Research Article
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Year 2021, Volume: 50 Issue: 1, 47 - 76, 16.06.2021

Abstract

References

  • Abrate, G., Fraquelli, G. and Viglia, G. (2012). Dynamic pricing strategies: Evidence from European hotels. International Journal of Hospitality Management, 31 (1), 160-168.
  • Abrate, G., Nicolau, J. L. and Viglia, G. (2019). The impact of dynamic price variability on revenue maximization. Tourism Management, (74), 224-233.
  • Ahipaşaoglu, H. S. (2002). Seyahat acentacılığı ve tur operatörlüğü [Travel agency and tour operator]. Eskişehir: Anadolu University Open Education Faculty Publishing.
  • Ansen, E. N. and Fırat, A. (2009). Turizm işletmelerinde elektronik pazarlama: Antalya "A grubu seyahat acentaları örneği [Electronic marketing in tourism businesses: The case of Antalya Province “a class travel agencies”]. Journal of Entreprenurship and Development, 4 (2), 117-134.
  • Ayık, T., Benetatos, T. and Evagelou, I. (2013). Tourist consumer behaviour insights in relation to all inclusive hotel resorts: The case of Antalya. Journal of Tourism Research, 7, 109-123.
  • Balcı, A. (2011). Sosyal bilimlerde araştırma yöntem, teknik ve ilkeler [Research methods, techniques and principles in social sciences]. Ankara: Pegem Academy.
  • Bitran, G. and Caldentey, R. (2003). An overview of pricing models for revenue management. Manufacturing & Service Operations Management, 5 (3), 203-229.
  • Blythe, J. (2005). Essentials of marketing. England: Pearson Education.
  • Burnett, J. (2008), Core concepts of marketing. Switzerland: A Global Text.
  • Ceylana, H. H., Koseb, B., Aydin, M. (2014). Value based pricing: A research on service sector using Van Westendorp Price Sensitivity Scale. Procedia – Social and Behavioral Sciences, 148, 1-6.
  • Chhabra, S. (2015). Determining The Optimal Price Point: Using Van Westendorp’s Price Sensitivity Meter. In S. Chatterjee, N. Singh, D. Goyal, & N. Gupta (Eds.), Managing in Recovering Markets. (pp.257-270), India: Springer Proceedings in Business and Economics.
  • Choi, S. and Mattila, A. S. (2004). Hotel revenue management and its impact on customers’ perceptions of fairness. Journal of Revenue and Pricing Management, 2 (4), 303-314.
  • Çetiner, E. (2002). Konaklama işletmelerinde muhasebe uygulamaları [Accounting practices in hospitality businesses]. Ankara: Gazi Publishing.
  • Daş, S. (2014). Online acenteler tekelleşiyor, komisyon oranları yüzde 40'lara tırmanacak [Online agencies become monopolized, commission rates will climb to 40 percent], Retrieved from: http://turizmguncel.com/haber/online-acenteler-tekellesiyor-komisyon-oranlari-yuzde-40'lara-tirmanacak-h21262.html, 01.02.2018.
  • Desmet, P. (2016). Effectiveness of measures assessing response to price information. Journal of Product & Brand Management, 25 (7), 676-686.
  • Dominique-Ferreira, S. and Antunes C. (2020). Estimating the price range and the effect of price bundling strategies: An application to the hotel sector. European Journal of Management European Journal of Management, 29 (2), 166-181.
  • Donatello, M. C. (2013). Assessing Audiences' Willingness to Pay and Price Response for News Online. (doctoral dissertion), University of North Carolina, Chapel Hill.
  • Dong, X., Zhang, B., Wang, B. and Wang Z. (2020). Urban households’ purchase intentions for pure electric vehicles under subsidy contexts in China: Do cost factors matter?, Transportation Research Part A, 135, 183-197.
  • Emeksiz, M., Gürsoy, D. and İçöz, O. (2006). A yield management model for five-star hotels: computerized and non-computerized implementation. Hospitality Management, 25 (4), 536-551.
  • Emeksiz, M. and Yolal, M. (2013). Konaklama hizmetleri ve organizasyonu [Accommodation services and organization], in Gürel, D. A. (Ed.), Otel İşletmelerinde Konaklama Hizmetleri [Accommodation Services in Hotel Businesses], Eskişehir: Anadolu University Open Education Faculty Publishing.
  • Farrel, K. and Whelan-Ryan, F. (1998). Yield management: A model for ımplementation. Progress In Tourism and Hospitality Research, 4 (3), 267-277.
