A proposal for conducting a business research Example | Topics and Well Written Essays - 750 words

A for conducting a business - Research Proposal Example Majority of organizations that operate in this industry are mostly concerned with their marketing strategies in order to establish their physical evidence and make it look convincing in front of their customers (Wong & Kwan, 2001). Nonetheless, what they fail to recognize is that the market is becoming sensitive both in terms of quality and price at the same time (Collier & Gregory, 1995). Therefore, organizations, in particular hotels, have to make sure that that they keep control over the price that they charge and at the same time maintain a superior quality of service (Kandampully & Suhartanto, 2000). This is precisely because the pricing strategy and its complementation with the quality of service provided by hotels is a key determinant of the extent to which customers is satisfied (Yelkur & DaCosta, 2001). The satisfaction index of customers in turn becomes a fundamental determinant of the hotel’s success and sustainability. The price factor is considered to be one of the strongest weapons in the arsenal of hotel managers as far as implementing a proper strategy based on this factor in order to increase market share is concerned (Whitla, Walters & Davies, 2007). This is precisely because this variable is intrinsically flexible, can be quickly modified and have a direct association with profitability. According to a survey conducted by Srinivasan, Popkowski Leszczyc & Bass (2000), price was regarded extremely important by nearly 72% of the respondents and was ranked third amongst the fundamental factors of marketing. According to the comments made by Chen and McMillan (1992), the likelihood for matching response is much higher for in case of price reductions, be it an aggressive pricing strategy or deterring pricing strategy. Nevertheless the impact of both these strategies is still contentious. It is with regards to this fact that the