1

A Project Report On:

EFFECT OF PRICING STRATEGIES

ON REVENUE GENERATION

(With special reference to TAJ HOTEL

CHANDIGARH)

Interim report SUBMITTED BY:

DIVYA SHARMA

Roll no.

Under the guidance of:

SANDEEP MAKROO

SALES MANAGER

TAJ HOTEL

CHANDIGARH

ARMY INTITUTE OF MANAGEMENT AND TECHNOLO

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DECLARATION

I, Ms. DIVYA SHARMA do hereby declare that the project report titled “EFFECT OF

PRICING STRATEGIES ON REVENUE GENERATION” is a genuine research

work undertaken by me and it has not been published anywhere earlier.

Date:

Place

DIVYA SHARMA

AIMT, GREATER NOIDA

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Mr. SANDEEP MAKROO

SALES MANAGER

TAJ HOTEL

CHANDIGARH

Certificate by the organization:

This is to certify that Ms. DIVYA SHARMA, pursuing PGPM at Army Institute of

Management and Technology, greater noida has worked under my supervision and

guidance on her dissertation entitled “EFFECT OF PRICING STRATEGIES ON

REVENUE GENERATION”

at TAJ HOTEL, CHANDIGARH from 2 JUNE 2008 to JULY 25th 2008. ” To the best

of my knowledge this is an original piece of work.

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Acknowledgement

Sometimes words fall short to show gratitude, the same happened with me during this

project. The immense help and support received from TAJ HOTEL

overwhelmed me during the project.

My sincere gratitude to Mr. SANDEEP MAKROO (SALES MANAGER,TAJ

CHANDIGARH) for providing me with an opportunity to work with SALES and

MARKETING(TAJ CHANDIGARH).

I am highly indebted to MS SMITA JOSHI., REVENUE MANAGER, TAJ, who

provided me with the necessary information and her valuable suggestion and comments

on bringing out this report in the best possible way.

I also thank Prof. PARUL GUPTA, faculty guide, AIMT, GREATER NOIDA who has

sincerely supported me with the valuable insights into the completion of this project.

Last but not the least; my heartfelt love for my parents, whose constant support and

blessings helped me throughout this project.

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Executive summary:
This project has been a great learning experience for me; at the same time it gave me

enough scope to implement my analytical ability. This project as a whole can be divided

into three parts:

 The first part gives an insight about the working process of reservation and sales

department and its various aspects. It is purely based on whatever I learned at Taj. One

can have a brief knowledge

about working process and all its basics through the project. Other than that the real

servings come when one moves ahead. Some of the most interesting facts

regarding marketing department have been covered.

All the topics have been covered in a very systematic way. The language has

been kept simple so that even a layman could understand. All the datas have been

well analyzed with the help of charts and graphs.

 The second part consists of datas and their analysis, collected through daily recording

of calls and occupancy of rooms in hotel.

It covers the topic” EFFECT OF PRICING STRATEGIES ON REVENUE

GENERATION”. The data collected has been well organized and presented. Hope the

research findings and conclusions will be of use. It has also covered what price is most

suitable to beat competition.

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 The third part gives the research findings result for “customer satisfaction”which can

be used by the hotel for improvement in their working as well as it has direct link with

marketing of hotel

The hotel can take further steps to approach more and more people and indulge them for

taking their advices

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Contents
1. CHAPTER 1

ORGANIZATION OVERVIEW

INTRODUCTION 12-25
VISION 26
ORGANIZATION STRUCTURE 27
WHOS WHO AT TAJ CHANDIGARH 28
SALES AND MARKETING 30
RESERVATION 33

2. CHAPTER 2

PRICING STRATEGIES 41-48

REVENUE MANAGEMENT 49-54
RESEARCH PROCESS 56-78
ANALYSIS 79

3. CHAPTER3

SURVEY REPORT 81-85

4. FINDINGS 86

5. RECOMMENDATIONS 89

6. LIMIITATIONS 92

7. QUESTIONNAIRE 93

8. BIBLIOGRAPHY 95
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ILLUSTRATION

OCCUPANCY/WEEK 60
ROOMS/PLAN 61
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PLANS T01 TO WI & REVENUE 62 TO 79

SURVEY BAR GRAPHS 81-85
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Chapter 1
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Organization overview

TAJ HOTEL

CHANDIGARH
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INTRODUCTION

The Indian Hotels Company Limited (IHCL) and its subsidiaries are collectively known as Taj

Hotels Resorts and Palaces and is recognised as one of Asia's largest and finest hotel company.

Incorporated by the founder of the Tata Group, Mr. Jamsetji N. Tata, the company opened its

first property, The Taj Mahal Palace Hotel, Bombay in 1903. The Taj, a symbol of Indian

hospitality, completed its centenary year in 2003.

Taj Hotels Resort and Palaces comprises more than 60 hotels in 45 locations across India with an

additional 15 international hotels in the Malaysia, United Kingdom, United States of America,

Bhutan, Sri Lanka, Africa, the Middle East and Australia.

Spanning the length and breadth of the country, gracing important industrial towns and cities,

beaches, hill stations, historical and pilgrim centres and wildlife destinations, each Taj hotel

offers the luxury of service, the apogee of Indian hospitality, vantage locations, modern

amenities and business facilities.

IHCL operate in the luxury, premium, mid-market and value segments of the market through the

following:

Taj (luxury full-service hotels, resorts and palaces) is our flagship brand for the world’s

most discerning travelers seeking authentic experiences given that luxury is a way of life
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to which they are accustomed. Spanning world-renowned landmarks, modern business

hotels, idyllic beach resorts, authentic Rajput palaces and rustic safari lodges, each Taj

hotel reinterprets the tradition of hospitality in a refreshingly modern way to create

unique experiences and lifelong memories.

Taj also encompasses a unique set of iconic properties rooted in history and tradition that

deliver truly unforgettable experiences. A collection of outstanding properties with strong

heritage as hotels or palaces which offer something more than great physical product and

exceptional service. This group is defined by the emotional and unique equity of its

iconic properties that are authentic, non- replicable with great potential to create

memories and stories.

Taj Exotica is our resort and spa brand found in the most exotic and relaxing locales
of the world. The properties are defined by the privacy and intimacy they provide. The

hotels are clearly differentiated by their product philosophy and service design.

Taj Safaris are wildlife lodges that allow travelers to experience the unparalleled

beauty of the Indian jungle amidst luxurious surroundings. They offer India’s first and

only wildlife luxury lodge circuit. Taj Safaris provide guests with the ultimate,

interpretive, wild life experience based on a proven sustainable ecotourism model.

