Price comparison helps to analyse and identify the way business entities change their pricing rate according to the customer demands, specifically during holidays to sustain their competitiveness. In the context of business entities operating across the hospitality industry, pricing strategy plays a significant role to gain attention from the target audiences and strengthen overall customer loyalty. Thus, the following section is going to compare the price between the three renowned organisations such as Fairmont Waterfront, JW Marriott Parq Vancouver, and Shangri-La Vancouver. The pricing strategy is going to be underlined based on the pre and during the holiday season to analyse how these companies adjust their services and product prices to maximise profitability margin throughout the year.
|
Week 1 |
|||||||
|
Fairmont Waterfront |
Description |
Dates |
Retail Price |
CAA Price |
Advance Purchase |
Package rates |
Strategy Evaluation Internally |
|
Fairmont Waterfront is found to be a luxury hotel across the region Vancouver and its operations are based upon sustainable philosophy. In general, Fairmont Waterfront offers personalised and comfortable services that attract customers. |
Good Friday: April 15-17th |
$263.54 (Fairmont, 2022) |
$244 |
$527 |
$329 |
A 25% discount on their overall services |
|
|
BC day: 29 Jul-01stAug. |
$659 |
$659 |
$659 |
$699 (Expedia, 2022) |
|||
|
Canada day: 01st to 3rd July |
$593 |
$593 |
$707 |
$633 (Fairmont, 2022) |
|||
|
JW Marriott Parq Vancouver |
JW Marriott offers excellent luxury lounges and restaurants to its customers (Marriott, 2022). Starting from innovative and attractive regional cuisine, gaming fitness centre to Spa, the company provides a variety of services that helps to sustain their competitiveness |
Good Friday: April 15-17th |
$339.11 (Marriott, 2022) |
$332 |
$413 |
$421 |
The company is found to provide 5% discounts for the members of their CAA cards (AAA, 2022) |
|
BC day: 29 Jul-01stAug. |
$620 |
$620 |
$595 |
$707 (Marriott, 2022) |
|||
|
Canada day: 01st to 3rd July |
$645 |
$580 |
$580 |
$675 |
|||
|
Shangri-La Vancouver |
Shangri-La also offers luxury experiences to its target customers by offering services such as restaurants, suits, bars, shopping, and entertainment (Shangri-La, 2022) |
Good Friday: April 15-17th |
$465 |
$372 |
No Advance purchase facilities |
$445.33 |
20% discount with benefits of special gift bags, Spa, breakfast, and others |
|
BC day: 29 Jul-01stAug. |
$645 |
$514.24 |
No Advance purchase facilities |
$652 |
|||
|
Canada day: 01st to 3rd July |
$645 |
$514.24 |
No Advance purchase facilities |
$652 |
|||
|
Strategy Evaluation Externally |
Guest reward can be considered as one of the key strategic approaches that each of the mentioned hotels has adopted to maintain their market competitiveness and growth. On the other hand, JW Marriott and Fairmont is found to change their rates according to the demands of their target customers in comparison with the price differences of Shangri-La Vancouver |
Table 1: Chart 1
(Source: Created by Learner)
|
Week 1 |
|||||||
|
Fairmont Waterfront |
Description |
Dates |
Retail Price |
CAA Price |
Advance Purchase |
Package rates |
Strategy Evaluation Internally |
|
Development strategic approaches serve as beneficial for the company to attack customers during seasonal occasions or holidays. |
Good Friday: April 15-17th |
$262 |
$244 |
$527 |
$329 |
Up to 25% discount of their services (Fairmont, 2022) |
|
|
BC day: 29 Jul-01stAug. |
$628.12 |
$628.12 |
$628.12 |
$699 (Expedia, 2022) |
|||
|
Canada day: 01st to 3rd July |
$263.51 |
$263.51 |
$707 $633 (Fairmont, 2022) |
$707 $633 (Fairmont, 2022) |
|||
|
JW Marriott Parq Vancouver |
Unique product strategy is being introduced during holidays |
Good Friday: April 15-17th |
$412 |
$319 |
$413 |
$421 (Booking, 2022) |
5% discount on the booking rate for the members of CAA |
|
BC day: 29 Jul-01stAug. |
$533 |
$511 |
$413 |
$421 |
|||
|
Canada day: 01st to 3rd July |
$493 (Booking, 2022) |
$468 |
$413 |
$421 |
|||
|
Shangri-La Vancouver |
An attractive package is being provided during holidays |
Good Friday: April 15-17th |
$815 |
$464 |