  • Jones, P. A. (2013). Revenue management, hospitality finance, revenue and IT professionals (HOSPA), Bournemouth: Practition Series.
  • Jones, P. and Hamilton, D. (1992). Yield management: putting people in the big Picture. The Cornell Hotel and Restaurant Administration Quarterly, 33 (1), 89-95.
  • Grigsby, M. (2015). Analytic choices about pricing ınsights. Marketing Insights, 27 (2), 38-43.
  • Hague, N. (2009). The problem with price. The Journal of Professional Pricing, 18 (3),28-33.
  • Hanks, R. D., Cross, R. G. and Noland, R. P. (2002). Discounting in the hotel ındustry: A new approach. Cornell Hotel and Restaurant Administration Quarterly, 43 (4), 94-103.
  • Harmon, R., Raffo, D. and Faulk, S. (2003). Incorporating price sensitivity measurement into the software engineering process, Kocaoglu, D. and Anderson, T. (Eds.), in PICMET: Portland ınternational conference on management of engineering and technology management for reshaping the world, (pp. 316-323), Portland: IEEE Publishing.
  • Harmon, R. R., Unnil, R. and Anderson, T. R. (2007). Price sensitivity measurement and new product pricing: A cognitive response approach. In PICMET: Portland ınternational conference on management of engineering & technology, (pp.1961-1967), USA: IEEE Publishing.
  • Hidalgo, H. A. (2017). Market potential of Pasteurized Coconut Water in the Philippine Beverage Industry. International Journal on Advanced Science Engineering Information Technology, 7 (3), 898-903.
  • Hürriyet. (2017). Booking.com Türkiye'de ne kadar komisyon aldığını açıkladı [Booking.com how much commission announced that it had in Turkey], Retrieved from: http://www.hurriyet.com.tr/booking-com-yetkililerinden-onemli-aciklamalar-40418792, (accessed 01.02. 2018).
  • Hoffman, K. D. and Bateson, J. E. (2010). Services marketing: concepts, strategies, & cases. USA: South-Western Cengage Learning.
  • İçöz, O. (2001). Turizm işletmelerinde pazarlama ilkeler ve uygulamalar [Marketing principles and practices in tourism businesses]. Ankara: Turhan Publishing.
  • Jallat, F. and Ancarani, F. (2008). Yield management, dynamic pricing and CRM in telecommunications. Journal of Services Marketing, 22 (6), 465–478.
  • Kahneman, D., Knetsch, J. L. and Thaler, R. H. (1986). Fairness and the assumptions of economics. The Journal of Busines, 59 (4), S285-S300.
  • Karande, K. and Magnini, V. P. (2011). The relative use of contextual and temporal reference price components in hotel and airline purchases. Journal of Hospitality & Tourism Research, 35 (1), 119-141.
  • Khandker, V. and Joshi, K. P. (2019). Price determination for 4G service using price sensitivity model in India, Journal of Revenue Pricing Management, 18, 93-99.
  • Kızılot, Ş. (2008). Turizmde farklı KDV oranları ve uygulama esasları [Different VAT rates and application principles in tourism]. Journal of Yaklaşım, 181, 1-5.
  • Kimes, S. E. (1989). The basics of yield management. Cornell Hotel and Restaurant Administration Quarterly, 30 (3), 14-19.
  • Kimes, S. E. and Wirtz, J. (2002). Perceived fairness of demand-based pricing for restaurants. Cornell Hotel and Restaurant Administration Quarterly, 43 (1), 31-37.
  • Koide, T. and Ishii, H. (2005). The hotel yield management with two types of room prices, overbooking and cancellations. International Journal Of Production Economics, 93, 417-428.
  • Kotler, P. and Keller, K. L. (2012). Marketing management. New Jersey: Pearson Education.
  • Lewis, R. C. and Shoemaker, S. (1997). Price-sensitivity measurement: A tool for the hospitality industry. Cornell Hotel And Restaurant Administration Quarterly, 38 (2), 44-54.
  • Lieberman, M. (2015). Pricing research: A new take on the van westendorp model. Quirk's Marketing Research Review, 2, 1-5.
  • Lipovetsky, S., Magnan, S. and Polzi, A. Z. (2011). Pricing models in marketing research. Intelligent Information Management, 3 (5), 167-174.
  • Mattila, A. S. and Choi, C. (2014). An analysis of consumers’ reactions to travel websites’ discrimination by computer platform. Cornell Hospitality Quarterly, 55 (2), 210-215.
