METHODS AND SYSTEMS FOR SETTING OPTIMAL HOTEL PROPERTY PRICES
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United States of America Patent
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Aug 7, 2014
app pub date -
Feb 7, 2014
filing date -
Feb 7, 2013
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Abstract
A method and system for setting the optimal price for a hotel property are described. The method includes the steps of receiving electronic data having marketing information, including, for example, the customers won and lost by competitors. One or more price sensitivity coefficients are calculated based on the market data. The price sensitivity coefficients are used to calculate a predicted share value representing the probability that a next customer will book a property at the subject hotel at a particular price. The price sensitivity coefficients are also used to calculate a price elasticity value representing the responsiveness of demand for the hotel property to a change in the price of that property. The price of the hotel property is set at a point where the price elasticity value is substantially equal to −1.0.
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