Premium Hotels (premium full-service hotels and resorts) provide a new generation
of travelers a contemporary and creative hospitality experience that matches their work-
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hard play-hard lifestyles. Stylish interiors, innovative cuisine, hip bars, and a focus on

technology set these properties apart.

The Gateway Hotel (upscale/mid-market full service hotels and resorts) is a pan-India

network of hotels and resorts that offers business and leisure travelers a hotel designed,

keeping the modern nomad in mind. At the Gateway Hotel, we believe in keeping things

simple. This is why, our hotels are divided into 7 simple zones- Stay, Hangout, Meet,

Work, Workout, Unwind and Explore.

Ginger (economy hotels) is IHCL’s revolutionary concept in hospitality for the value

segment. Intelligently designed facilities, consistency and affordability are hallmarks of

this brand targeted at travelers who value simplicity and self-service.

Taj Hotels Resorts and Palaces is committed to replicate its domestic success onto

international shores with plans to build an international network of luxury hotels, which

will provide an exemplary product-service combination and in the process create a global

brand. The current international portfolio includes luxury resorts in the Indian Ocean,

business and resort destinations in the Middle East and Africa, serviced apartments in the

UK, the first hotel in Australia and three a top-end luxury hotels in the US.

Throughout the Company’s expansion, its mandate has been twofold: to infuse a sense of

Indian heritage and culture within each diverse property, while also anticipating the needs

and desires of the sophisticated traveler. Over the years, the Taj has won international
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acclaim for its quality hotels and its excellence in business facilities, services, cuisine and

interiors.

Taj Hotels further expanded its global footprint by securing management contracts at

Palm Island, Jumeirah in Dubai, Saraya Islands in Ras Al Khaimah, Aldar Group in Abu

Dhabi, UAE Langkawi in Malaysia and Thimpu in Bhutan. The most significant

additions to the portfolio have been The Pierre, the iconic landmark hotel on New York's

Fifth Avenue, Taj Boston and Blue, Sydney.

The presence of Taj Hotels Resorts and Palaces internationally has been developed

through a network of Taj regional sales and PR offices in the United Kingdom, France,

Germany, Italy, Dubai, Singapore, Australia, Japan, Russia and the United States of

America.

At the Taj Hotels Resorts and Palaces luxurious living and fine dining find common

ground. Whether it is introducing exotic world cuisines to India or taking authentic Indian

fare to the world, the Taj Hotels Resorts and Palaces is renowned for the eclectic culinary

experiences it brings to its guests. Through a vast repertoire of award-winning

restaurants, legendary recipes from royal kitchens and celebrated food festivals, the Taj

has pioneered innovation in fine dining across the world.

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Taj Hotels also promise a whole new experience of tranquillity and total ‘wellness’,

through Jiva Spas a unique concept, which brings together the wisdom and heritage of the

Asian and Indian Philosophy of Wellness and Well-being. Rooted in ancient Indian

healing knowledge, Jiva Spas derive inspiration and spirit from the holistic concept of

living. There is a rich basket of fresh and unique experiences under the Jiva Spa umbrella

of offering, Yoga and Meditation, mastered and disseminated by accomplished

practitioners, authentic Ayurveda, and unique Taj signature treatments. Royal traditions

of wellness in service experiences, holistic treatments involving body therapies,

enlivening and meaningful rituals and ceremonies and unique natural products blended

by hand, come together to offer a truly calming experience.

IHCL operates Taj Air, a luxury private jet operation with state-of-the-art Falcon 2000

aircrafts designed by Dassault Aviation, France; and Taj Yachts, two 3-bedroom luxury

yachts which can be used by guests in Mumbai and Kochi, in Kerala.

IHCL also operates Taj Sats Air Catering Ltd., the largest airline catering service in

South Asia, as a joint venture with Singapore Airport Terminal Services, a subsidiary of

Singapore Airlines.

Additionally, it operates the Indian Institute of Hotel Management, Aurangabad since

1993. The institute offers a three-year diploma, designed with the help of international

faculty and has affiliations with several American and European programmes.
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The Taj began a century ago with a single landmark – The Taj Mahal Palace Hotel,

Mumbai. Today, the various Taj hotels, in all their variety and historical richness, are

recognised internationally as the symbols of true Indian hospitality. The Company’s

history is integral to India’s emergence into the global business and leisure travel

community; and looking to the future, Taj Hotels Resorts and Palaces is well positioned

to meet the increase in travel activity with the rapid expansion of the Indian economy.
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LOCATION

Chandigarh, the capital of the states of the Punjab and Haryana set at the foothills of the

majestic Himalayas, was planned by the French architect Le Corbusier after India’s

independence. The young-at-heart, fast-growing and progressive city is striking for its

urban planning, impressive buildings with brise-soleil facades, well-organized sectors

and broad tree-lined avenues

Taj Chandigarh celebrates the dynamic spirit of Chandigarh in its sophisticated

architecture and interiors. The newly built hotel, located in Sector 17, the city’s prime

business and shopping area, is a comfortable 30-minutes drive from the airport and a 15-

minutes drive from the railway station.

Taj Chandigarh is the city’s finest hotel and is well suited to both business and leisure

travellers to ChandigarhAddress

Taj Chandigarh

Block No. 9,

Sector 17-A

Chandigarh - 160 017

India

Tel: (91-172) 6613000

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Fax: (91-172) 6614000

Email: taj.chandigarh@tajhotels.com
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Facilities & Services

Guests are offered a range of comprehensive and efficient business and leisure facilities.

Facilities & Services

Hotel Business Services include:

Audio/Visual Equipment

Business Centre-24 hrs

Laptop on hire, with prior intimation

Video Conferencing

Indoor and Outdoor banqueting facilities are available

Hotel Leisure and Other Services include:

24 hrs Front Desk

Airport Transfer - On Request

Astrologer On Call

Banquet Facility

Bar & restaurants

Barber Shop
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Beauty Salon

Bell - Desk Services

Car Rentals

Currency Exchange

Express Check in Check out

Facilities For the Physically Challenged

Florist

Health Club

Health/Ayurveda Centers

Hotel Safe

Internet Access Available in Rooms

Internet/E-mail/Fax Facilities

Interpreter Services

Laundry Services

Library

Lounge

Luggage Storage

Medical Services-Doctor on Call

Phone-Two Telephone Lines in Rooms

Postal/Parcel Services

Room Service-24 Hrs

Shopping Arcade

Travel Desk - Ticketing, Tours

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Rooms & Suites

Taj Chandigarh has 149 guest rooms including Superior Rooms, Deluxe Rooms, Luxury

Rooms and a Suite. All the rooms are elegantly furnished and offer contemporary

amenities. All the rooms have full length glass windows and some rooms offer a view of

the Rose Garden and the Shivalik mountain range.

