Revenue Management for the Hospitality Industry by Hayes, David K.

Description: David K. Hayes has over 35 years of experience in hospitality management and education.He is the former Vice President of the Educational Institute of the American Hotel & Lodging Association (AHLEI) and is the author of several textbooks and dozens of articles in the field of hospitality management. Joshua D. Hayes has advanced degrees from Stanford and U.C. Davis and works as a data scientist in Silicon Valley specializing in applying advanced data management and analytics to drive business outcomes. Peggy A. Hayes has served as a Project Manager at Panda Professionals Hospitality Management and Training (Panda Pros) for over 25 years. She is also Panda Pros' Project Design and Copy Editor. Preface ix Acknowledgments xvii Part I Revenue Management Principles 1 Chapter 1 Introduction to Revenue Management 2 Introduction 2 The Purpose of Business 4 The Purpose of Revenue Management 9 The Purpose and Design of This Book 10 Chapter 2 Strategic Pricing 28 What Is a Price? 28 The Importance of Price in the 4 Ps of the Marketing Mix 36 The Role of Supply and Demand in Pricing 39 The Role of Costs in Pricing 43 Implementing Strategic Pricing 48 Chapter 3 Value 54 The Role of Value in Pricing 54 The Relationship Between Quality and Price 60 The Relationship Between Service and Price 62 The Link Between Quality, Service, and Price 63 The Art and Science of Strategic Pricing 67 Chapter 4 Differential Pricing 73 Principles of Managing Revenue 74 Differential Pricing 75 Limits to Differential Pricing 80 Applying Differential Pricing 83 Revenue Management or Revenue Optimization? 98 Chapter 5 The Revenue Manager's Role 105 The Revenue Manager in the Hospitality Industry 105 Legal Aspects of Revenue Management 109 Ethical Aspects of Revenue Management 113 The Revenue Manager Position 119 The Revenue Management Team 126 Part II Revenue Management For Hoteliers 133 Chapter 6 Forecasting Demand 134 The Importance of Demand Forecasting 134 Historical Data 136 Current Data 143 Future Data 152 Demand Forecasts and Strategic Pricing 158 Chapter 7 Inventory and Price Management 172 The Marketing Mix Revisited 173 Inventory Management 173 Characterizing Rooms for Optimum Inventory Management 176 Designating Unique Room Codes 177 Classifying Guests by Market Segment 178 Overbooking as an Inventory Management Strategy 187 Price Management 192 Stay Restrictions 204 Principles of Inventory and Price Management 206 Chapter 8 Distribution Channel Management 213 Managing Distribution Channels 214 Nonelectronic Distribution Channels 222 Electronic Distribution Channels 231 Principles of Distribution Channel Management 248 Chapter 9 Data Analysis and Revenue Management 254 Data-Driven Decision Making 255 Categories of Technology Impacting the Hospitality Industry 271 Revenue Management Strategies for Use in an Ever-Changing World 274 Chapter 10 Evaluation of Revenue Management Efforts in Lodging 288 The Lodging Revenue Paradox 289 Str Reports 299 Competitive Set Analysis 304 Market Share Analysis 310 Additional Assessments 312 Common-Sense Revenue Optimization 317 Part III Revenue Management For Foodservice Operators 325 Chapter 11 Revenue Management for Food and Beverage Services 326 Traditional Foodservice Pricing Methods 327 The Case Against Cost-Based Foodservice Pricing 335 Applying Differential Pricing in Foodservices 339 Factors Affecting Value Perceptions in Foodservices 346 Chapter 12 Evaluation of Revenue Management Efforts in Food and Beverage Services 362 Food and Beverage Revenue Analysis 363 Examination of Revenue Sources 364 Measurement of Revenue Change 370 Evaluation of Revenue-Generating Efficiency 377 The Revenue Evaluation Process in Foodservices 386 Part IV Revenue Management In Action 395 Chapter 13 Specialized Applications of Revenue Management 396 Characteristics of Organizations Applying Revenue Management 397 Service Industries Applying Revenue Optimization Strategies 404 Specialized Revenue Management Duties 406 Revenue Management and Destination Marketing 413 Chapter 14 Building Better Business 419 Keys to Building Better Business 419 Better Business Issues in Moderate to Strong Markets 431 Better Business Issues in Weak or Distressed Markets 437 Index I-1

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Location: Hillsdale, NSW

End Time: 2025-01-10T03:13:36.000Z

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