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