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Summary Revenue Management Stenden (Design module)

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Summary of revenu management for stenden module design based upon lectures and the book Introduction to Revenue Management for the Hospitality Industry

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  • 31 oktober 2015
  • 13
  • 2014/2015
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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.

American generational sub segments:
 Silver haired senior aka The silent generation
- born to 1946
- survived 1st/2nd world war
- don’t broadcast purchase intentions
- expect value for their money

,  Baby boomers
- born between 1946 – 1964
- anxious and ready to spend
- highest medium income of all generations
- no plans to retire
 Generation X aka Baby busters
- born between 1965 – 1976
- very individualistic
- extremely value aware
 Generation Y aka Echo boomers
- born between 1977 – 1994
- extremely comfortable with technology
- extremely brand conscious
 Millennials
- born after 1994

 Based upon market segment & trend analysis, organizations will be able to develop new
products and services to attract and retain their desired mix of customers.

 Displacement: replacing one customer for another
 Displacement analysis: company assesses the worth of one customer vs. another
 Customer worth: how much value a particular customer is to a company
 Customer value: how much the customer wants/needs the product (worth of product)
 Primary purchase: main purchase made during a single/series of transactions
 Ancillary purchase: supplementary or additional purchase made during a single/series
of transactions.

Total Customer Worth = Primary Revenue + Ancillary Revenue – Acquisition Cost

Total CW = (Primary Rev+ Ancillary Rev – Acquisition Cost) x Propensity Y

 Propensity Y: How often a guest comes

Example:
Esther comes 10 times a year at hotel Ommen, pays €250 per night per room and eats diner
€35 + breakfast €15. €1 per visit acquisition costs.

CW = 250 + 50 (35+15) – 1 x 10 = €2990

 CRM (Customer Relationship Management): to describe strategies and tactics
developed to acquire and retain customers.


Chapter 5. Internal assessment and competitive analysis
 Competitor: a rival with whom one competes
 Competitive set: an organization’s primary direct competitors
 Secondary competitors: not in organization’s competitive set, but must stay visible on
organization’s radar.

 Competitive intelligence: the practice of conducting primary research and analyzing
secondary research to understand the characteristics of competitors.
 SCIP: Society of Competitive Intelligence Professionals

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