Revenue Management for the Hospitality Industry

ISBN-13: 9781119790778 / Angielski / Twarda / 2022 / 512 str.

Peggy A. Hayes

Spis treści

Preface ixAcknowledgments xviiPart I Revenue Management Principles 1Chapter 1 Introduction to Revenue Management 2Introduction 2The Purpose of Business 4The Purpose of Revenue Management 9The Purpose and Design of This Book 10Chapter 2 Strategic Pricing 28What Is a Price? 28The Importance of Price in the 4 Ps of the Marketing Mix 36The Role of Supply and Demand in Pricing 39The Role of Costs in Pricing 43Implementing Strategic Pricing 48Chapter 3 Value 54The Role of Value in Pricing 54The Relationship Between Quality and Price 60The Relationship Between Service and Price 62The Link Between Quality, Service, and Price 63The Art and Science of Strategic Pricing 67Chapter 4 Differential Pricing 73Principles of Managing Revenue 74Differential Pricing 75Limits to Differential Pricing 80Applying Differential Pricing 83Revenue Management or Revenue Optimization? 98Chapter 5 The Revenue Manager's Role 105The Revenue Manager in the Hospitality Industry 105Legal Aspects of Revenue Management 109Ethical Aspects of Revenue Management 113The Revenue Manager Position 119The Revenue Management Team 126Part II Revenue Management For Hoteliers 133Chapter 6 Forecasting Demand 134The Importance of Demand Forecasting 134Historical Data 136Current Data 143Future Data 152Demand Forecasts and Strategic Pricing 158Chapter 7 Inventory and Price Management 172The Marketing Mix Revisited 173Inventory Management 173Characterizing Rooms for Optimum Inventory Management 176Designating Unique Room Codes 177Classifying Guests by Market Segment 178Overbooking as an Inventory Management Strategy 187Price Management 192Stay Restrictions 204Principles of Inventory and Price Management 206Chapter 8 Distribution Channel Management 213Managing Distribution Channels 214Nonelectronic Distribution Channels 222Electronic Distribution Channels 231Principles of Distribution Channel Management 248Chapter 9 Data Analysis and Revenue Management 254Data-Driven Decision Making 255Categories of Technology Impacting the Hospitality Industry 271Revenue Management Strategies for Use in an Ever-Changing World 274Chapter 10 Evaluation of Revenue Management Efforts in Lodging 288The Lodging Revenue Paradox 289Str Reports 299Competitive Set Analysis 304Market Share Analysis 310Additional Assessments 312Common-Sense Revenue Optimization 317Part III Revenue Management For Foodservice Operators 325Chapter 11 Revenue Management for Food and Beverage Services 326Traditional Foodservice Pricing Methods 327The Case Against Cost-Based Foodservice Pricing 335Applying Differential Pricing in Foodservices 339Factors Affecting Value Perceptions in Foodservices 346Chapter 12 Evaluation of Revenue Management Efforts in Food and Beverage Services 362Food and Beverage Revenue Analysis 363Examination of Revenue Sources 364Measurement of Revenue Change 370Evaluation of Revenue-Generating Efficiency 377The Revenue Evaluation Process in Foodservices 386Part IV Revenue Management In Action 395Chapter 13 Specialized Applications of Revenue Management 396Characteristics of Organizations Applying Revenue Management 397Service Industries Applying Revenue Optimization Strategies 404Specialized Revenue Management Duties 406Revenue Management and Destination Marketing 413Chapter 14 Building Better Business 419Keys to Building Better Business 419Better Business Issues in Moderate to Strong Markets 431Better Business Issues in Weak or Distressed Markets 437Index I-1

O autorze

David K. Hayes has over 35 years of experience in hospitality management and education.He is the former Vice President of the Educational Institute of the American Hotel & Lodging Association (AHLEI) and is the author of several textbooks and dozens of articles in the field of hospitality management.Joshua D. Hayes has advanced degrees from Stanford and U.C. Davis and works as a data scientist in Silicon Valley specializing in applying advanced data management and analytics to drive business outcomes.Peggy A. Hayes has served as a Project Manager at Panda Professionals Hospitality Management and Training (Panda Pros) for over 25 years. She is also Panda Pros' Project Design and Copy Editor.