Amenities

* 42” Plasma TVs with satellite programs

* Hard Flooring

* Movable work table

* Strong Task Lighting

* 2 line direct dial telephones

* In-room tea/coffee makers

* Minibar

* Wi-Fi Internet throughout the hotel

Room Types:

1.Superior Rooms
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The hotel has elegantly styled and well appointed Superior Rooms, of 350 sq ft, that offer

all the mentioned amenities.

2. Deluxe Rooms

The hotel has Deluxe Rooms, of 350 sq ft, that offer enhanced in-room amenities and

access to the private lounge. Guests are also offered a choice of buffet breakfast at the

private lounge or Café 17.

3. Luxury Rooms

The hotel has Luxury Rooms, of 550 to 650 sq ft, that offer enhanced amenities, some of

which are partitioned into separate living and sleeping areas. In-room check in as well as

Happy Hours at the private lounge are offered.

4. Presidential Suite

The hotel has a luxurious two-room Presidential Suite spreading across 1080 sq ft. The

suite offers a choice of special amenities and services:

Complimentary buffet breakfast at the Lounge from 0730 - 2200 hrs on the fifth floor

A bottle of wine in the room

Happy hour at the Lounge from 1830 - 1930 hrs where we serve cocktails with a

selection of hors d'oeuvers

Tea / Coffee through the day in the Lounge

Use of the meeting room in the Business Centre for 1 hour (per stay), subject to

availability
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Complementary ironing (1 set per stay)

Personal butler on request

Food and Wine

From casual, all-day dining to speciality dining, guests can savour a choice of gourmet

cuisines.

Black Lotus:

Serves the choicest Schezwan cuisine for lunch and dinner.

Attire: Smart Casual

Cafe 17:

Café 17, the all-day dining restaurant serves an array of multi-cuisine specialties.

Attire: Smart Casual

Dera:

The elegant Indian restaurant with an inviting ambience.

Attire: Smart Casual

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Lava Bar:

This multi-level retro-themed bar exudes verve and style.

Attire: Casual

Recreation

The hotel offers a choice of leisure and recreational activities and facilities that are ideal

for guests wishing to unwind. The Health Club has a state-of-the-art gym and a rooftop

swimming pool.Sightseeing and shopping trips can also be organized.

Recreational Facilities

Fitness Centre- well equipped

Steam

Chill Shower

Roof top Swimming Pool

Jacuzzi – inbuilt cold water

Golf

VISION STATEMENT OF THE TAJ

To lead and become the international benchmark in the hospitality

Industry, in India and in key regions of the world. To dazzle and delight the

customer with the highest quality hotel products, food and beverage experience

and above all exceptional service standards.

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THE CREDO OF THE TAJ

Promise to deliver:

Warm welcome.

Anticipatory service.

Defect free product.

Fond farewell.

ORGANISATION STRUCTURE
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WHO’s WHO AT TAJ CHANDIGARH?

Mr. Anil Malhotra General Manager

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Mr. Anmol Ahluwalia Accommodation Manager

Chef Neeraj Chaudhry Executive Chef

Mr. Prem Singh Chief Engineer

Mr. Sandeep Makroo Sales Manager

Mr. V.R. Bhaskar Finance Manager

Mr. R. K Misra Purchase Manager

Mr Rajeev Kumar. Human Resource Manager

Mr. Ashish Bali Security Manager

Mr. Sanjay Wadhwa Food & Beverage Manager

Mr. Rahul Matthew Assistant Food & Beverage Manager

Mr. Gurdeep Singh Laundry Manager

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Mr. Sanjeet Singh Duty Manager- Housekeeping

Mr. Imit Arora Front Office Manage

SALES & MARKETING

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Hierarchy

Sales and Marketing Officer

Asst. Sales & Marketing Manager

Sales Executive

Office Assistant

A large number of radical strategic activities covered in marketing that tells the clientele

about the services and facilities offered to the guest so that the clientele knows about the

market mix. This is a key department in any hotel because determination of the sale is

important for any hotel. The activities undertaken include determination of rooms and

f&b sale, miscellaneous sales, sales of the hotel is a well guarded company secret.

Marketing includes:

Range of sales activities.

Advertising in all media.

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Public relation.

Development of communication services and reservation.

Sales techniques:

Selling of hotel services is done through marketing groups or directly

with public through travel agencies. The process of selling is done with certain policies in

mind. Planning is important aspect that includes group and convention sales, travel

agents, banquets sales. Detailed research is carried out to ascertain sources of business,

other job include administering and managing the departments for the proper delivery of

service sold, communicating with sources of business.

Group conventions:

In this, the department evaluates the no. of rooms that are estimated to be allotted for

group sales.

Banquet sales

This type of business includes wedding dinner, cocktail parties, social events, etc. pre-

established menu along with their prices are used so that the customer could select an

appropriate menu. The main source of business is the local community in which the hotel

is situated. Proper relationships are maintained with people, companies and local

organizations; because they have periodic functions and meetings.

Advertising

It requires careful planning and organization. The steps are as followed:

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Carrying hotel messages to specific market.

Advertising through media and newspaper.

Finding what guest wants.

Selecting most communicative media.

Setting aside funds for research.

Hence sales and marketing are complementary. If marketing establishes

what people need then sales demonstrates how their needs could be fulfilled.

Reservation
This is a section of the front office, which is the hub of the department, requests for

reservation of the room from various sources and the information’s processed, properly

documented, stored and retrieve at the appropriate time induce a guest his room upon

arrival. Rooms being a highly perishable commodity (as the sale of rooms is linked with a
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time element) it is the duty of the reservation department that rooms are not allowed to

perish.

Modes of Reservation

The different modes of reservation are as follows:

Letters

Telex

Telegrams

Telephones

In Person

E-Mail

Fax

Sources of Reservation

The usual sources from which reservation sources are airlines, wholesale tour operators,

travel agents (local and foreign), free individual travelers, groups, companies leading

hotels of the world trust, instant reservation system, sales department, embassies, and

institutions.

Types of Plans
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A plan is a package proposal of rooms and meals, and some times even travel. A

European plan will include only a room whereas the rest of the services would be charged

for American plan, which would include meals usually breakfast and the evening meal as

well as the room rental included in the room rate. The packages offered by the hotel are

inclusive of a airport transfer, breakfast at the citrus and the room rate.

Guest History Card

This is done in order to give a guest extra attention and special care. It's usually done for

repeat clientele. For example some guest may like a non smoking room and some may

like a hard mattress. This is where the front office informs the housekeeping department

or the relevant department that special care must be taken in order to ensure a

comfortable, carefree stay at the hotel.

All such information is maintained by the front office and is fed into the computer.