  • Mirze, S. K. (2010). İşletme [Business management]. İstanbul: Literatür Publishing.
  • Monroe, K. B. and Cox, J. L. (2001). Pricing practices that endanger profits. Marketing Management, 10 (3), 42-46.
  • Netessine, S. and Shumsky, R. (2002). Introduction to the theory and practice of yield management. INFORMS Transactions on Education, 3 (1), 34-44.
  • Okumuş, F. (2004). Implementation of yield management practices in service organisations: Empirical findings from a major hotel group. Service Industries Journal, 24 (6), 65-89.
  • Özel, Ç. H., Emeksiz, M., Yolal, M. and Yılmaz, H. (2012). Odalar bölümü yönetimi [Rooms division management]. Eskişehir: Anadolu University Open Education Faculty Publishing.
  • Parsa, H. G. and Njite, D. (2004). Psychobiology of price presentation: An experimental analysis of restaurant menus. Journal of Hospitality & Tourism Research, 28 (3), 263-280
  • Raab, C., Mayer, K., Kim, Y.-S. and Shoemaker, S. (2009a). Price-sensitivity measurement: A tool for restaurant menu pricing. Journal of Hospitality & Tourism Research, 33 (1), 93-105.
  • Raab, C., Mayer, K., Shoemaker, S. and Ng, S. (2009b). Activity-based pricing: can ıt be applied in restaurants?. International Journal of Contemporary Hospitality Management, 21 (4), 393-410.
  • Roll, O., Achterberg, L. H., and Herbert, K. G. (2010). Innovative approaches to analyzing the price sensitivity meter: Results of an international comparative study. Laurea Publications A, 72, 181.
  • Salamandic, E., Alijosiene, S. and Gudonaviciene, R. (2014). Price sensitivity measurement depending on brand awareness: A case of Ziede brand. Procedia-Social and Behavioral Sciences, 156, 473-478.
  • Salamandic, E., Alijosiene, S. and Gudonaviciene, R. (2015). Comparing the price sensitivity measurement effectiveness for new vs. established brands. Trends Economics and Management, IX (22), 38-46.
  • Smith, G. E. and Nagle, T. T. (2002). How much are customers willing to pay?. Marketing Research, 14 (4), 20-25.
  • SMS. (2008). What should we charge? setting price, Retrieved from: http://www.satmansys.com, (accessed 24.11.2016).
  • Swain, S. K. (2014). Travel agency and tour operations management. India: Pondicherry University Publishing.
  • Tourexpi. (2016). TYD Başkanı Murat Ersoy: ‘2016 yılında tur operatörleri rehavete kapıldı’ [TYD President Murat Ersoy: ‘Tour operators were complacent in 2016’]. Retrieved from: http://www.tourexpi.com/tr-tr/news/tyd-baskani-murat-ersoy-2016-yilinda-tur-operatorleri-rehavete-kapildi-128383.html, (accessed 01.02. 2018).
  • Tourismtoday. (2016). Otellerin satışları artacak [Hotel sales will increase], Retrieved from: http://www.tourismtoday.net/otellerin-satislari-artacak-50071h.htm,(accessed 01.02.2018).
  • Travis, K. M. (1982). Price sensitivity measurement technique plots product price vs. quality perceptions. Marketins News, 14, 6-7.
  • Turizmgüncel. (2015). Oteller direkt rezervasyonların sayısını arttırmak için neler yapmalı? [What should hotels do to increase the number of direct bookings?], Retrieved from: http://turizmguncel.com/haber/oteller-direkt-rezervasyonlarin-sayisini-arttirmak-icin-neler-yapmali-h22350.html, (accessed 21.11.2016).
  • Turizmgünlüğü. (2017). Otellerin komisyon maliyeti nazıl azalır? [How does the commission cost of hotels decrease?], Retrieved from: https://www.turizmgunlugu.com/2017/11/01/ otellerin-komisyon-maliyeti-nasil-azaliir/> (accessed 20.01.2018).
  • Üngüren, E. and Cengiz, F. (2009). Her şey dâhil sisteminin pazarlama karması unsurları kapsamında değerlendirilmesi [Evaluation of the all-inclusive system within the scope of marketing mix elements]. in 3. Ulusal Gastronomi Sempozyumu ve Sanatsal Etkinlikler Kitabı [3rd National Gastronomy Symposium and Artistic Activities Book], (pp. 54-65) Antalya: Akdeniz University.
  • Weiner, J. L. (2002). Applied pricing reseach. In Proceedings of The Sawtooth Software Conference, (pp. 111-122) Sawtooth Software, WA: Sequim.
  • Westendorp, P. H. (1976). NSS-Price sensitivity meter (PSM)- A new approach to study consumer perception of price. in Proceedings of the ESOMAR Congress, Venice, 139-167.

