🎥 Revenue Management Basics for Hotels
📈 Revenue management aims to find the optimal price for every room for every night, focusing on independent properties to drive revenue.
📖 Definition: Revenue management is the art and science of selling the right product to the right customer, at the right time, using the right channel, at the right price, to optimize profit.
🛫 History: Developed from the airline industry, revenue management applies to perishable goods like hotel rooms, which cannot be sold again once the night has passed.
📊 Key Elements:
🔍 Forecasting Demand: Use past data to predict future demand for pricing strategies.
👥 Guest Segmentation: Different guests have varying willingness to pay. Segmenting helps target marketing efforts effectively.
💰 Pricing Strategies: Consider payment and cancellation conditions, promotions, and packages to enhance value without lowering prices.
📈 Critical Indicators:
💻 Technology in Revenue Management: Tools can automate data analysis and pricing suggestions. Two types include:
📚 Further Learning: Explore more through video content or courses like the one offered by DCT Online Academy.
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