Pricing Techniques for Revenue Management Professionals
-The function of pricing is a pivotal component of revenue management that requires practitioners to thoughtfully consider various influences in order to develop a strategy that best fits. It should be stressed that pricing is not synonymous with revenue management but is rather, one activity within a greater process which includes other elements such as tracking, forecasting, inventory management, distribution…
What Business Leaders Need to Know about Revenue Management
-As a business leader in the hospitality industry, have you ever noticed that expectations for your role have increased exponentially in recent years? General Managers in particular often find themselves needing to become well versed in such diverse topics as union relations, the rake of newly ordered banquet chairs, social media engagement, pool PH levels, cash handling procedures, wine varietals,…
Hotel vs. OTA Parity Agreements: Does It Have to be a Battle?
-If a love-hate relationship exists in the hospitality industry, it’s between hotels and online travel agencies (OTAs) such as Expedia, Orbitz and Priceline, among many others. On one hand, OTAs extract sizable commissions, which understandably grate on the hotels that must pay them. On the other, they also produce an enormous amount of bookings, which hotels covet. Hotels would prefer…