$464 |
$765 |
The company is found to offer about 20% discount rate on advance booking |
|
BC day: 29 Jul-01stAug. |
$644 |
$644 |
$544 |
$765 |
|||
|
Canada day: 01st to 3rd July |
$644 |
$644 |
$544 |
$765 |
|||
|
Strategy Evaluation Externally |
Offering seasonal vouchers, discounts, cards, and offering holiday special menus can be considered as the external strategy that these identified companies offer during holidays. Along with this, the price comparison highlights that both Fairmont and JW Marriott has been utilising competitive pricing strategy instead of emphasising on fixed pricing strategy like Shangri-La Vancouver that helps those two mentioned companies to enhance their growth, brand recognition, and sustainability. |
Table 1: Chart 2
(Source: Created by Learner)
|
Week 2 |
|||||||
|
Fairmont Waterfront |
Description |
Dates |
Retail Price |
CAA Price |
Advance Purchase |
Package rates |
Strategy Evaluation Internally |
|
Fairmont is found to be an environmental friendly hotel that offers eco-friendly service and product services. Perceiving the growing preferences of customers towards sustainability, the company is found to undertake an emission reduction mission. This enhances the chance for the company to flourish its future growth and sustainability. The company is also involved in the activities of Planet 21 that maximise their chance to gain attention from their target customers |
Good Friday: April 15-17th |
$254 |
$234 |
$527 |
$329 |
20% discount on the accommodation, complimentary self-parking only for one vehicle (Fairmont, 2022) |
|
|
BC day: 29 Jul-01stAug. |
$448 |
$448 |
$659 |
$699 (Expedia, 2022) |
|||
|
Canada day: 01st to 3rd July |
$548.24 |
$548.24 |
$593 |
$633 (Fairmont, 2022) |
|||
|
JW Marriott Parq Vancouver |
JW Marriott is found to adopt and follow Premium Pricing Strategy as it provides value-based services and products. The company also provides personalised services to its target guests that positively affect them to accomplish their organisational strategic goals and enhance profitability margin throughout the year. |
Good Friday: April 15-17th |
$412 |
$332 |
$413 |
$421 |
25% discounts for the consumers who spent minimum of 3 nights at Marriott (Marriott, 2022) |
|
BC day: 29 Jul-01stAug. |
$340 |
$339 |
$595 |
$707 (Marriott, 2022) |
|||
|
Canada day: 01st to 3rd July |
$548 |
$548 |
$493 |
$574 |
|||
|
Shangri-La Vancouver |
In order to engage customers and maximise customer loyalty, the company is found to provide attractive and customised services that positively influence companies to enhance their brand recognition. Finest experiences of dining, attractive design and architecture, and excellent services are the key strength of Shangri-La that helps them to strengthen their market position across the city of Vancouver |
Good Friday: April 15-17th |
$645 |
$514.24 |
No Advance purchase facilities |
$652 |
20% discount with benefits of special gift bags, Spa, breakfast, and others (Shangri-La, (2022) |
|
BC day: 29 Jul-01stAug. |
$640 |
$504.24 |
No Advance purchase facilities |
$652 |
|||
|
Canada day: 01st |
$445 |
$432.24 |
No Advance purchase facilities |
$652 |
|||
|
Strategy Evaluation Externally |
Each of the mentioned organisations is found to show their concern towards improving the customer’s or guest experiences. In addition to this, sustainability initiatives are found to be a key external strategy of Fairmont to attack their target audiences. On the other hand, the pricing strategy of JW Marriott helps them to keep their market competitive. Shangri-La provides competitiveness and unique services and products facilities that help them to stabilise their market position efficiently. |
Table 3: Chart 3
(Source: Created by the learner)
|
Week 2 |
|||||||
|
Fairmont Waterfront |
Description |
Dates |
Retail Price |
CAA Price |
Advance Purchase |
Package rates |
Strategy Evaluation Internally |
|
Fairmont is found to target frequent bookers and affluent travellers through digital application. The company is found to transform its business digitally to enhance its business efficiency and market competitiveness. |
Good Friday: April 15-17th |
$410 |
$319 |
