Certified Hospitality Manager (CHM) 2025 – 400 Free Practice Questions to Pass the Exam

Market research plays a critical role in hospitality management by providing insights that inform decisions regarding service offerings and pricing strategies. Understanding current market trends, customer preferences, and competitive positioning enables hospitality managers to tailor their services to meet the needs and desires of their target audience effectively.

Through market research, managers can identify gaps in the market, assess customer expectations, and gather feedback on existing products and services. This information is vital for making informed decisions about which services to introduce, how to enhance existing offerings, and what pricing structures will attract and retain customers. Additionally, well-informed pricing strategies can optimize revenue while ensuring that services remain competitive within the market landscape.

While market research does have implications for areas like financial forecasting and guest satisfaction, its primary function centers around shaping service offerings and determining the right pricing approach to maximize appeal and profitability.