John Wiley & Sons Revenue Management for the Hospitality Industry Cover REVENUE MANAGEMENT FOR THE HOSPITALITY INDUSTRY Explore intermediate and advanced topics in the fie.. Product #: 978-1-119-79077-8 Regular price: $69.07 $69.07 Auf Lager

Revenue Management for the Hospitality Industry

Hayes, David K. / Hayes, Joshua D. / Hayes, Peggy A.

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2. Auflage Dezember 2021
480 Seiten, Softcover
Wiley & Sons Ltd

ISBN: 978-1-119-79077-8
John Wiley & Sons

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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.

Preface ix

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
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.

D. K. Hayes, Lansing, Michigan