Price Sensitivity Measurement: A Yield Management Approach

Year 2021, Volume: 50 Issue: 1, 47 - 76, 16.06.2021

Abstract

The purpose of this paper is to investigate and identify the potential revenue losses, at price points determined by price sensitivity measurement, between actual revenue and potential revenue that can be gained, in terms of yield management. A case study was carried out in a 5 star hotel business in Aydın, Turkey. In the study, a questionnaire was conducted to determine price resistance levels, price threshold limits, price sensitivity levels and price perceptions based on the room quality perceptions of the tourists visiting the hotel business. Also, an interview was performed with the accounting manager and the front office manager about the room prices determined. Hotel businesses can determine the optimal price by depending on the quality and value perception of the customers; thus they can use their limited capacity more efficiently so that they can maximize yield. This study showed that the hotel business lost room revenue at all points calculated. The hotel business suffered a potential loss of 35-40% because of the high occupancy rate in July and August. The hotel industry could have room sales revenues much more than the actual room sales revenues, especially if the agency commission expenses can be reduced.

Supporting Institution

The authors declared that this study has received no financial support.

References

  • Abrate, G., Fraquelli, G. and Viglia, G. (2012). Dynamic pricing strategies: Evidence from European hotels. International Journal of Hospitality Management, 31 (1), 160-168.
  • Abrate, G., Nicolau, J. L. and Viglia, G. (2019). The impact of dynamic price variability on revenue maximization. Tourism Management, (74), 224-233.
  • Ahipaşaoglu, H. S. (2002). Seyahat acentacılığı ve tur operatörlüğü [Travel agency and tour operator]. Eskişehir: Anadolu University Open Education Faculty Publishing.
  • Ansen, E. N. and Fırat, A. (2009). Turizm işletmelerinde elektronik pazarlama: Antalya "A grubu seyahat acentaları örneği [Electronic marketing in tourism businesses: The case of Antalya Province “a class travel agencies”]. Journal of Entreprenurship and Development, 4 (2), 117-134.
  • Ayık, T., Benetatos, T. and Evagelou, I. (2013). Tourist consumer behaviour insights in relation to all inclusive hotel resorts: The case of Antalya. Journal of Tourism Research, 7, 109-123.
  • Balcı, A. (2011). Sosyal bilimlerde araştırma yöntem, teknik ve ilkeler [Research methods, techniques and principles in social sciences]. Ankara: Pegem Academy.
  • Bitran, G. and Caldentey, R. (2003). An overview of pricing models for revenue management. Manufacturing & Service Operations Management, 5 (3), 203-229.
  • Blythe, J. (2005). Essentials of marketing. England: Pearson Education.
  • Burnett, J. (2008), Core concepts of marketing. Switzerland: A Global Text.
  • Ceylana, H. H., Koseb, B., Aydin, M. (2014). Value based pricing: A research on service sector using Van Westendorp Price Sensitivity Scale. Procedia – Social and Behavioral Sciences, 148, 1-6.
  • Chhabra, S. (2015). Determining The Optimal Price Point: Using Van Westendorp’s Price Sensitivity Meter. In S. Chatterjee, N. Singh, D. Goyal, & N. Gupta (Eds.), Managing in Recovering Markets. (pp.257-270), India: Springer Proceedings in Business and Economics.
  • Choi, S. and Mattila, A. S. (2004). Hotel revenue management and its impact on customers’ perceptions of fairness. Journal of Revenue and Pricing Management, 2 (4), 303-314.