Rates followed by Reservation

A Rack Rate

This is the highest room rate charged by the hotel. It is the rate given to the guest who

does not fall into any particular category, such as a walk-in guest who requests a room

for the night.

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Corporate Rates

These are room rates offered to business people staying in the hotel.

This can be further broken down into Business people who are frequent guests (a

specified number of visits per week or per month) and guest who are employees of a

corporation that has contracted for a rate that reflects all business from that corporation.

Commercial Rates

These are room rates for business people who represent and have infrequent or sporadic

patterns of travel. Collectively this group can be a major segment of hotel guest and thus

warrant a special rate..

Group Rates

These are rates offered to a large group of people visiting the hotel for a common reason.

The marketing and sales department usually negotiates this rate with a travel agency or

with a professional organization.

Family Rates

These are room rates offered to encourage visits by families with children. This rate is

offered to families during seasonal or promotional times.

Day use Rate

A room rate based on the length of stay of a guest, which is applied to guests who use a

room only for 3-4 hours in a day.

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Process of Reservation
All the reservations coming in are recorded on a form called the reservation form. The

detail such as the name of the guest booking the reservation, company name, address,

telephone number etc. it also consist of the name of the guest, his designation, arrival and

departure time, mode of payment, type of room, number of persons and so on.
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The reservation is then fed into the computer, the availability is checked and confirmation

letter that may be sent either through e-mail or through fax and then the room may be

blocked for the following dates.

Billing may be direct or indirect; increase of direct billing the guest pays for all his

expenses through his personnel account. In indirect billing the company pays on behalf of

the guest, a letter of a fax must be sent by the company on its letterhead stating the mode

of payment. If payment be made after a certain period of time, or on behalf of the hotel a

on time credit authorization slip is filled up and signed by the finance manager and also

by the marketing and sales manager. 3 copies are made and filled in the necessary files.

The reservation forms are clotted according to dates and alphabets of the guest lasts

name. Special importance is given to group reservation; a reservation assistant is

appointed as the group coordinator and will carry out all the operations relating to the

group and will coordinate with the marketing and sales person or with the travel agent

who has made the reservation.

Reservation codes

Reservation codes are a sequential series of alphanumeric combinations that provide the

guest a reference for a confirmed or a guaranteed reservation. This code indicates that

accommodation has been secured for a specific date with a commitment to pay for at

least the first room night. The code will identify the hotel chain/referral group, the arrival
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date and the departure date the type of accommodation, the mode of payment and the

sequential number of reservation.

Fore Casting Reservation

Forecasting or room forecasts, which involves projecting room sales for

a specific period of time, is naturally the next step after the data form the

reservation process has been collected, this step includes previewing the effects of

reservation on the income statement, scheduling labour, and planning for use of facilities.

This process of projecting sales and related expenses is very important to the successful

management of the hotel. This information is also important to the financial controller,

General manage and to the owner of the hotel. They use this information in managing the

finances of the hotel; it is also used to project the yearly or quarterly financial projections.

Reservation Cycle
 Receive guest call

 Listen to guest request

 Check for room availability

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 Create profile & ask for company, nationality, inner circle member.

 If the guest is 1st timer then apply BAR rates.

 Make reservation filling all the required details in the profile

 Reconfirm the reservation, give the conformation no. to the guest.

 Update in Fidelio, take print out.

THINGS TO REMEMBER

 Reservation staff should identify themselves to the caller.

 Greet the guest like:

Good morning

Reservations

This is XTZ calling

How may I assist you

 Use head sets to minimize background sound & also it increases efficiency of the

person as both the hands are free.

Chapter 2
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1. PRICING STRATEGIES

2. RELATION BETWEEN PRICING AND REVENUE

GENERARTION

3. INTERPRETATION OF RESULT

PRICING STRATEGIES

What do the following words have in common? Fare, dues, tuition, interest, rent, and fee.

The answer is that each of these is a term used to describe what one must pay to acquire
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benefits from another party. More commonly, most people simply use the word price to

indicate what it costs to acquire a product.

The pricing decision is a critical one for most marketers, yet the amount of attention

given to this key area is often much less than is given to other marketing decisions. One

reason for the lack of attention is that many believe price setting is a mechanical process

requiring the marketer to utilize financial tools, such as spreadsheets, to build their case

for setting price levels. While financial tools are widely used to assist in setting price,

marketers must consider many other factors when arriving at the price for which their

product will sell.

. For some marketers more time is spent agonizing over price than any other marketing

decision. In this tutorial we look at why price is important and what factors influence the

pricing decision.

What is Price?

In general terms price is a component of an exchange or transaction that takes place

between two parties and refers to what must be given up by one party (i.e., buyer) in
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order to obtain something offered by another party (i.e., seller). Yet this view of price

provides a somewhat limited explanation of what price means to participants in the

transaction. In fact, price means different things to different participants in an exchange:

• Buyers’ View – For those making a purchase, such as final customers, price refers

to what must be given up to obtain benefits. In most cases what is given up is

financial consideration (e.g., money) in exchange for acquiring access to a good

or service. But financial consideration is not always what the buyer gives up.

Sometimes in a barter situation a buyer may acquire a product by giving up their

own product. For instance, two farmers may exchange cattle for crops. Also, as

we will discuss below, buyers may also give up other things to acquire the

benefits of a product that are not direct financial payments (e.g., time to learn to

use the product).

• Sellers’ View - To sellers in a transaction, price reflects the revenue generated for

each product sold and, thus, is an important factor in determining profit. For

marketing organizations price also serves as a marketing tool and is a key element

in marketing promotions. For example, most retailers highlight product pricing in

their advertising campaigns.

Price is commonly confused with the notion of cost as in “I paid a high cost for buying

my new plasma television”. Technically, though, these are different concepts. Price is
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what a buyer pays to acquire products from a seller. Cost concerns the seller’s

investment (e.g., manufacturing expense) in the product being exchanged with a buyer.

For marketing organizations seeking to make a profit the hope is that price will exceed

cost so the organization can see financial gain from the transaction.

Finally, while product pricing is a main topic for discussion when a company is

examining its overall profitability, pricing decisions are not limited to for-profit

companies. Not-for-profit organizations, such as charities, educational institutions and

industry trade groups, also set prices, though it is often not as apparent . For instance,

charities seeking to raise money may set different “target” levels for donations that

reward donors with increases in status (e.g., name in newsletter), gifts or other benefits.

While a charitable organization may not call it a price in their promotional material, in

reality these donations are equivalent to price setting since donors are required to give a

contribution in order to obtain something of value

Importance of Pricing
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When marketers talk about what they do as part of their responsibilities for marketing

products, the tasks associated with setting price are often not at the top of the list.

