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Fairness in Participative Pricing: A New Way of Pricing in Hospitality Sector

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dc.contributor.author Adhikari, Atanu
dc.date.accessioned 2017-05-19T06:17:38Z
dc.date.available 2017-05-19T06:17:38Z
dc.date.issued 2016-12
dc.identifier.citation Associate Professor of Marketing Management Area, IIM Kozhikode en_US
dc.identifier.uri http://hdl.handle.net/2259/936
dc.description.abstract While conventional pricing strategy involves sellers to decide price of a hospitality product, hospitality service providing companies carry the risk of capacity underutilization in many occasions when fixed costs are already incurred. Pay What You Think Fair (PWYTF) pricing mechanism motivates tourists to pay a fair price for unutilized capacity, thereby, increasing sales and profit for marketers. This study shows that PWYTF pricing mechanism with a concrete reference price of customer can generate significantly higher revenue and profit for a long period of time. We have conducted three experiments to show that PWYTF pricing strategy is a profitable and sustainable pricing solution for hospitality service providing companies to increase revenue during off-season as well as underutilization of hired capacity. This study opens a new avenue in pricing methods used in hospitality industry and contribute in significant way both in academic and practice. en_US
dc.language.iso en en_US
dc.publisher Indian Institute of Management en_US
dc.relation.ispartofseries ;IIMK/WPS/216/MM/2016/28
dc.subject IIMK/WPS/216/MM/2016/28 en_US
dc.subject Willingness to buy en_US
dc.subject Willingness to pay en_US
dc.subject Participative pricing en_US
dc.subject Reference price, en_US
dc.title Fairness in Participative Pricing: A New Way of Pricing in Hospitality Sector en_US
dc.type Working Paper en_US

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  • 2016 [9]
    Working Papers Published in the year 2016

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