  • Çetiner, E. (2002). Konaklama işletmelerinde muhasebe uygulamaları [Accounting practices in hospitality businesses]. Ankara: Gazi Publishing.
  • Daş, S. (2014). Online acenteler tekelleşiyor, komisyon oranları yüzde 40'lara tırmanacak [Online agencies become monopolized, commission rates will climb to 40 percent], Retrieved from: http://turizmguncel.com/haber/online-acenteler-tekellesiyor-komisyon-oranlari-yuzde-40'lara-tirmanacak-h21262.html, 01.02.2018.
  • Desmet, P. (2016). Effectiveness of measures assessing response to price information. Journal of Product & Brand Management, 25 (7), 676-686.
  • Dominique-Ferreira, S. and Antunes C. (2020). Estimating the price range and the effect of price bundling strategies: An application to the hotel sector. European Journal of Management European Journal of Management, 29 (2), 166-181.
  • Donatello, M. C. (2013). Assessing Audiences' Willingness to Pay and Price Response for News Online. (doctoral dissertion), University of North Carolina, Chapel Hill.
  • Dong, X., Zhang, B., Wang, B. and Wang Z. (2020). Urban households’ purchase intentions for pure electric vehicles under subsidy contexts in China: Do cost factors matter?, Transportation Research Part A, 135, 183-197.
  • Emeksiz, M., Gürsoy, D. and İçöz, O. (2006). A yield management model for five-star hotels: computerized and non-computerized implementation. Hospitality Management, 25 (4), 536-551.
  • Emeksiz, M. and Yolal, M. (2013). Konaklama hizmetleri ve organizasyonu [Accommodation services and organization], in Gürel, D. A. (Ed.), Otel İşletmelerinde Konaklama Hizmetleri [Accommodation Services in Hotel Businesses], Eskişehir: Anadolu University Open Education Faculty Publishing.
  • Farrel, K. and Whelan-Ryan, F. (1998). Yield management: A model for ımplementation. Progress In Tourism and Hospitality Research, 4 (3), 267-277.
  • Jones, P. A. (2013). Revenue management, hospitality finance, revenue and IT professionals (HOSPA), Bournemouth: Practition Series.
  • Jones, P. and Hamilton, D. (1992). Yield management: putting people in the big Picture. The Cornell Hotel and Restaurant Administration Quarterly, 33 (1), 89-95.
  • Grigsby, M. (2015). Analytic choices about pricing ınsights. Marketing Insights, 27 (2), 38-43.
  • Hague, N. (2009). The problem with price. The Journal of Professional Pricing, 18 (3),28-33.
  • Hanks, R. D., Cross, R. G. and Noland, R. P. (2002). Discounting in the hotel ındustry: A new approach. Cornell Hotel and Restaurant Administration Quarterly, 43 (4), 94-103.
  • Harmon, R., Raffo, D. and Faulk, S. (2003). Incorporating price sensitivity measurement into the software engineering process, Kocaoglu, D. and Anderson, T. (Eds.), in PICMET: Portland ınternational conference on management of engineering and technology management for reshaping the world, (pp. 316-323), Portland: IEEE Publishing.
  • Harmon, R. R., Unnil, R. and Anderson, T. R. (2007). Price sensitivity measurement and new product pricing: A cognitive response approach. In PICMET: Portland ınternational conference on management of engineering & technology, (pp.1961-1967), USA: IEEE Publishing.
  • Hidalgo, H. A. (2017). Market potential of Pasteurized Coconut Water in the Philippine Beverage Industry. International Journal on Advanced Science Engineering Information Technology, 7 (3), 898-903.
  • Hürriyet. (2017). Booking.com Türkiye'de ne kadar komisyon aldığını açıkladı [Booking.com how much commission announced that it had in Turkey], Retrieved from: http://www.hurriyet.com.tr/booking-com-yetkililerinden-onemli-aciklamalar-40418792, (accessed 01.02. 2018).
