Summary
Summary Revenue Management for the hospitality industry
- Course
- Institution
- Book
Summary of all the chapters of the book 'revenue management for the hospitality industry'
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Revenue management for the hospitality industry Latest Update 2024
-
Revenue management for the hospitality industry Latest 2024
-
Samenvatting Revenue management for the hospitality industry 2024
3 reviews
By: thirzavanouwel1 • 4 year ago
By: fboesten • 5 year ago
By: creemersbram • 8 year ago
Seller
Follow
Zuyd12
Reviews received
Content preview
Revenue Management for the HospitalityIndustry
Summary Minor Revenue Management, HMSM
,Contents
Chapter 1, Introduction to revenue management......................................................2
Chapter 2, strategic pricing........................................................................................ 5
Chapter 3, Value......................................................................................................... 9
Chapter 4, differential pricing................................................................................... 12
Chapter 5, the revenue management role...............................................................15
Chapter 6, forecasting demand................................................................................ 17
Chapter 7, inventory and price management...........................................................21
Chapter 8, distribution channel management..........................................................28
Chapter 9, Evaluation of revenue management efforts in lodging...........................33
Chapter 10, Revenue management for food and beverages services......................36
Chapter 11, Evaluation of revenue management efforts in F&B services.................38
Chapter 12, specialized operations of Revenue Management..................................42
Chapter 13, Building better business.......................................................................44
Summary Minor Revenue Management, HMSM
, Chapter 1, Introduction to revenue management
Chapter highlights:
- Explanation of why an excessive internal focus on profits or owner’s return on
investment is detrimental to the long-term success of a hospitality business.
- Explanation of why businesses exist to create wealth for their customers and
how effective RM helps them do that
- Overview of the RM-related information contains in the remaining chapters of
the book
§1.1Introduction
Revenue = total amount of sales achieved (number of units sold x unit price)
An organization needs to do the following:
1. Understand the importance of RM
2. Understand the complex factors that influence RM strategy and tactics
3. Become better at making RM decisions than their competitors
§1.2 The purpose of business
One that runs a hospitality business does that for one of those two reasons:
1. Profit fallacy
2. Return on investment fallacy
A manager wants to achieve profit and the highest return on investments (ROI)
ROI = Owners investment return / owners investment
Accounts on profit formula:
Sales = costs + profit
Profit = revenue – expenses
Profit Buyers’ acceptance
Trade nine €1 bills for a €10 €1 to seller Zero
bill
Trade ten €1 bills for a €10 €0 to seller and buyer Possible, but unlikely
bill
Trade eleven €1 bills for a €1 to buyer High likely
€10 bill
One can achieve profit through:
- Generating revenue
- Controlling expenses
Barter system – a trading system in which goods and services are exchanged
without the use of money
§1.3 The purpose of revenue management
Revenue manager (RM) – the individual or team responsible for ensuring that a
company’s prices match a customers’ willingness to pay.
Summary Minor Revenue Management, HMSM
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Zuyd12. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.81. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53068 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now