$413 |
$421 (Booking, 2022) |
A 25% discount in their overall services |
|
|
BC day: 29 Jul-01stAug. |
$533 |
$511 |
$413 |
$421 |
|||
|
Canada day: 01st |
$493 (Booking, 2022) |
$468 |
$413 |
$421 |
|||
|
JW Marriott Parq Vancouver |
The company always focuses upon customer-centric service facilities that drive its growth and business success across dogmatic as well as global markets. Starting from promotional activities to room booking, the company utilise online or digital platforms that enhance their chance to build strong customer as well as business network effectively across the globe. |
Good Friday: April 15-17th |
$527 |
$329 |
$413 |
$527 |
The company is found to provide 5% discounts for the members of their CAA cards (AAA, 2022) |
|
BC day: 29 Jul-01stAug. |
$628.12 |
$628.12 |
$628.12 |
$699 (Expedia, 2022) |
|||
|
Canada day: 01st |
$263.51 |
$263.51 |
$707 |
$707 |
|||
|
Shangri-La Vancouver |
Shangri-La is found to target leisure travellers, families, and business travellers from the upper as well as upper-middle class. As it is a luxurious hotel, the company tried to implement different strategic approaches that enable them to flourish their growth. For example, the company has launched e-Services under the ecosystem of Wechat to maximise the experiences of their guest (Hospitalitynet, 2022). |
Good Friday: April 15-17th |
$644 |
$644 |
$464 |
$765 |
20% discount with benefits of special gift bags, Spa, breakfast and others |
|
BC day: 29 Jul-01stAug. |
$644 |
$644 |
$464 |
$765 |
|||
|
Canada day: 01st |
$815 |
$464 |
$464 |
$765 |
|||
|
Strategy Evaluation Externally |
Digital innovation can be considered as one of the effective strategic approaches for each of the identified hotels to flourish their growth and prosperity externally. The key reason behind this statement is that perceiving business opportunities in the digital world, the identified three companies have transformed their operational activities into digital platforms that maximise their growth and sustainability in an effective and accurate manner. |
Table 4: Chart 4
(Source: Created by learner)
|
Week 3 |
|||||||
|
Fairmont Waterfront |
Description |
Dates |
Retail Price |
CAA Price |
Advance Purchase |
Package rates |
Strategy Evaluation Internally |
|
Fairmont is found to take advantage of modernised and emerging technologies like Big data. For example, it is identified that the company has implemented Big Data technology to improve their user experiences and maximise their online bookings. Application of Big Data in operational activities provides opportunities for Fairmont to capture greater insight into their target audiences and enhance their global presence as well (Shacklett, 2017). |
Good Friday: April 15-17th |
$254 |
$254 |
$254 |
$254 |
The company emphasises sustainability and focus on developing their services and facilities according to the customer’s changing demands |
|
|
BC day: 29 Jul-01stAug. |
$584 |
$584 |
$659 |
$699 |
|||
|
Canada day: 01st |
$448 |
$332 |
$659 |
$699 |
|||
|
JW Marriott Parq Vancouver |
JW Marriott has also implemented Big Data to improvise its services and business performance. For example, the company utilises “Group Pricing Optimiser (GPO)” that works on different pricing models based on different market segments. This helps the company to perceive the specific potential customers who are willing to purchase their services to meet their needs (Brintia, 2022). |
Good Friday: April 15-17th |
$502 |
$443 |
$443 |
$675 |
The company is found to be emphasised upon luxury and environmental friendly services |
|
BC day: 29 Jul-01stAug. |
$538 |
$533 |
$413 |
$707 |
|||
|
Canada day: 01st |
$254 |
$244 |
$527 |
$421 |
|||
|
Shangri-La Vancouver |
Shangri-La has also implemented and considered the features of Big Data to understand the perspective and preferences of customers efficiently. For example, before implementing Big Data, the company had witnessed a decline in its global performance by 14%. Implementing Big Data provides opportunities for the company to obtain clear insight about customer needs in accordance to which they can introduce customer-centric services. |
