Summary
Summary Revenue Management
- Course
- Institution
- Book
Summary of the book of Revenue Management for the minor Revenue / Real Estate. Writers: Hayes & Miller
[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
1 review
By: Roshukla • 6 year ago
Seller
FollowKatyGoldman
Reviews received
Content preview
Summary Revenue ManagementIndex
Chapter 1: Introduction to Revenue Management .................................................................................. 2
Chapter 2: Strategic Pricing...................................................................................................................... 4
Chapter 3: Value ....................................................................................................................................... 5
Chapter 4: Differential Pricing .................................................................................................................. 6
Chapter 5: The Revenue Manager’s Role ................................................................................................. 8
Chapter 6: Forecasting demand ............................................................................................................. 10
Chapter 7: Inventory and Price Management ........................................................................................ 12
Chapter 8: Distribution Channel Management ...................................................................................... 14
Chapter 9: Evaluation of Revenue Management Efforts in Lodging ...................................................... 15
Chapter 10: Revenue Management for Food and Beverage Services .................................................... 18
Chapter 11: Evaluation of Revenue Management Efforts in Food and Beverage Services.................... 20
Chapter 12: Specialized Applications of Revenue Management............................................................ 21
Chapter 13: Building Better Business ..................................................................................................... 23
Formulas ................................................................................................................................................. 27
1
, Chapter 1: Introduction to Revenue Management
Revenue = The total amount of sales achieved in a specific time period.
Number of units sold x Unit price
Hospitality business = An organization providing food, beverages, lodging, travel, or
entertainment services to people away from home.
Sales = Costs + profit
Profit = Revenue – expenses
Profit = The net value achieved by a seller and a buyer in a business
transaction.
Barter system = A trading system in which goods services are exchanged without the
use of money.
Money = An acceptable medium of exchange used as the measure of the value
of goods and services.
Economics = The area of study concerned with the production, consumption, and
transfer of wealth.
ROI = Owner’s investment return / owner’s original investment
Revenue manager = The individual or team responsible for ensuring that a company’s
price match a customer’s willingness to pay.
Customer-centric revenue management = A revenue management philosophy that places customer
gain ahead of short-term maximization in revenue management decision making.
Channel = A source of business customers. Also, a vehicle used to communicate
with a source of customers.
Constrained supply = The condition that exists when sellers cannot readily increase the
amount of products or services available for sale when consumer
demand for them increases.
Hard constraint = A supply constraint that cannot be removed regardless or product
demand. Hotel rooms and the capacity of natural gas pipelines.
Soft constraint = A supply constraint that can, with sufficient lead time, and/or
reasonable expense, be removed or lessened. Commercial airline and
car rental industries.
Yield management = A demand-based revenue management strategy, first initiated by
commercial airlines companies. It seeks to maximize income via
manipulation of selling prices.
Overbook = To accept reservations for more rooms than a hotel has available or
in inventory.
ADR = Total room revenue / total rooms sold
Occupancy % = Total rooms sold / total rooms available for sale
RevPAR = ADR x Occupancy percentage
RevPAR = Total revenue / total rooms available for sale
2
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 KatyGoldman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.75. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now