Question

In: Economics

- WHAT IS A LUXURY HOTEL? WHY DO THEY CHARGE A HIGHER PRICE THAN OTHER HOTELS?...

- WHAT IS A LUXURY HOTEL? WHY DO THEY CHARGE A HIGHER PRICE THAN OTHER HOTELS? WHY DO CUSTOMERS PAY THIS HIGHER PRICE? WHAT IS YOUR EXPERIENCE OF A LUXURY HOTEL? DISCUSS WITH REAL LIFE EXAMPLES

- WRITE AN ESSAY OF 250 - 300 WORDS

Solutions

Expert Solution

Answer) Luxury hotel is a hotel which provides you with an experience which is unique and different from normal hotels,this could be in terms of facilities,service,ambience,they charge higher prices for this experience,this uniqueness,brand name,fact that they are luxury,fact that they are considered to be luxury and people are going there knowing that they are luxury,customers pay higher prices because they get to feel that experience,if a customer gets a dish which is best made by a chef who is part of this luxury hotel brand,customer is getting a unique experience which s/he will not get anywhere else,my experience of luxury hotel is that you does get to enjoy something which is different and you pay for that difference,it is like a vacation in terms of facilities and service,add to that the ambience and you can relax and feel no stress,an experience would be of luxury hotels which allow you to experience dishes which are made by world masterchef winners or top chefs and you can eat with them,learn from them and cook with them which is a lifetime memory.

Thus to summarize,Luxury hotels provide you with something different which can be an experience or a your own feeling or your getaway from daily life,a way to have a stressfree environment,higher charges are testimony to that which customer also believes otherwise s/he would not pay and finally the live experiences add value to that.

Answer is complete.Thank you!


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