Revenue Management for the Hospitality Industry is filled with practical examples and best practices on the topic of revenue management, a critical aspect of the industry. Through numerous revenue management examples from the hospitality industry and a running case example throughout the book, students will discover how they can incorporate revenue management principles and best practices. The core of revenue management of a hospitality organisation is to, as the authors explain, "charge the right price, to the right customer, for the right product, through the right channel, at the right time." The book is intended for students with prior knowledge and understanding of the hospitality industry, and will explain what they need to know and how to be successful.
Les mer
This is the first text that has been developed specifically to examine what revenue managers in the hospitality industry must know and do to be successful. Numerous cases and practical examples are used to illustrate revenue management concepts.
Les mer
Preface vii Acknowledgments xv Part I : Revenue Management Principles 1 Chapter 1: Introduction to Revenue Management 2 Introduction 3 The Purpose of Business 5 The Purpose of Revenue Management 11 The Purpose and Design of This Book 12 Chapter 2: Strategic Pricing 35 What Is a Price? 36 The Importance of Price in the 4 Ps of the Marketing Mix 45 The Role of Supply and Demand in Pricing 49 The Role of Costs in Pricing 53 Implementing Strategic Pricing 61 Chapter 3: Value 68 The Role of Value in Pricing 69 The Relationship Between Quality and Price 75 The Relationship Between Service and Price 77 The Link Between Quality, Service, and Price 79 The Art and Science of Strategic Pricing 84 Chapter 4: Differential Pricing 91 Ten Principles of Managing Revenue 92 Differential Pricing 93 Limits to Differential Pricing 99 Applying Differential Pricing 103 Revenue Management or Revenue Optimization? 121 Chapter 5: The Revenue Manager’s Role 129 The Revenue Manager in the Hospitality Industry 130 Legal Aspects of Revenue Management 133 Ethical Aspects of Revenue Management 139 The Revenue Manager Position 147 The Revenue Management Team 156 Part II : Revenue Management For Hoteliers 163 Chapter 6: Forecasting Demand 164 The Importance of Demand Forecasting 165 Historical Data 167 Current Data 174 Future Data 185 Demand Forecasts and Strategic Pricing 193 Chapter 7: Inventory and Price Management 208 The Marketing Mix Revisited 209 Inventory Management 209 Characterizing Rooms for Optimum Inventory Management 212 Designing Unique Room Codes 215 Classifying Guests by Market Segment 216 Overbooking as an Inventory Management Strategy 227 Price Management 233 Stay Restrictions 249 Principles of Inventory and Price Management 251 Chapter 8: Distribution Channel Management 259 Managing Distribution Channels 260 Nonelectronic Distribution Channels 268 Electronic Distribution Channels 278 Principles of Distribution Channel Management 298 Chapter 9: Evaluation of Revenue Management Efforts in Lodging 306 The Lodging Revenue Paradox 307 STAR Reports 318 Competitive Set Analysis 325 Market Share Analysis 332 Additional Assessments 335 Common-Sense Revenue Optimization 340 Part III: Revenue Management For Foodservice Operators 349 Chapter 10: Revenue Management for Food and Beverage Services 350 Traditional Foodservice Pricing Methods 351 The Cost Against Cost-Based Foodservice Pricing 359 Applying Differential Pricing in Foodservices 364 Factors Affecting Value Perceptions in Foodservices 373 Chapter 11: Evaluation of Revenue Management Efforts in Food and Beverage Services 391 Food and Beverage Revenue Analysis 392 Examination of Revenue Sources 393 Measurement of Revenue Change 399 Evaluation of Revenue-Generating Efficiency 409 The Revenue Evaluation Process in Foodservices 420 Part IV: Revenue Management In Action 429 Chapter 12: Specialized Applications of Revenue Management 430 Characteristics of Organizations Applying Revenue Management 431 Service Industries Applying Revenue Optimization Strategies 440 Specialized Revenue Management Duties 441 Revenue Management and Destination Marketing 450 Chapter 13: Building Better Business 458 Keys to Building Better Business 459 Better Business Issues in Moderate to Strong Markets 472 Better Business Issues in Weak or Distressed Markets 480 Index 503
Les mer
Chapter 1: Introduction to Revenue Management Chapter 2: Strategic Pricing Chapter 3: Value Chapter 4: Differential Pricing Chapter 5: The Revenue Manager's Role Chapter 6: Forecasting Demand Chapter 7: Inventory and Price Management Chapter 8: Distribution Channel Management Chapter 9: Evaluation of Revenue Management Efforts in Lodging Chapter 10: Revenue Management for Food and Beverage Services Chapter 11: Evaluation of Revenue Management Efforts in Food and Beverage Services Chapter 12: Specialized Applications of Revenue Management Chapter 13: Building Better Business
Les mer

Produktdetaljer

ISBN
9780470393086
Publisert
2010-11-19
Utgiver
Vendor
John Wiley & Sons Inc
Vekt
885 gr
Høyde
239 mm
Bredde
191 mm
Dybde
31 mm
Aldersnivå
U, 05
Språk
Product language
Engelsk
Format
Product format
Heftet
Antall sider
528

Biographical note

David K. Hayes has more than 30 years experience in hospitality management and education. He has taught at Texas Tech University and the University of Houston. His industry experience includes serving as the Managing Owner of a hotel and conference center and a professional writer and consultant.

Allisha Miller has worked in the hospitality industry in a number of different roles, most recently as director of sales and marketing of a hotel and conference center. Currently, she is a professional writer and simulation developer for hospitality industry clients.