Good Friday: April 15-17th |
$645 |
$514 |
No Advance purchase facilities |
$645 |
10% discount for the customers during booking |
|
BC day: 29 Jul-01stAug. |
$372 |
$254 |
No Advance purchase facilities |
$445.33 |
|||
|
Canada day: 01st |
$372 |
$254 |
No Advance purchase facilities |
$445.33 |
|||
|
Strategy Evaluation Externally |
The emerging technology that is Big Data is found to be one of the strong and effective strategic approaches that the identified three companies have been utilising to maintain their competitiveness externally. |
Table 5: Chart 5
(Source: Created by learner)
|
Week 3 |
|||||||
|
Fairmont Waterfront |
Description |
Dates |
Retail Price |
CAA Price |
Advance Purchase |
Package rates |
Strategy Evaluation Internally |
|
The company is found to promote its brands and services through online platforms. For example, the company is found to consider social media platforms such as Facebook, Instagram, YouTube, and others to promote their services in front of the target customers more efficiently. |
Good Friday: April 15-17th |
$255 |
$255 |
No Prepayment |
$329 |
15% discount on the luxury accommodation along with $50 credit to the dining services |
|
|
BC day: 29 Jul-01stAug. |
$448 |
No Prepayment |
|||||
|
Canada day: 01st |
$398 |
No Prepayment |
|||||
|
JW Marriott Parq Vancouver |
Digital promotion is found to be one of the key strategies of JW Marriot that enhance their chance to establish their global presence efficiently. For example, the company utilises social media marketing to promote its brands. Along with this, the company interacts with their target customers through Facebook and LinkedIn posts to understand their perspective towards the services offered by JW Marriott. The company also performs email marketing to provide personalised service facilities. |
Good Friday: April 15-17th |
$322 |
$322 |
$322 |
$322 |
The company is found to provide 5% discounts for the members of their CAA cards |
|
BC day: 29 Jul-01stAug. |
$538 |
$512 |
No Prepayment |
$538 |
|||
|
Canada day: 01st |
$412 |
$386 |
$538 |
||||
|
Shangri-La Vancouver |
Shangri-La also utilises social media marketing to promote its brands and services in front of its target customers. This enhances their chance to maximise business network and customer base access to the global market. |
Good Friday: April 15-17th |
$384 |
$314 |
No Prepayment |
$652 |
10% discount for the customers during booking |
|
BC day: 29 Jul-01stAug. |
$644 |
$514 |
No Prepayment |
$652 |
|||
|
Canada day: 01st |
$644 |
$566 |
No Prepayment |
$652 |
|||
|
Strategy Evaluation Externally |
Social media marketing is found to be one of the strategic approaches that the identified three companies have been utilising. This enhances their chance to keep their external competitiveness and gains attention from the target customers throughout the year. |
Table 6: Chart 6
(Source: Created by learner)
Conclusion
In the context of the above discussion, it is identified that pricing strategy plays a significant role for every business entity, specifically for the companies that operate across the hotel or hospitality industry. After comparing the pricing strategies of the three renowned hotels in Vancouver such as Fairmont Waterfront, JW Marriott Parq Vancouver, and Shangri-La Vancouver, it is identified that each of the companies has been offering discounts and offers to their target customers. It is identified that Fairmont Waterfront, JW Marriott Parq Vancouver has been providing and setting customer-centric pricing strategies in relation to the holidays. On the other hand, Shangri-La Vancouver is found to offer fixed pricing facilities and the service prices are found to be quite expensive as compared to the other two companies. Along with this, internal strategies are found to be different for each of the companies and they are found to maintain a fixed discount rate for all holidays and seasonal festivals. External strategic approaches are found to be similar in the context of marketing and operational approaches through which each of the mentioned companies has been establishing their presence domestically and internationally in their own competitive way.
