Due to increasing competition, what are many segments of the hospitality industry focusing on in their promotional efforts?

In the hospitality industry, focusing promotional efforts on price is a common strategy, especially in a competitive market. Price-sensitive consumers often decide where to spend their money based on the best deals available, and businesses need to respond to this trend by highlighting competitive pricing to attract customers.

By emphasizing price, businesses can appeal to consumers who are stretched for budget and looking for value. Promotions like discounts, special rates, and limited-time offers can effectively draw attention and encourage bookings.

While quality improvements, innovative services, and expanded locations are essential aspects of a well-rounded business strategy, price tends to have a direct and immediate impact on consumer behavior in highly competitive environments. When customers perceive they are getting more value for their money, they are more likely to choose one option over another, making price a vital focus in promotional efforts during challenging competitive times.