Samenvatting HST 4-11 Introduction to Revenue Management for the Hospitality Industry Tranter
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Course
Revenue Management
Institution
NHL Stenden Hogeschool (NHL)
Book
Introduction to Revenue Management for the Hospitality Industry: Pearson International Edition
This is a summary of chapters 4 -11 important for the exam of Stenden Hospitality Industry. Written in December 2020. Chapters 1-3 are for introduction and are less important. This summary was written during the lectures and what the teacher indicated was important. In English.
Inhoud
Chapter 4. Market segmentation and selection.......................................................................3
Chapter 5. Internal assessment and competitive analysis.......................................................5
Chapter 6. Economic principles and demand forecasting........................................................7
Chapter 7. Reservations & channels of distribution...............................................................10
Chapter 8. Dynamic Value-bases pricing..............................................................................14
Chapter 9. Channel & Inventory management......................................................................17
Chapter 10 The Revenue Management Team......................................................................18
Chapter 11. Strategic management & following RevMAP.....................................................18
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Introduction to Revenue Management for the Hospitality Industry
Important calculations
Actual revenue: rooms sold x actual room price
Maximum revenue: rooms available x highest published price
Occupancy: rooms sold / rooms available x 100
RevPar: actual revenue / rooms available
RevPor: actual revenue / rooms sold
Yield: actual revenue / maximum revenue x 100
Fair share: max. revenue own hotel / max revenue market x 100
Actual share: actual revenue own hotel / actual revenue market share x 100
Chapter 4. Market segmentation and selection
• Market segmentation: dividing a market into smaller specific segments, sharing the same
characteristics.
• Demography: study of characteristics of a population. (Age, gender, education, income,
religion, nationality etc).
• Frequent traveller programme: to reward loyal patronage and encourage repeat business.
Transient: temporary individual hospitality customer
- alone and purchasing a product for a short time
Group business: more than 2 individuals coming together for a common reason (football
team flying together etc).
• Sub segments:
Leisure
- Vacation
- VFR (visit friends & relatives)
- special events (weddings)
Business
- Job responsibility
- Attending trainings
- Conferences with co workers
(corporate, government, associates) See
page 44 for more information
• Wholesaler: a person who purchases individual travel components at a discount, based on
volume and repackages the components and sells them to a consumer on retail basis, either
directly through the wholesaler organization or via a travel agent/ tour operator.
• Free sell: rooms considered to be sold, based upon space
• Wash factor: predetermined percentage of usage based upon historical data and experience.
• Environmental scanning: constantly monitoring and assessing the environment to spot
changes and emerging trends.
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