Reason of hotel price changing of Hotel du vin Birmingham Speech or Presentation

Reason of hotel price changing of Hotel du vin Birmingham - Speech or Presentation Example The reasons behind this increase are economic and based on market analysis. First, there is the increasing cost of products production and services delivery globally. This implies that for the last few years, the cost of rooms in major hotels has been increasing. However, despite the expected increase which has been steady over the years, a tremendous increase must have had another reason. As reported in marketingbirmingham.com earlier this year, the tourism industry in Birmingham city has been growing since 2012. This prompted the major hotels to advance their services to meet the expected demand. The development comes with expenses, and the market demand is expected to cover those expenses and make the process profitable. This is the main reason the bookings, as well as the prices of rooms, have increased over the last one month. In addition, market psychology has also played a part in the change. With the increased demand and modernisation of services, the marketers have used the principle of market psychology in which the customers are driven to assume that the most expensive provides the best services. They have therefore increased the prices in a competitive strategy to control the reasoning of the customers in which the economists call reverse psychology of marketing. Further, there has been an increasing need for the hotel industry to embrace technology in products and services delivery. Technology is costly but a major requirement in many industries today. This has prompted the hotel to increase prices, take advantage of the current demand with tourism growth and increasing revenue. Hotel du Vin Birmingham  . http://www.booking.com/hotel/gb/du-vin-birmingham.en-gb.html?aid=311984;label=du-vin-birmingham-WwDjdb06pLcrC70B425p8gS32443427113%3Apl%3Ata%3Ap1%3Ap2%3Aac%3Aap1t1%3Aneg;sid=4ca5973a3f39e1501dee98b8ba487978;dcid=1;ucfs=1;srfid=942ca71d04271f7f8199ebe93a58d025d2b2eabbX1#map_closed Sinha, I. (2006).  Reverse