Revenue Management for the Hospitality Industry
2. Auflage Dezember 2021
480 Seiten, Softcover
Wiley & Sons Ltd
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REVENUE MANAGEMENT FOR THE HOSPITALITY INDUSTRY
Explore intermediate and advanced topics in the field of revenue management with this up-to-date guide
In the newly revised second edition of Revenue Management for the Hospitality Industry, an accomplished team of industry professionals delivers a comprehensive and insightful review of hospitality pricing and revenue optimization strategies. The book offers realistic industry examples from hotels, restaurants, and other hospitality industry segments that use differential pricing as a major revenue management tool.
The authors discuss concepts critical to the achievement of hospitality professionals' revenue management goals and include new examinations of the growing importance of effective data collection and management. A running case study helps students learn how to incorporate the revenue management principles and strategies included in the book's 14 chapters.
Written for students with some prior knowledge and understanding of the hospitality industry, the new edition also includes:
* A brand-new chapter on data analysis and revenue management that addresses many of the most important data and technology-related developments in the field, including the management of big data, data safety, and data security
* In-depth discussions of revenue management topics including Net Revenue Per Available Room, Direct Revenue Ratio, and other KPIs
* Major changes to the book's instructor support materials and an expansion of the instructor's test bank items and student exercises.
An indispensable resource for students taking courses in hospitality management or business administration, Revenue Management for the Hospitality Industry, Second Edition is also ideal for managers and executives in the hospitality industry.
Acknowledgments xvii
Part I Revenue Management Principles 1
Chapter 1 Introduction to Revenue Management 2
Introduction 2
The Purpose of Business 4
The Purpose of Revenue Management 9
The Purpose and Design of This Book 10
Chapter 2 Strategic Pricing 28
What Is a Price? 28
The Importance of Price in the 4 Ps of the Marketing Mix 36
The Role of Supply and Demand in Pricing 39
The Role of Costs in Pricing 43
Implementing Strategic Pricing 48
Chapter 3 Value 54
The Role of Value in Pricing 54
The Relationship Between Quality and Price 60
The Relationship Between Service and Price 62
The Link Between Quality, Service, and Price 63
The Art and Science of Strategic Pricing 67
Chapter 4 Differential Pricing 73
Principles of Managing Revenue 74
Differential Pricing 75
Limits to Differential Pricing 80
Applying Differential Pricing 83
Revenue Management or Revenue Optimization? 98
Chapter 5 The Revenue Manager's Role 105
The Revenue Manager in the Hospitality Industry 105
Legal Aspects of Revenue Management 109
Ethical Aspects of Revenue Management 113
The Revenue Manager Position 119
The Revenue Management Team 126
Part II Revenue Management For Hoteliers 133
Chapter 6 Forecasting Demand 134
The Importance of Demand Forecasting 134
Historical Data 136
Current Data 143
Future Data 152
Demand Forecasts and Strategic Pricing 158
Chapter 7 Inventory and Price Management 172
The Marketing Mix Revisited 173
Inventory Management 173
Characterizing Rooms for Optimum Inventory Management 176
Designating Unique Room Codes 177
Classifying Guests by Market Segment 178
Overbooking as an Inventory Management Strategy 187
Price Management 192
Stay Restrictions 204
Principles of Inventory and Price Management 206
Chapter 8 Distribution Channel Management 213
Managing Distribution Channels 214
Nonelectronic Distribution Channels 222
Electronic Distribution Channels 231
Principles of Distribution Channel Management 248
Chapter 9 Data Analysis and Revenue Management 254
Data-Driven Decision Making 255
Categories of Technology Impacting the Hospitality Industry 271
Revenue Management Strategies for Use in an Ever-Changing World 274
Chapter 10 Evaluation of Revenue Management Efforts in Lodging 288
The Lodging Revenue Paradox 289
Str Reports 299
Competitive Set Analysis 304
Market Share Analysis 310
Additional Assessments 312
Common-Sense Revenue Optimization 317
Part III Revenue Management For Foodservice Operators 325
Chapter 11 Revenue Management for Food and Beverage Services 326
Traditional Foodservice Pricing Methods 327
The Case Against Cost-Based Foodservice Pricing 335
Applying Differential Pricing in Foodservices 339
Factors Affecting Value Perceptions in Foodservices 346
Chapter 12 Evaluation of Revenue Management Efforts in Food and Beverage Services 362
Food and Beverage Revenue Analysis 363
Examination of Revenue Sources 364
Measurement of Revenue Change 370
Evaluation of Revenue-Generating Efficiency 377
The Revenue Evaluation Process in Foodservices 386
Part IV Revenue Management In Action 395
Chapter 13 Specialized Applications of Revenue Management 396
Characteristics of Organizations Applying Revenue Management 397
Service Industries Applying Revenue Optimization Strategies 404
Specialized Revenue Management Duties 406
Revenue Management and Destination Marketing 413
Chapter 14 Building Better Business 419
Keys to Building Better Business 419
Better Business Issues in Moderate to Strong Markets 431
Better Business Issues in Weak or Distressed Markets 437
Index I-1
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.