Marketers are much more likely to discuss their activities related to promotion, product

development, market research and other tasks that are viewed as the more interesting and

exciting parts of the job.

Yet pricing decisions can have important consequences for the marketing organization

and the attention given by the marketer to pricing is just as important as the attention

given to more recognizable marketing activities. Some reasons pricing is important

include:

• Most Flexible Marketing Mix Variable – For marketers price is the most

adjustable of all marketing decisions. Unlike product and distribution decisions,

which can take months or years to change, or some forms of promotion which can

be time consuming to alter (e.g., television advertisement), price can be changed

very rapidly. The flexibility of pricing decisions is particularly important in times

when the marketer seeks to quickly stimulate demand or respond to competitor

price actions. For instance, a marketer can agree to a field salesperson’s request

to lower price for a potential prospect during a phone conversation. Likewise a

marketer in charge of online operations can raise prices on hot selling products

with the click of a few website buttons.

• Setting the Right Price – Pricing decisions made hastily without sufficient

research, analysis, and strategic evaluation can lead to the marketing organization

losing revenue. Prices set too low may mean the company is missing out on
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additional profits that could be earned if the target market is willing to spend more

to acquire the product. Additionally, attempts to raise an initially low priced

product to a higher price may be met by customer resistance as they may feel the

marketer is attempting to take advantage of their customers. Prices set too high

can also impact revenue as it prevents interested customers from purchasing the

product. Setting the right price level often takes considerable market knowledge

and, especially with new products, testing of different pricing options.

• Trigger of First Impressions - Often times customers’ perception of a product is

formed as soon as they learn the price, such as when a product is first seen when

walking down the aisle of a store. While the final decision to make a purchase

may be based on the value offered by the entire marketing offering (i.e., entire

product), it is possible the customer will not evaluate a marketer’s product at all

based on price alone. It is important for marketers to know if customers are more

likely to dismiss a product when all they know is its price. If so, pricing may

become the most important of all marketing decisions if it can be shown that

customers are avoiding learning more about the product because of the price.

• Important Part of Sales Promotion – Many times price adjustments are part of

sales promotions that lower price for a short term to stimulate interest in the

product marketers must guard against the temptation to adjust prices too

frequently since continually increasing and decreasing price can lead customers to

be conditioned to anticipate price reductions and, consequently, withhold

purchase until the price reduction occurs again.

 46

Factors Affecting Pricing Decision

 47

For the remainder of this tutorial we look at factors that affect how marketers set price.

The final price for a product may be influenced by many factors which can be

categorized into two main groups:

• Internal Factors - When setting price, marketers must take into consideration

several factors which are the result of company decisions and actions. To a large

extent these factors are controllable by the company and, if necessary, can be

altered. However, while the organization may have control over these factors

making a quick change is not always realistic. For instance, product pricing may

depend heavily on the productivity of a manufacturing facility (e.g., how much

can be produced within a certain period of time). The marketer knows that

increasing productivity can reduce the cost of producing each product and thus

allow the marketer to potentially lower the product’s price. But increasing

productivity may require major changes at the manufacturing facility that will

take time (not to mention be costly) and will not translate into lower price

products for a considerable period of time.

External Factors - There are a number of influencing factors which are not controlled by

the company but will impact pricing decisions. Understanding these factors requires the

marketer conduct research to monitor what is happening in each market the company

serves since the effect of these factors can vary by market

 48

Steps in the Price Setting Process

We view price setting as a series of decisions the marketer makes in order to determine

the price direct and indirect customers pay to acquire the product. Direct customers are

those who purchase products directly from the marketer. For example, consider the

direct pricing decisions that take place when a new novel is sold:

The steps include:

1. Examine Company and Marketing Objectives

2. Determine an Initial Price

3. Set Standard Price Adjustments

4. Determine Promotional Pricing

5. State Ownership and Payment Options

What is Revenue Management?

To sell the right product to the right

 49

customer at the right time for the right

price, thereby maximizing revenue from a

company’s product.

For rational pricing

Things important are

50
 51

Volume Relationship
Considerations

Maintain long term relationships with customers who:

• Demonstrate control

• Have the ability to move market share

Special Corporate Rate offered to those who:

• Demonstrate Control

• Have day of week patterns that build shoulder night

occupancy

• Provide volume during periods of low demand

52
 53

Taj chandigarh had to come up with various pricing strategies to promote its business

Till now it had monopoly in the market, but now Mount view as another five star it needs

to redefine the strategy

And over period of time other five stars hotel are expected to be city, so need of the hour

to do maximum promotion and build volume relationship with customer.

54
 55

RESEARCH PROCESS
 56

RESEARCH PROCESS
Research – Research is common parlance refers to a search for knowledge. The

Advanced Learner’s Dictionary of Current English lays down the meaning of research as

“A careful investigation or inquiry specially through search for new facts in any

branch of knowledge” According to Redman & Mory “A systematized effort to gain

new knowledge.”

The present study focuses on

1. “EFFECT OF PRICING STRATEGIES ON REVENUE GENERATION”.

2. CUSTOMER SATISFACTION EVALUATION

Research Methodology- It is the way to systematically solve the research problem.

It may be understood as a science of studying how research is done scientifically. In it we

study the various steps that are generally adopted by a researcher in studying his research

problem along with the logic behind them.

Types of research Design:-

1. Descriptive Research Design – Descriptive research studies are those studies which are

concerned with describing the characteristics of a particular individual, or of a group.

2. Hypothesis Research Design – Hypothesis testing research studies (generally known as

experimental studies) are those where researcher tests the hypotheses of causal

relationship between variables.

 57

3. Exploratory Research Design - Exploratory research studies are also termed as

formularize Research studies. The main purpose of such studies is that of formulating a

problem for more precise investigation or of developing the working hypothesis from and

operational point of view. The major emphasis in such studies is on the discovery of idea

and insights. As such the research design appropriate for such studies must be flexible

enough to provide opportunity for considering different aspects of problem under studies.

This study is descriptive and analytical (EFFECT OF PRICING STRATEGIES ON

REVENUE GENERATION”) in nature while it seeks to identify the present

scenario of the pricing practices being followed by the leading hotel TAJ

CHANDIGARH for revenue generation

DEFINING THE RESEARCH PROBLEM AND RESEARCH

OBJECTIVES

The definition of the problem includes the study of the topic “EFFECT OF PRICING

STRATEGIES ON REVENUE GENERATION”. It sates the relationship between

pricing and revenue.

