Pricing your hotel room consists of 4 key steps and is a full circle.
The first is the Pricing strategy. This step helps to design the price for your hotel. This is the basic discussion that you should have, to see if your hotel is a premium or a value-based product.
Once you have decided on that, your next step is pricing tactics. In this step, you should account for demand, competition, Price sensitivity etcetera.
Pricing implementation covers how you distribute pricing among the various channels, Online travel agents, and other players in the market who sell the rooms.
And finally pricing measurement is a review mechanism to check if the pricing you decided was successful and to measure the results.
In our course Introduction to Revenue management on our website, we go through basic pricing strategies that can help you and your hotel, so do enroll in the course and keep learning.