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Course Title: REVENUE MANAGEMENT
Course ID: HAT301A
University Name: Laureate International Universities
Study Level: Postgraduate
Since the initial revenue management system was implemented in the late 1980s, a lot has changed. Today's technology are significantly more advanced, capable of capturing and analysing large datasets in order to provide real-time pricing recommendations. Given this complexity, today's revenue managers are commercial leaders that serve as a link between your hotel's marketing, sales, and operations. They serve as a link between departments, ensuring that a hotel gets the most out of its asset in all market conditions while navigating an increasingly complex distribution landscape to maximise profits. In an ideal circumstance, the hotel room is priced as near to the maximum amount as possible without generating unrealistic expectations or sending potential customers to a competitor who is less expensive. Revenue managers utilise an RMS (revenue management system) to examine a hotel's available supply, in-market and property-level demand, as well as a consumer's price sensitivity and demographics like business/leisure and loyalty/transient, to establish the appropriate price. These four elements are required by today's revenue managers to lay the groundwork for successful hotel revenue management:
Compset:Competitors' rates are also an important factor in determining the optimal rates, because their prices influence the consumer's impression of the "correct price" for a particular stay. These information, when combined, provide a useful baseline for hotels to optimise pricing.
Value analysis:By comparing your property's location, facilities, service quality, and ratings to those of your competitors, a value analysis places your property in context among its peers. You can better position your home in the eyes of potential guests once you can visualise value.
Rules and alerts:Revenue managers benefit from automation provided by technology. Most current software allows you to automate the creation of rules and alerts to support your plan. These rules and notifications keep your plan on track 24 hours a day, seven days a week, and allow for real-time revenue management.
Routine and habits:It's possible to uncover revenue management genius with a powerful routine and habits. Daily habits (HAT301A assessment answers) help revenue managers keep visibility and control over their approach, allowing them to make changes on the fly to ensure that their property strategy and the software's functionality are in sync.
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In a nutshell, revenue management is the process of selling the right room to the right guest at the right time for the right price. However, before you can start formulating revenue management strategies, you'll need to understand the fundamental principles that make revenue management function. These foundations apply to any industry that uses revenue management, including hotels, restaurants, music venues, airlines, and more. You'll be able to make more strategic revenue management decisions if you understand these fundamentals.
Capacity will always play a role in any revenue management approach, whether you're thinking about a hotel, a restaurant, or a stadium. A set number of units available to sell during a certain time period is referred to as capacity. In the case of a hotel, capacity refers to the number of rooms available for reservation on any given night. Meeting space, on the other hand, may have more flexible capacity limits if it can be divided into smaller rooms or the table and chair configuration may be changed.
There are two types of operating expenses: fixed and variable costs. Fixed costs, such as employee pay, building rent, and property taxes, are the same regardless of the number of rooms filled in a hotel. Variable costs, or marginal costs, on the other hand, change depending on the number of rooms occupied. These fees include the housekeeping wage for cleaning the room, in-room amenity replacement, laundry expenses, and more. Hotels often have low variable costs, which means the cost of filling a room is substantially lower than the fixed costs, allowing revenue managers to modify rates more freely.
Perishable inventory refers to inventory that is only sellable until it reaches its "expiration date," beyond which it has no value. In the hotel industry, this implies that a reservation for September 1st night has only value until September 1st; after September 2nd, you won't be able to sell the room night. Although it may be tempting to assume that you would like to sell every room night before check-in, this does not imply that you want to take bookings at any price. A successful revenue manager achieves a balance between various of rooms sold per night (occupancy rate) and the price.
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Market segmentation is a component of the revenue management concept that allows revenue managers to establish various pricing for different categories of guests. Broad categories like "leisure guests" and "corporate guests" may be segmented, as well as more specific cohorts like "weddings" or "sports teams." However, identifying segments isn't always easy; you'll want to make sure your segments aren't too huge or little, and that they change over time. Even inside channels, segmentation can exist, such as separating Expedia guests into business and leisure sectors. It's crucial to draw clear lines between segments since you don't want one section to be able to book rates for another.
While no one can forecast the future, a smart revenue manager should be able to estimate how much a guest is willing to pay for a room at their establishment. The hotel's value proposition is directly tied to this willingness to pay, however market demand and supply both play a role. During a particular period, you should ask yourself, "What is the value a guest places on a room?" to influence your revenue management approach. A room at a beachside resort in Florida is "worth" more during the winter season when vacationers seek to get away from the chilly weather up north. The same space is less valuable in the previous summer.
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