Explain the role that product cost plays in pricing goods and services. Explain the difference between traditional costing methods and Just in Time costing and explain if you think one is better than the other. Research to share at least one cost-saving practice (like Six Sigma, TQM, etc.) that a manager can apply to reduce production costs as well as an example of a production-type cost in a hotel.

LO 5: Explain the importance of various pricing methods that are used in the hospitality industry and point the need for current, tactical, and long-term pricing decisions.