The Revenue Management Business Process, Designed to Produce Results
-The unique aspect of the hospitality industry when compared to many others is that lodging establishments come in all sorts of shapes and sizes. Some have extensive resources at their disposal while others simply don’t. In smaller lodging establishments and in a vacation rental management setting where margins are often razor thin, individuals often perform several…
A Practical Guide to Competitive Set Selection
-Determining a competitive set is something those in the hospitality industry do routinely, however, these selections can have lasting effects on market positioning and performance and ultimately, asset value. The three most common reasons for competitive set selections include pro forma development, market positioning and performance benchmarking. Selecting an appropriate competitive set and evaluating this selection…
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,…
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…
