Marketing Mix: Understanding Premier Inn's Pricing Strategy

Introduction
Marketing mix includes 4Ps such as product, place, price as
well as promotion which helps company to attract large
number of customers to meet their objectives. Premier Inn is
taken to be considered for this project which is a hospitality
organisation in UK as well as it provides hospitality services to
people. This project covers one element of marketing Mix that
is price.
Price
The selected marketing Mix element is Price which is related
with cost, price, offers and pricing strategy of company.
Premier Inn provides their hospitality services in affordable
price as well as gave various price sets to customers so they
can choose room with in their budget. Management of Premier
formulated effective pricing strategy which includes Advance
standard, flex, semi flex and non-flex rates to increase
customer experience.
It also uses price discrimination strategy to provide special rooms for customers on weekends
in order to increase their revenue or profitability.
Flex- It is related with flexibility in price policy of Premier Inn that enable customers to fix
their package on the basis of it.
Semi Flex- It allow them to make some changes in package or rate addition to not whole
package. Whereas non-flex rates mean fix rates in which clients have to choose given
package at given price.
Advance standard- IN this Premier Inn allow customers to choose rooms in advance to have
best experience as well as they are intended to provide strand value to customers for their
given money.
Marketing Mix
References:
Books and journals
Rowson, B., 2019. Marketing for the hospitality industry.
In Modern Hotel Operations Management (pp. 268-297).
Routledge.
Namin, A., Gauri, D.K. and Kwortnik, R.J., 2020.
Improving revenue performance with third-degree price
discrimination in the hospitality industry. International
journal of hospitality management. 89. p.102597.
Conclusion
As per above presented information, it is concluded that
effective pricing strategy of company enable them to
increase their sales, customer base and market share which
is beneficial for future growth.