Description
By (author) Hayes David K.; By (author) Hayes, Joshua D.; By (author) Hayes, Peggy A.
:
REVENUE MANAGEMENT FOR THE HOSPITALITY INDUSTRY
Explore intermediate and advanced topics in the field of revenue management with this up-to-date guide
In the newly revised second edition of Revenue Management for the Hospitality Industry, an accomplished team of industry professionals delivers a comprehensive and insightful review of hospitality pricing and revenue optimization strategies. The book offers realistic industry examples from hotels, restaurants, and other hospitality industry segments that use differential pricing as a major revenue management tool.
The authors discuss concepts critical to the achievement of hospitality professionals’ revenue management goals and include new examinations of the growing importance of effective data collection and management. A running case study helps students learn how to incorporate the revenue management principles and strategies included in the book’s 14 chapters.
Written for students with some prior knowledge and understanding of the hospitality industry, the new edition also includes:
- A brand-new chapter on data analysis and revenue management that addresses many of the most important data and technology-related developments in the field, including the management of big data, data safety, and data security
- In-depth discussions of revenue management topics including Net Revenue Per Available Room, Direct Revenue Ratio, and other KPIs
- Major changes to the book’s instructor support materials and an expansion of the instructor’s test bank items and student exercises.
An indispensable resource for students taking courses in hospitality management or business administration, Revenue Management for the Hospitality Industry, Second Edition is also ideal for managers and executives in the hospitality industry.
Table of contents:
Preface ix
Acknowledgments xvii
Part I Revenue Management Principles 1
Chapter 1 Introduction to Revenue Management 2
Introduction 2
The Purpose of Business 4
The Purpose of Revenue Management 9
The Purpose and Design of This Book 10
Chapter 2 Strategic Pricing 28
What Is a Price? 28
The Importance of Price in the 4 Ps of the Marketing Mix 36
The Role of Supply and Demand in Pricing 39
The Role of Costs in Pricing 43
Implementing Strategic Pricing 48
Chapter 3 Value 54
The Role of Value in Pricing 54
The Relationship Between Quality and Price 60
The Relationship Between Service and Price 62
The Link Between Quality, Service, and Price 63
The Art and Science of Strategic Pricing 67
Chapter 4 Differential Pricing 73
Principles of Managing Revenue 74
Differential Pricing 75
Limits to Differential Pricing 80
Applying Differential Pricing 83
Revenue Management or Revenue Optimization? 98
Chapter 5 The Revenue Manager’s Role 105
The Revenue Manager in the Hospitality Industry 105
Legal Aspects of Revenue Management 109
Ethical Aspects of Revenue Management 113
The Revenue Manager Position 119
The Revenue Management Team 126
Part II Revenue Management For Hoteliers 133
Chapter 6 Forecasting Demand 134
The Importance of Demand Forecasting 134
Historical Data 136
Current Data 143
Future Data 152
Demand Forecasts and Strategic Pricing 158
Chapter 7 Inventory and Price Management 172
The Marketing Mix Revisited 173
Inventory Management 173
Characterizing Rooms for Optimum Inventory Management 176
Designating Unique Room Codes 177
Classifying Guests by Market Segment 178
Ove
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