The use of pricing strategies that leverage psychological principles to influence guest perception and booking behavior, such as charm pricing or using the anchoring effect.
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Glossary Term: Guest Psychology
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This psychological principle, where higher expectations lead to increased performance, can be applied to STR guest interactions. Treating guests with high expectations can often lead to better guest behavior.
Elements influencing guest choices and actions during their stay, encompassing cultural norms, travel purpose, and personal preferences.