Summary: Revenue Management 2
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Read the summary and the most important questions on Revenue management 2
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ECO. Lecture 1
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The relationship between demand and price
- The income effect
- The substitution effect -> more competitors for same product
- The income effect
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Workshop 1
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What elements should an organisation look at to determine a price? What tools exist?
Elements: competitors, time of the year, special events, demand.
Tools: guest satisfaction reports, forecasting, SWOT, cost/value based pricing, price elasticity -
Why is it important for an organisation to understand customer worth and customer value?
Customer worth- Check whether the optimal business mix (= planning carefully to get the highest revenue in an organisation) matches the customer worth.
- Track the willingness to pay in order to set rates.
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How can revenue management prevent accepting the "wrong" customers (e.g. Customers with a to low customer worth vs. Customer with a much higher customer). What analytical tool does an organisation use to assess customer worth?
Displacement analysis -
What are the main 4 factors that impact the elasticity of demand? Provide examples from HI
- Luxury
- 5* hotels, leisure guests
- Necessity: Hostels, business guests
- Availability of substitutes
- Competitors in an area, AirBnB
- Time factor
- Low and high season
- Price relative to consumer's budget
- Segmentation, forecasting when people receive more money
- Luxury
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Workshop 2
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Property management system
In this system everything regarding to the hotel can be found such as guest bookings, guest details, check ins, check outs, events, quality management. All this information can help you to have a proper inventory management per channel. -
G.D.S.
B2B - business to business -
I.D.S.
B2C - Business to customer -
Workshop 4
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What to do in periods on high season?
- Rate management
- higher the price
- capacity management
- allow overbookings
- distribution management
- Limit availability, focus on channels that are used the most by guests.
- Rate management
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Lecture 2
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How to manage your inventory?
PUP - Technique -> set a price, decide on unit availability, set pricing conditions
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