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Homework Week 8 Essay

1145 words - 5 pages

* Should AirBnB target business travelers or vacation travelers or both? Why?

I think AirBnB should target both business travelers and vacation travelers, but for the business travelers, AirBnB need to focus on those who attend big festivals or large conferences and trade fairs. Because the selling point of AirBnB is reasonable price and multiple options, those vacation travelers might have limited budget, AirBnB will be a good choice for them to save money and experience the local family culture at the same time. Otherwise, for those business travelers who need to attend big events/festivals/ trade fairs, the hotel rooms are usually limited and sold out quickly, or the hotel rooms might ...view middle of the document...

Moreover, the website layout is similar to a regular hotel booking page, which is another signal to tell travelers that AirBnB can be the substitute for hotel room.

Also embedding a map in the homepage with an attractive price was telling people that you could fine a room anywhere to stay just like finding a hotel room, and the spending might be lower as well. The design style was more professional and more like a trusted webpage. Last but not least, at the bottom, it had testimonial to show their reliability, customers’ reviews can tell more than any other advertising. The trust and reliability are really important to AirBnB, and the testimonial was a great help.

* Should AirBnB continue to let the host determine pricing? Regardless of which party is setting the price, what factors need to be considered when deciding on the price to charge.

No, AirBnB should not continue to let the host determine pricing. Because different hosts have different standards on the room price setting, so the price standards are not in a same level. When travelers book a room in a location, they might expect better environment for a higher price, but as the pricing standards are different, sometimes they will surprised a beautiful room with a lower price but sometimes they might be disappointed a normal room with a relatively high price. It will confuse travellers and not good for the management as well.

When deciding on the price to charge, we need to consider the pricing objective, market demand, costs, competitors’ costs, prices and offers, after that, we can select a pricing method and then set the final price.

With different pricing objective, company have different way to think about the pricing. For AirBnB, the objective might be survival or maximum market share, so they price must cover all the costs and be reasonable to attract more costumers and increase the sales as well as market share. Also, they need to consider about the market demand and costs, these two elements can affect the pricing strategy. The price must at least cover all the costs, and if the demand is high, the price can be higher while the demand is low, the price might need to be lower. Moreover, competitors’ costs, prices, and offers are very important, we need to consider about that and have a competitive price/offer to attract customers so that it can maximum the gross...

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