Essays on Hotel Revenue Management Coursework

Download full paperFile format: .doc, available for editing

The paper "Hotel Revenue Management" is an excellent example of coursework on management. In contemporary society, Revenue Management (RM) practice in hotels has evolved significantly and has turned out to be one of the most identifiable and integral characteristics of hotel operating strategy. The practice was adopted by hotels in the 1980s. This was after the airline industry for instance the British Airways showed huge achievement after using pricing, capacity, and inventory to manage revenue (Cross, 1997). However, compared to the last two decades, Revenue Management in hotels in recent times has redefined considerably.

The general approaches to pricing strategy, inventory allocation, channel management, and the use of information related to revenue management have modified greatly (Cross, 1997). This assignment will entirely focus on a critical analysis of pricing and duration as it pertains to hotel Revenue Management including the definition of key terms, the importance of pricing in effective Revenue Management, and examples of pricing policies and methods. The aim of the study is to enable students to demonstrate an understanding of the key factors associated with the strategic levers affecting Revenue Management. Definition of key terms, and concepts The assignment will involve the definition of various keys terms used in Revenue Management.

These terms are as explained herein. Revenue Management The author argues in a well-organized manner that Revenue Management is the employment of disciplined analytics which usually predicts clientele behavior at the micro-market level and capitalize on price and product availability in order to maximize the growth of revenues. The main objective of Revenue Management is to sell the right product at a particular price and at a precise time to the right clientele.

The discipline aims at making individuals understand consumers’ views of product value and correctly aligning placement, product prices, and availability with every consumer segment (Cross, 1997).

References

Agrawal, V. and Ferguson, M. (2007). Optimal customized pricing in competitive settings. Journal of Revenue and Pricing Management 6, 212-228.

Cross, R. (1997). Revenue Management: Hard-Core Tactics for Market Domination. New York: Broadway Books.

Elmaghraby, W. and Keskinocak, P. (2003). Dynamic pricing: Research overview, current practices and future directions. Journal of Management Science, 49(10), 1287–1389.

Hanks, R., Cross, R. and Noland, R. (1992). Discounting in the hotel industry: a new approach. Cornell Hotel and Restaurant Administration Quarterly, 33(1), 15–23.

Hormby, S., Morrison, J., Prashant, D, Meyers, M. and Tensa, T. (2010). Marriott International increases revenue by implementing a group pricing optimizer. Interfaces, 40(1), 47-57.

Kadet, A. (2008). Price Profiling. Smart Money, 17(5), 80-85.

Marriott, Jr., J. and Cross, R. (2000). Room at the revenue inn. In Book of Management Wisdom: Classic Writings by Legendary Managers, ed., Peter Krass, 199-208, New York: Wiley.

Mauri, G. (2007). "Yield management and perceptions of fairness in the hotel business", International Review of Economics, 54 (2), 284–293.

Talluri, T., and Van Ryzin, G, (2001). "Revenue management under a general discrete choice model of consumer behavior." Journal of Management science, (7)21, 13-17.

William, W., and Jill, G, (2007). Asia's legendary hotels: the romance of travel. Singapore: Periplus Editions.

Download full paperFile format: .doc, available for editing
Contact Us