Price
Introduction
A supplier's pile of money is branded as the price for its product.
Setting the prices will require careful consideration and analyzes, especially for
inexperienced or new business owners who are wrong to provide the lowest price or
end up with zero sales.
Pricing is calculated in several methods, such as cost plus, value or fight.
Pricing steps includes –
Pricing objectives
Determining Demand
Estimating Cost
Analyzing competitor price mix
Pricing method
Selecting the final Pricing
The target customers include those from the top middle class to the high class. The
brand has been recognized for its excellence, luxury, efficiency, luxury, efficiency
and leisure activities, and thus follows the premium price philosophy.The three sub
brands of Taj - Taj, Vivanta and Gateway - have different degrees of service and
comfort,
For its 5-star hotels, the brand is conscious of its brand strength and realizes that the
devoted consumers are ready to pay extra for additional advantages and build a brand
identity.
Taj is a flagship brand with the highest standards of luxury service, a contemporary
luxury branch, and a modern luxury brand Being the mid-market Vivanta Gateway's
brand. It aims to supply the high strata of Service company. It's not the service you
pay for, but the experience for the brand. It's not the service you pay for experience.
All values in Rs
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Taj hotel has set its price of the room on the basis of Business, Leisure and Luxury
class.
The rental of rooms of hotels in Taj varies from location to place because of the tax
policy, although room prices are based on the hotel services.
The rooms are divided into Deluxe Room, Luxury Suite, Royal Suite, Executive
Suite, Grand Luxury Suite, Presidential Suite and room fee. III. Place: TAJ has
created tourism attractions, palaces, and historic heritage places both at home and
abroad in all regions of India.
Pricing of taj mahal hotel Mumbai
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Competitor pricing – ( taj mahal , Mumbai )
Orchid hotel –Rs 5500 – Rs 8400
JW Marriott Hotel – Rs 10350 – Rs 12000
Grand Hyatt – Rs 9500 – Rs 18000
Oberoi hotel – Rs 12250 – Rs 300000
Affordability
Taj understands that its costs are exorbitant and not affordable to everyone, but it's
because of different overheads and higher quality offered
For example, a roadside sandwich seller offers his RS10 sandwich, as it does not have
overheads and quality requirements, such as bread and vegetable quality.
But at The Taj, the highest quality is served and overhead costs are incurred.
They claim their costs are reasonable as they assist the Taj keep their exclusiveness to
which they stand.
The target audience that the Taj deals are the ones who come to the Taj because their
environment and world class standards.
Promotion
Introduction
The "promotion" ingredient in the marketing mix includes advertising and events to
support the particular service and product.
Different strategies are being developed to sell the product.
To inform end consumers of the product marketers, several promotional tactics for
maintaining their goods and services are initiated.
Promotion of Taj hotel
o Offers like the Taj Holiday Summer Package are routinely presented
throughout season and off-season in your hotels.
o They carry out their marketing with the help of calendars and notify them of
the future events, monthly letter to their "inner circle customers." - Taj
participates at exhibits, promoting its vacation packages.
o In order to promote its brand in the worldwide and local arena, Taj Hotels has
used numerous marketing tactics.
o It relies largely on word of mouth publicity as it is recommended by its
pleased clients to friends, families and acquaintances.
o The Credit Research Institute named Taj Hotels among 27 "Great Tomorrow
Brands."
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The Apollo Bunder published The Taj, a book that portrays the brand's
amazing heritage.
o Taj Hotels is conscious of its corporate responsibility and is involved in a
variety of CSR programs.
o It provides a two-year hospitality education program free of charge for young
people from BPL households.
o In 2014, it gave each of its hotels across the world with free Wi-Fi and became
the world's number one hotel group from India.
Taj Hotels announced substantial improvements in its existing Taj InnerCircle
program as part of its promotional approach.
In acknowledgment of his exceptional contributions in the hospitality sector,
he received several prizes and distinctions.
Methods of promotion
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Offers provided
Promotion strategy
Free wifi availability
Free private parking allowed on the spot
Free stay for children under 10 years
Cancellation and prepayment available
Strategies
The publicity is typically made by late-stage magazines, although the major focus in
low-level is on direct marketing.
They even sponsored late.
Physical atmosphere: natural environment and state-of-the-art facilities.
People: it realizes the importance of people to that end in any services company, but
the first step is to advertise their offering of services to their own workers. 2009-10
Financial Analysis.
For the year ended 31 March 2010 the total revenue of Rs 1566 was 35 crores, down
8.2 percent from the year ended 31 March 2010 2.
Room revenue was 17 percent lower than last year.
Loyalty programs
1. Taj inner circle – for frequent circle
2. Taj advantage plus – for corporate
3. TAPP me – for the travel trade partners