1. To know the different pricing technique.

2. Beter plan implementation.

3. Measures to be taken in future for pricing .

 58

 DEVELOPING THE RESEARCH PLAN

Data Source:

The type of data taken into consideration for this topic is the primary

data.. It was collected by me while doing tanning with marketing department

with Taj hotel Chandigarh

VARIOUS PARAMETER USED IN RESEARCH OF CUSTOMER

SATISFACTION

 Research Design - Descriptive

 Data Source - Primary & Secondary data

 Research Instrument - Questionnaire

 Types of Questionnaire - Structure and non-disguised

 Sample Plan - chandigarh

 Sample Size - 66

 Sampling Procedure - Non Probability sampling

(Judgment sampling)

 sampling method - Personal survey method

through Preparation of

questionnaire
 59

ANALYZE THE INFORMATION

The next step is to extract the pertinent findings from the collected data.

Rate
Plan Cancellation
Name Description Restriction Policy
- Flat rate
- BBF
- Early check in and late check - Min 2 nights length of
out stay
- Both ways airport transfers - Non refundable deposit
- INR 2000 hotel credit for guarantee at the time of No cancellation
T01 F&B/Laundary booking allowed

Stay for 2 nights and get the 3rd

T02 night comp Min 3 nights length of stay. 48 hrs

Lowest unrestricted rate

T04 generally on room only basis Unrestricted 48 hrs

Lowest unrestricted rate inclusive

of buffet breakfast at the coffee
T05 shop Unrestricted 48 hrs

10 days advance booking

Non refundable deposit
guarantee at the time of No cancellation
T07 20% off the BAR booking allowed

- 20% off the BAR Min 3 nights length of stay

- rate inclusive of breakfast Non refundable deposit
- 20% discount on F&B guarantee at the time of No cancellation
T08 - upgrade subject to avaialbility booking allowed

Max advance booking days No cancellation

T09 10% off the BAR -3 allowed

Mandatory stayover any

W1 25% off the BAR one night - Fri, Sat or Sun 48 hrs
 60

1. THIS table gives the number of occupancy per week, recorded while doing tanning.

Hotel was in sold out position for 6 days i.e all 147 rooms booked

Week→
Days ↓ Week 1 Week 2 Week 3 Week 4 Week 5 Week 6

Monday 101 95 84 94 86 147

Tuesday 92 81 92 66 92 146
Wednesday 75 79 91 71 86 92
Thursday 68 75 90 96 96 88
Friday 89 101 75 98 95 75
Saturday 147 130 147 101 141 92
Sunday 147 138 147 132 147 101
Total 719 699 727 658 743 741
 61

Occupancy/week

2. Rooms/plan

2. This table gives number rooms sold under each scheme/rate codes
 62

180
160
140 WEEK 1
Plan 120 WEEK2
100 WEEK 3
T01 T02
80 T04 T05 T07 T08 T09 W1 C1 WEEK 4
Week 60 WEEK 5
WEEK 1 68 40
125 55 60 40 94 45 115 117 WEEK 6
WEEK 2 62 20
139 60 78 15 85 48 90 122
WEEK 3 75 1140 50 69 37 89 36 150 107
WEEK 4 79 109 T01
70 T02
65 T04
35 T05
88 T07
39 T0897 T09115 W1 C1

WEEK 5 85 155 89 50 0 80 47 128 109

WEEK 6 87 118 82 53 42 87 50 121 101

 63

REVENUE 1130000 968000 972000 832000 826000 765000 4667000

RATES:

SUPERIOR (SINGLE): Rs 10,000

SUPERIOR (DOUBLE): Rs 11,000

LUXURY (SINGLE): Rs 12,000

LUXURY (DOUBLE): Rs 13,000

DELUXE (SINGLE): Rs 14,000

DELUXE (DOUBLE): Rs 15,000

REVENUE GENERATED:
 64

DELUXE
29% SUPERIOR
38%

LUXURY
33%

PLAN T02

ROOM
SUPERIOR LUXURY DELUXE
TYPE TOTAL
WEEK SINGLE DOUBLE SINGLE DOUBLE SINGLE DOUBLE
WEEK 1 40 15 25 11 16 18 125
WEEK 2 38 29 27 15 15 15 139
WEEK3 21 24 25 17 19 8 114
WEEK 4 28 18 19 13 10 9 109
WEEK 5 45 35 20 18 22 15 155
WEEK6 30 28 24 16 12 8 118
TOTAL 202 149 140 90 94 73

REVENUE 2020000 1639000 1680000 1170000 1316000 1095000 8920000

 65

RATES:

SUPERIOR (SINGLE): Rs 10,000

SUPERIOR (DOUBLE): Rs 11,000

LUXURY (SINGLE): Rs 12,000

LUXURY (DOUBLE): Rs 13,000

DELUXE (SINGLE): Rs 14,000

DELUXE (DOUBLE): Rs 15,000

REVENUE GENERATED:

DELUXE
27%
SUPERIOR
41%

LUXURY
32%
 66

PLAN T04

ROOM
SUPERIOR LUXURY DELUXE
TYPE TOTAL
WEEK SINGLE DOUBLE SINGLE DOUBLE SINGLE DOUBLE
WEEK 1 14 13 12 10 5 1 55
WEEK 2 15 14 13 10 7 1 60
WEEK3 14 10 10 8 5 3 50
WEEK 4 20 14 13 13 6 4 70
WEEK 5 29 18 15 14 7 6 89
WEEK6 27 17 14 13 6 5 82
TOTAL 119 86 77 68 36 20

REVENUE 1190000 946000 924000 884000 504000 300000 4748000

 67

RATES:

SUPERIOR (SINGLE): Rs 10,000

SUPERIOR (DOUBLE): Rs 11,000

LUXURY (SINGLE): Rs 12,000

LUXURY (DOUBLE): Rs 13,000

DELUXE (SINGLE): Rs 14,000

DELUXE (DOUBLE): Rs 15,000

DELUXE
17%

SUPERIOR
45%

LUXURY
38%
 68

PLAN T05

ROOM
SUPERIOR LUXURY DELUXE
TYPE TOTAL
WEEK SINGLE DOUBLE SINGLE DOUBLE SINGLE DOUBLE
WEEK 1 15 17 12 8 5 3 60
WEEK 2 20 19 16 12 7 4 78
WEEK3 21 12 17 10 6 3 69
WEEK 4 18 14 14 12 5 2 65
WEEK 5 15 10 12 7 6 0 50
WEEK6 17 12 13 6 3 2 53
TOTAL 106 84 84 55 32 14

REVENUE 1060000 924000 1008000 715000 448000 210000 4365000

RATES:

SUPERIOR (SINGLE): Rs 10,000

 69

SUPERIOR (DOUBLE): Rs 11,000

LUXURY (SINGLE): Rs 12,000

LUXURY (DOUBLE): Rs 13,000

DELUXE (SINGLE): Rs 14,000

DELUXE (DOUBLE): Rs 15,000

DELUXE
15%

SUPERIOR
46%

LUXURY
39%

PLAN T07
 70

ROOM
SUPERIOR LUXURY DELUXE
TYPE TOTAL
WEEK SINGLE DOUBLE SINGLE DOUBLE SINGLE DOUBLE
WEEK 1 9 8 12 5 3 3 40
WEEK 2 6 2 2 3 1 1 15
WEEK3 17 8 5 3 2 2 37
WEEK 4 16 8 4 3 2 2 35
WEEK 5 0 0 0 0 0 0 0
WEEK6 10 8 12 6 3 3 42
TOTAL 58 34 35 20 11 11

REVENUE 464000 299200 336000 208000 123200 132000 1562400

RATES:

SUPERIOR (SINGLE): Rs 8,000

SUPERIOR (DOUBLE): Rs 8,800

LUXURY (SINGLE): Rs 9,600

LUXURY (DOUBLE): Rs 10,400

 71

DELUXE (SINGLE): Rs 11,200

DELUXE (DOUBLE): Rs 12,000

DELUXE
16%

SUPERIOR
49%
LUXURY
35%

PLAN T08

ROOM
SUPERIOR LUXURY DELUXE
TYPE TOTAL
WEEK SINGLE DOUBLE SINGLE DOUBLE SINGLE DOUBLE
WEEK 1 22 23 20 12 14 3 94
WEEK 2 22 20 19 9 12 3 85
WEEK3 25 18 21 10 11 4 89
 72

WEEK 4 26 20 14 11 15 2 88
WEEK 5 24 22 13 11 10 0 80
WEEK6 28 19 20 9 9 2 87
TOTAL 147 122 107 62 71 14

REVENUE 1176000 1073600 1027200 644800 795200 168000 4884800

RATES:

SUPERIOR (SINGLE): Rs 8,000

SUPERIOR (DOUBLE): Rs 8,800

LUXURY (SINGLE): Rs 9,600

LUXURY (DOUBLE): Rs 10,400

DELUXE (SINGLE): Rs 11,200

DELUXE (DOUBLE): Rs 12,000

 73

DELUXE
20%

SUPERIOR
46%

LUXURY
34%

PLAN T09

ROOM
SUPERIOR LUXURY DELUXE
TYPE TOTAL
WEEK SINGLE DOUBLE SINGLE DOUBLE SINGLE DOUBLE
WEEK 1 10 9 12 6 5 3 45
WEEK 2 11 9 12 7 5 4 48
WEEK3 10 6 10 8 1 1 36
WEEK 4 11 6 9 9 3 1 39
WEEK 5 10 9 13 7 5 3 47
WEEK6 10 10 13 8 5 4 50
TOTAL 62 49 69 45 24 16

558000 485100 745200 526500 302400 216000

REVENUE 2833200
 74

RATES:

SUPERIOR (SINGLE): Rs 9,000

SUPERIOR (DOUBLE): Rs 9,900

LUXURY (SINGLE): Rs 10,800

LUXURY (DOUBLE): Rs 11,700

DELUXE (SINGLE): Rs 12,600

DELUXE (DOUBLE): Rs 13,500

 75

DELUXE
18%
SUPERIOR
37%

LUXURY
45%

PLAN W1

ROOM
SUPERIOR LUXURY DELUXE
TYPE TOTAL
WEEK SINGLE DOUBLE SINGLE DOUBLE SINGLE DOUBLE
WEEK 1 30 21 28 12 16 8 115
WEEK 2 28 15 25 8 12 2 90
WEEK3 40 34 38 12 16 10 150
WEEK 4 32 17 26 7 14 1 97
WEEK 5 50 29 28 6 15 0 128
WEEK6 43 28 30 5 11 4 121
TOTAL 223 144 175 50 84 25
 76

REVENUE 1672500 1188000 1575000 487500 882000 281250 6086250

RATES:

SUPERIOR (SINGLE): Rs 7,500

SUPERIOR (DOUBLE): Rs 8,250

LUXURY (SINGLE): Rs 9,000

LUXURY (DOUBLE): Rs 9,750

DELUXE (SINGLE): Rs 10,500

DELUXE (DOUBLE): Rs 11,250

 77

DELUXE
19%

SUPERIOR
47%

LUXURY
34%

CONTRIBUTION OF DIFFERENT PLANS IN THE TOTAL

REVENUE

This table tells the result of revenue generated under each plan.

So, it is clearly seen that plan BOGO i.e. T02 AND WEEKEND PLAN brings the most

occupants in hotel and more revenue is generated by the hotel.

So it is must for the hotel to analyze the market and come up with best pricing technique

to remain in the market.

 78

9000000
8000000
7000000
6000000
5000000
4000000
REVENUE
3000000
2000000
1000000
0
T01 T02 T04 T05 T07 T08 T09 W1

W1 T01
17% 12%

T09
7%
T02
24%

T08
13%
 79

W1 T01
17% 12%

T09
7%
T02
24%

T08
13%

T07
4% T04
T05
12%
11%

CHAPTER 3
 80

SURVEY REPORT

LOCATION 15
AMBIENCE 17
SERVICE 33

1. What do u prefer most at taj Chandigarh?

35
30
25
20
15 PREFFERED
10
5
0
LOCATON AMBIENCE SERVICE

2. What is maximum length of stay?

1 DAY 28
2 DAYS 25
>2 DAYS 13
 81

30
25
3. Age of
20
15 people
10 DAYS
staying at
5
0 taj?
1 day 2 days more than
2 days

15-25

yrs 3
25-35
10
yrs
35-45
25
yrs
45 &
28
above
 82

30

25

20
15
AGE
10

5
0
15-25 yrs 25-35yrs 35-45yrs 45 & above

4. Reason for visiting Taj Chandigarh?

BUSINESS 46
LEISURE 20

50

40

30
REASON
20

10

0
BUSINESS LEISURE

5. Which restaurants you like most within Taj?

DERA 20
B.LOTOUS 10
LAVA 7
CAFE17 28
 83

30

25

20

15
RESTRA
10

0
DERA B.LOTOUS LAVA CAFE17

6. Does Taj offer u value for money?

YES 60
NO 6
60
50
40
30
VALUE
20
10
0
YES NO

7. This hotel you will prefer for?

BUSINESS 38
FAMILY STAY 9
FRIENDS
1
GATEWAY
SOLO
18
TRAVELLING
 84

40
35
30
25
20
15 PREFRENCE
10
5
0
BUSINESS family friends solo
stay gateway traveling

8. Would u like to visit the hotel again?

YES 58
NO 7

60
50
40
30
VISIT AGAIN
20
10
0
YES NO
 85

FINDINGS

Revenue management is a process that can significantly increase revenues of capacity-

constrained firms through better inventory management and pricing. By using RM

concepts, these firms can protect premium inventory for sale at higher prices, stimulate

market growth by offering discounts and minimize wastage of perishable inventory.