  • Hoffman, K. D. and Bateson, J. E. (2010). Services marketing: concepts, strategies, & cases. USA: South-Western Cengage Learning.
  • İçöz, O. (2001). Turizm işletmelerinde pazarlama ilkeler ve uygulamalar [Marketing principles and practices in tourism businesses]. Ankara: Turhan Publishing.
  • Jallat, F. and Ancarani, F. (2008). Yield management, dynamic pricing and CRM in telecommunications. Journal of Services Marketing, 22 (6), 465–478.
  • Kahneman, D., Knetsch, J. L. and Thaler, R. H. (1986). Fairness and the assumptions of economics. The Journal of Busines, 59 (4), S285-S300.
  • Karande, K. and Magnini, V. P. (2011). The relative use of contextual and temporal reference price components in hotel and airline purchases. Journal of Hospitality & Tourism Research, 35 (1), 119-141.
  • Khandker, V. and Joshi, K. P. (2019). Price determination for 4G service using price sensitivity model in India, Journal of Revenue Pricing Management, 18, 93-99.
  • Kızılot, Ş. (2008). Turizmde farklı KDV oranları ve uygulama esasları [Different VAT rates and application principles in tourism]. Journal of Yaklaşım, 181, 1-5.
  • Kimes, S. E. (1989). The basics of yield management. Cornell Hotel and Restaurant Administration Quarterly, 30 (3), 14-19.
  • Kimes, S. E. and Wirtz, J. (2002). Perceived fairness of demand-based pricing for restaurants. Cornell Hotel and Restaurant Administration Quarterly, 43 (1), 31-37.
  • Koide, T. and Ishii, H. (2005). The hotel yield management with two types of room prices, overbooking and cancellations. International Journal Of Production Economics, 93, 417-428.
  • Kotler, P. and Keller, K. L. (2012). Marketing management. New Jersey: Pearson Education.
  • Lewis, R. C. and Shoemaker, S. (1997). Price-sensitivity measurement: A tool for the hospitality industry. Cornell Hotel And Restaurant Administration Quarterly, 38 (2), 44-54.
  • Lieberman, M. (2015). Pricing research: A new take on the van westendorp model. Quirk's Marketing Research Review, 2, 1-5.
  • Lipovetsky, S., Magnan, S. and Polzi, A. Z. (2011). Pricing models in marketing research. Intelligent Information Management, 3 (5), 167-174.
  • Mattila, A. S. and Choi, C. (2014). An analysis of consumers’ reactions to travel websites’ discrimination by computer platform. Cornell Hospitality Quarterly, 55 (2), 210-215.
  • Mirze, S. K. (2010). İşletme [Business management]. İstanbul: Literatür Publishing.
  • Monroe, K. B. and Cox, J. L. (2001). Pricing practices that endanger profits. Marketing Management, 10 (3), 42-46.
  • Netessine, S. and Shumsky, R. (2002). Introduction to the theory and practice of yield management. INFORMS Transactions on Education, 3 (1), 34-44.
  • Okumuş, F. (2004). Implementation of yield management practices in service organisations: Empirical findings from a major hotel group. Service Industries Journal, 24 (6), 65-89.
  • Özel, Ç. H., Emeksiz, M., Yolal, M. and Yılmaz, H. (2012). Odalar bölümü yönetimi [Rooms division management]. Eskişehir: Anadolu University Open Education Faculty Publishing.
  • Parsa, H. G. and Njite, D. (2004). Psychobiology of price presentation: An experimental analysis of restaurant menus. Journal of Hospitality & Tourism Research, 28 (3), 263-280
  • Raab, C., Mayer, K., Kim, Y.-S. and Shoemaker, S. (2009a). Price-sensitivity measurement: A tool for restaurant menu pricing. Journal of Hospitality & Tourism Research, 33 (1), 93-105.