References
AAA, (2022). JW Marriott Parq Vancouver. [Online]. https://www.aaa.com/travelinfo/british-columbia/vancouver/hotels/jw-marriott-parq-vancouver-248006.html
AAA, (2022). Shangri-La Hotel Vancouver. [Online]. https://www.aaa.com/travelinfo/british-columbia/vancouver/hotels/shangri-la-hotel-vancouver-169435.html
Booking, (2022). Company comparison. [Online]. https://www.booking.com/hotel/ca/jw-marriott-parq-vancouver.en-gb.html?aid=356980;label=gog235jc-1DCAsoJ0IaanctbWFycmlvdHQtcGFycS12YW5jb3V2ZXJIM1gDaGyIAQGYAQm4ARfIAQzYAQPoAQGIAgGoAgO4Aq_MxpEGwAIB0gIkMGFhZWMzZWQtNmQxYi00YjZlLTkwZjUtYzNlZWU2ZDZlYzg32AIE4AIB;sid=4f387f671dc6fde5ddd8506c09c4aba2;dist=0&group_adults=2&group_children=0&keep_landing=1&no_rooms=1&sb_price_type=total&type=total&
Brintia., (2022). Big Data Analytics In The Hotel Industry. [Online]. https://www.brintia.com/big-data-analytics-in-the-hotel-industry/
Expedia, (2022). Price Comparison. [Online]. https://www.expedia.co.in/Hotel-Search?adults=2&destination=Vancouver%20%28and%20vicinity%29%2C%20British%20Columbia%2C%20Canada&directFlights=false&endDate=2022-04-08&hotels-destination=Vancouver%20%28and%20vicinity%29%2C%20British%20Columbia%2C%20Canada&localDateFormat=dd%2FMM%2Fyyyy&partialStay=false®ionId=178315&selected=19413101&semdtl=&sort=RECOMMENDED&startDate=2022-04-07&theme=&useRewards=false&userIntent=
Fairmont, (2022). AAA / CAA Offer. [Online]. https://www.fairmont.com/waterfront-vancouver/offers/aaa-caa-offer/
Fairmont, (2022). Hotel Special Offers & Packages. [Online]. https://www.fairmont-waterfront.com/offers/
Fairmont, (2022). Select A Room. [Online]. https://www.fairmont.com/reservations/select-room/?hc=WFC&ad=01%2F07%2F2022&dd=03%2F08%2F2022&na=1&pc=&_ga=2.227355805.1828685759.1647414451-1843743312.1647414451
Hospitalitynet, (2022). Launch of Shangri-La’s e-Services under WeChat Ecosystem to Enhance Guest’s Digital Experience. [Online]. https://www.hospitalitynet.org/news/4093545.html
Marriott, (2022). Experience downtown luxury in our Vancouver hotel. [Online]. https://www.marriott.com/en-us/hotels/yvrjw-jw-marriott-parq-vancouver/overview/
Martinroll, (2017). Shangri-La Hotels and Resorts – Bringing Asian Hospitality To The World. [Online]. https://martinroll.com/resources/articles/asia/shangri-la-hotels-resorts-bringing-asian-hospitality-to-the-world/
Shacklett, M., (2017). How big data helped Fairmont Hotels and Resorts improve online user experience and increase bookings. [Online]. https://www.techrepublic.com/article/how-big-data-helped-fairmont-hotels-and-resorts-improve-online-user-experience-and-increase-bookings/
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