HM 441 Study Guide - Fall 2019, Comprehensive Final Exam Notes - Revpar, Market Segmentation, Fishbone

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30 Nov 2019
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HM 441
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8/28/19
Revenue/ Yield Management: selling the right product (rooms, space, spa, restaurant) to the right
customer (group, transient, catering, local) at the right time (days out, years, time of day, length of stay)
for the right price (rate, price, package max they’ll pay)
Strategic Levels of RM: (what to monitor)
Calendar and clock
o When people are booking
Capacity
o Space
o Monetize space
Customer demand
o Knowing what they want
Cost to manage a fifth c
o Cost of customer staying 1 night vs. 5 nights (housekeeping services)
o Customer booking through you vs. through intermediary (commission)
Revenue Management: maximize revenue by optimizing capacity, rates, prices, and distribution under
current and future demand/ supply market condition
A set of strategies and tactics
o Involving marketing, sales, and distribution
A financial management tool
A way of doing business
o Identifying relevant sources and always measuring results
More than only revenues
What can RM systems do for a company?:
Increase profits
Serve more guests
Provide more jobs
Increase market share
Less seasonality
Better usage of space
Increasing 1% 11% bottom line increase
Based on this study, we can determine that improving your pricing strategy is the best way to improve
your operating profit
RM features: (circle)
Product definition
Competitive benchmarking
Strategic pricing
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Demand forecasting
Business mix manipulation
Distribution management
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