  • Raab, C., Mayer, K., Shoemaker, S. and Ng, S. (2009b). Activity-based pricing: can ıt be applied in restaurants?. International Journal of Contemporary Hospitality Management, 21 (4), 393-410.
  • Roll, O., Achterberg, L. H., and Herbert, K. G. (2010). Innovative approaches to analyzing the price sensitivity meter: Results of an international comparative study. Laurea Publications A, 72, 181.
  • Salamandic, E., Alijosiene, S. and Gudonaviciene, R. (2014). Price sensitivity measurement depending on brand awareness: A case of Ziede brand. Procedia-Social and Behavioral Sciences, 156, 473-478.
  • Salamandic, E., Alijosiene, S. and Gudonaviciene, R. (2015). Comparing the price sensitivity measurement effectiveness for new vs. established brands. Trends Economics and Management, IX (22), 38-46.
  • Smith, G. E. and Nagle, T. T. (2002). How much are customers willing to pay?. Marketing Research, 14 (4), 20-25.
  • SMS. (2008). What should we charge? setting price, Retrieved from: http://www.satmansys.com, (accessed 24.11.2016).
  • Swain, S. K. (2014). Travel agency and tour operations management. India: Pondicherry University Publishing.
  • Tourexpi. (2016). TYD Başkanı Murat Ersoy: ‘2016 yılında tur operatörleri rehavete kapıldı’ [TYD President Murat Ersoy: ‘Tour operators were complacent in 2016’]. Retrieved from: http://www.tourexpi.com/tr-tr/news/tyd-baskani-murat-ersoy-2016-yilinda-tur-operatorleri-rehavete-kapildi-128383.html, (accessed 01.02. 2018).
  • Tourismtoday. (2016). Otellerin satışları artacak [Hotel sales will increase], Retrieved from: http://www.tourismtoday.net/otellerin-satislari-artacak-50071h.htm,(accessed 01.02.2018).
  • Travis, K. M. (1982). Price sensitivity measurement technique plots product price vs. quality perceptions. Marketins News, 14, 6-7.
  • Turizmgüncel. (2015). Oteller direkt rezervasyonların sayısını arttırmak için neler yapmalı? [What should hotels do to increase the number of direct bookings?], Retrieved from: http://turizmguncel.com/haber/oteller-direkt-rezervasyonlarin-sayisini-arttirmak-icin-neler-yapmali-h22350.html, (accessed 21.11.2016).
  • Turizmgünlüğü. (2017). Otellerin komisyon maliyeti nazıl azalır? [How does the commission cost of hotels decrease?], Retrieved from: https://www.turizmgunlugu.com/2017/11/01/ otellerin-komisyon-maliyeti-nasil-azaliir/> (accessed 20.01.2018).
  • Üngüren, E. and Cengiz, F. (2009). Her şey dâhil sisteminin pazarlama karması unsurları kapsamında değerlendirilmesi [Evaluation of the all-inclusive system within the scope of marketing mix elements]. in 3. Ulusal Gastronomi Sempozyumu ve Sanatsal Etkinlikler Kitabı [3rd National Gastronomy Symposium and Artistic Activities Book], (pp. 54-65) Antalya: Akdeniz University.
  • Weiner, J. L. (2002). Applied pricing reseach. In Proceedings of The Sawtooth Software Conference, (pp. 111-122) Sawtooth Software, WA: Sequim.
  • Westendorp, P. H. (1976). NSS-Price sensitivity meter (PSM)- A new approach to study consumer perception of price. in Proceedings of the ESOMAR Congress, Venice, 139-167.
There are 67 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Okan Çolak This is me 0000-0001-7104-5853

Levent Koşan This is me 0000-0001-7630-6354

Publication Date June 16, 2021
Submission Date April 27, 2020
Published in Issue Year 2021 Volume: 50 Issue: 1

Cite

APA Çolak, O., & Koşan, L. (2021). Price Sensitivity Measurement: A Yield Management Approach. Istanbul Business Research, 50(1), 47-76.

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