Some Characteristics:

CHARACTERISTICS HIGHER PRICE LOWER PRICE

Physical Fences
Pool view, ocean view, hill
View Non-scenic view
view
Bigger room with more Smaller rooms with fewer
Size
facilities and gadgets facilities
Temporal Weekday bookings Weekend bookings
Logical Fences
Short stay. Often one or two Longer stay. One night revenue
Length of Stay
days can spoil three nights revenue
 86

when demand is high

Cancellations and
High penalty for cancellation
Flexibility rescheduling are allowed at a
and schedule changes
low penalty
Bookings are made very close
Time of Purchase Bookings are made quite early
to date of check-in
Are rewarded loyalty

Privileges privileges either as free No privileges

services or free stay vouchers

Size of Business Corporate business customers Self funding vacationers

Provided booking frequently booking rarely

Physical delivery and
Point of Sale By email or phone
confirmations

Survey findings:

1. At the survey conducted upon 66 people, it was found that people visiting here are

Basically for business purpose, as Chandigarh is not a tourist spot, so a huge potential can

be still exploited if it works with collaboration with Chandigarh tourism.

2. It has a galore of facilities and all these are well maintained.

3. The service rendered by the hotel staff is exemplary. The rooms are designed with

great care and precision. Everything about the room makes you feel like staying there

forever. The toiletries provided by this hotel are of a high standard and most of them are

boutique products.
 87

4. The gym is well equipped and the steam bath is very relaxing after a hectic day at

work. The swimming pool is majestic and is located on the first floor of the hotel with a

great view of the surroundings.

5. The hotel has a shopping complex inside it to keep the guests busy in the evening! The

corridors are also designed with great care to keep the guests comfortable.

6. Then the hotel is placed in sector 17 where the market is. Also the rose garden is very

close.

7. Service provided is at its best.

 88

Recommendations

Few ways that an hotelier can do to improve sales

1. Myth of selling rooms at lower rate

First, one needs to overcome this myth that lowering the room rates would sell more

rooms and increase the room revenue. It may sell a few more rooms, but it rarely sells

enough rooms to offset lowered rates. Its simple economics, simply selling more rooms

increases expenses, while even slightly higher rates increase profit. As occupancy

demand increases, ADR should increase as well.

The tell-tale sign of a hotel-in-trouble is to see increase in occupancy and decrease in

average rate. An hotelier who understands and employs the tactics of revenue

management monitors and adjusts rates in reaction to fluctuations in current and future

occupancy demand.

For many hotel owners and managers, reducing rates is the lazy-man form of marketing.

It’s generally their first thought when sales are low, after-all, it takes very little thought

and certainly very little research and/or effort. And, it also ignores the fact that people

don’t buy rate, they buy value. Sometimes, lower rates are interpreted as having lower

value or ’too good to be true’.

When sales demand is low, one should look to value-added marketing and position the

hotel properly within your marketplace. If the hotel deserves to be in the number one
 89

position because of its location, facilities and amenities, one should make sure it is

positioned that way.

2. The Power of the Internet

Take a serious look at a hotel’s web site, next year; more than 65% of a hotels business

will be directly or indirectly influenced by the Internet. Before an hotelier looks to have

another web site designed, he should get an analysis of the current site. A good analysis

will give him a clue as to what is working or isn’t working very well on his hotel’s site.

This analysis can be used to guide the new designer to create a functional web site. One

should remember that search engine optimization must be incorporated into the design of

the site; it’s not something used after the site is completed.

It’s an absolute fallacy to think that SEO can be applied to a poorly designed web site to

increase traffic. SEO must be incorporated into the design of the site itself.

The number of hotels getting ripped-off by techie-talking web designers is astounding.

An article written by a web site design company thinks that, having an average of only

2% of site visitors who actually make a reservation is a good average.

The site needs to be designed to be easily found through search and, once found, it needs

to have the necessary elements of location, facilities, attractions, and value to persuade its

visitors to make a reservation.

3. Commitment to Revenue Management

 90

It is very important to make a commitment to learn and use revenue management to

increase occupancy and average rate. It takes a little effort to do the necessary research,

but the rewards are great.

Revenue management relies upon an hotelier’s ability to look into the near and distant

future to view occupancy demand and making rate decisions. Measuring reservation

booking pace and being aware of occupancy generators in the hoteliers place creates

smart decisions.

4. Technology

One should go online and subscribe to at least three free online newsletters. Keep ones

knowledge base current with the happenings in the industry. One can learn a great deal

from the successes and failures of others.

 91

Limitations

1. Contracted rates could not be calculated as it can not be disclosed. It’s the hotel

policy.

2. More calculation of revenue could be done regarding restraints. but due to time

limitation cold not be performed..

3. The work is only in context of one hotel i.e. Taj chandigarh

4. Unavailability of data especially promotional strategies of competitors.

5. Some errors might have occurred due to environment.

6. Sample taken for research was very small.

 92

Exhibit 1

Questionnaire

QUESTIONNAIRE FOR CONSUMER

Ques.1- What do find most impressive about Taj Chandigarh?

a) location b) ambience c) service

Ques. 2- Maximum days of stay at Taj Chandigarh...?

a) 1 DAY b) 2DAYS c) more than 2 DAYS

Ques. 3- Your age is………?

a) 15-25 yrs. b) 25-35yrs.

c) 35-45yrs. d) 45 & above

Ques. 4- Reason for visiting Taj Chandigarh?

a) business b) leisure

Ques. 5-Which restaurant you like most within Taj?

a) Lava bar b) black lotus c) dera d) café 17

Ques. 6- Does Taj offer u value for money?

a) yes b) no
 93

Ques. 7- This hotel you will prefer for?

a) business b) family stay c) friends gateway d)solo traveling

Ques. 8- would u like to visit the hotel again?

a) yes b) 2 no

Ques.9 - Any suggestions

………………………………………………………………………

………………………………………………………………………

Personal information

Name-…………………………….

Address-...…………………………………………………………..

………………………………………………………………………

………………………………………………………………………

Gender-………………………………

Age-…………………………………..

Occupation-…………………………………………………
 94

Bibliography:
The readings which rendered all possible help and guidance in

finalizing the marketing are:-

Marketing Concept: Philip Kotler

Research Methodology: C.R. Kothari

Marketing Management: Philip Kotler

WEB SITES

www.google.com