Revenue Management: An Overview on Past, Present and Future
-A Historical Perspective The airlines are credited for developing the foundational science behind revenue management. Almost since the beginning of commercial flight, airlines had attempted to maximize their revenues by focusing on filling as many seats as possible on every flight. This meant predicting how many booked passengers would show up for a flight and how…
An Introduction to Revenue Management for the Hospitality Industry
-The first of its kind, this book was written to address the emerging course in Hospitality focused on revenue management. Based on the authors’ years of industry experience, this book includes a model for understanding the revenue management process and reveals four basic building blocks to revenue management success. With chapters dedicated to consumer behavior, economic…
Why Now is the Time for Hotel Owners to Leverage Revenue Management
-The hotel industry, in virtually every global market, has recovered from the sharp downturn of 2008 and 2009. In the US market, during the first half of 2014, room demand was up 4.2% and room revenue was up 8.6%. Randy Smith of Smith Travel Research (STR) states, “The surge in demand we witnessed during the summer…
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…
