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Revenue management practice in Hotel Management - Essay Example
Pages 12 (3012 words)
Revenue Management Practice in Hotel Management Name Tourism Date Application of Revenue Management Practice in the Hotel Industry Revenue management within hotels happens to be a practice, which has developed extensively within a relatively short history…
Nonetheless, perhaps understandably, modern hotel revenue management brand varies extensively from that of more than two decades ago. Modification in the general handling of revenue management, inventory allocation, pricing strategy, use of information and channel management as concerns to revenue management tend to redefine the field. Similarly to how detailed past analysis might have a representation of the best pricing practice during the 1990s, apparently, the stock market-impacted algorithms exist in the cutting edge of modern pricing thought. Comparably, the highlighting on occupancy or average day to day rate, which might have dominion over revenue managers’ outlook over two decades ago has led to the dominance of revenue per available room i.e. RevPAR. Instances like this abound hence this article will endeavor to share all of the revenue management expertise with readers, in a series examining the modern revenue management’s best practices (Kimberley, Trevor & Juston 2008, p.12). Strategic Pricing Pricing tends to a feature of revenue management, which features a number of intriguing, as well as innovative developments recently. Whereas pricing has continues to be a significant driver having an effect on both occupancy, along with RevPAR, in the present environment surrounded by exceptional price transparency, rates have taken an even bigger role. ...
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