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1、2020 4 5 1 RevenueManagement Today slecture PurposeofRevenueManagementImportanceofRevenueManagementNatureofRevenueManagementMeasuringtheneedforRevenueManagementCharacteristicsconducivetoRevenueManagementRevenueManagementsystemrequirementsUsingratecategoriesanddemandforecastsLengthofstaycontrolsManag
2、inggroupbookingsRevenueManagementimplementationissues 2020 4 5 2 Thepurposeofrevenuemanagementistomaximisetotalrevenuebyusingdemandforecaststodeterminewhatpricetochargeforaclassofroomsonaparticularday 1 PurposeofRevenueManagement Ifdemandforaparticularnightislow arevenuemanagementsystemwouldindicate
3、thatpricesforthatnightshouldbedroppedinordertominimiseunsoldroominventory Ifdemandforaparticularnightishigh arevenuemanagementsystemwouldindicatethatroomsshouldnotbereleasedatdiscountedratestogroupbookings 2020 4 5 3 Revenuemanagementhasnowbecomeanoperatingprocedurewidelyusedinthehotel eventmanageme
4、ntandprofessionalsportsteamsectors Awelldevelopedrevenuemanagementsystemcangreatlyincreaserevenueandreducetheguessworkinvolvedinsalesmanagementdecisionmaking 2 ImportanceofRevenueManagement Ithasbeenclaimedthat A5 reductioninsalesexpensesincreasesprofitsby3 a5 increaseinsalesvolumeincreasesprofitby2
5、0 anda5 increaseinsellingpriceincreasesprofitby50 Cross 1997 p 43 2020 4 5 4 3 NatureofRevenueManagement AhotelGMwouldliketosellallroomnightsattherackrateallyearlong Iftheyattemptedtodothis therewouldbemanytimesintheyearwhenmanyroomswouldnotbesoldandrevenuewouldthusbelost Ontheotherhand ifahotelwere
6、tosellallitsroomsatlowrates therevenuethatcouldhavebeenearnedfromcharginghigherrateswouldbelost Revenuemanagementseekstofindamiddleareabetweenthesetwoextremestominimise Lostrevenuefromroomsnotbeingsold Lostrevenuefromsellingroomsatpricesbelowwhattheycouldhavebeensoldat Minimisingthesetwofactorssigni
7、fiesmaximisingRevenueperavailableroom RevPar 2020 4 5 5 Objective Minimiselostrevenuefromroomsnotbeingsold Minimiselostrevenuefromsellingroomsatpricesbelowwhattheycouldhavebeensoldat Measure Ondateswhenthepropertysellsout determinehowfarinadvancetheselloutoccursanddevelopanestimateofthenumberofpoten
8、tialrackratesalesthatarelostduetoroomssoldatadiscount Ondateswhenthepropertyisnotsellingout estimatehowmuchlowratecategorybusinessthehotelturnedaway 4 Measuringtheneedforrevenuemanagement Ifthesetwofactorsaremeasured greaterattentionwillbedirectedtomanagingthemappropriately Twoadagesarepertinent Wha
9、tgetsmeasurediswhatgetsmanaged Yougetwhatyouinspect notwhatyouexpect 2020 4 5 6 5 Characteristicsconducivetorevenuemanagement 1 FixedcapacityOnceahotelhasbeenbuilt itisrelativelyexpensivetoincreaseitscapacity 2 AbilitytosegmentmarketsAhotelcansplititsmarketintobusinessandholidayguests Itmightwellbea
10、ppropriatetoselllowerpricedroomstoholidayguestswhomustbookbyacertaindatetosecureadiscountedprice Itmightbeappropriatetosellhigherpricedroomswithnopenaltyforlatebookingtobusinessguests 3 PerishableinventoryRoomsareclearlyperishable Ifaroomisnotsoldonaparticularnight thatroomnightsalehasbeensquandered
11、forever itcannotbeputintoinventoryforsaleatalatertime 2020 4 5 7 5 Characteristicsconducivetorevenuemanagement 4 ProductsoldinadvanceWhenproductsaresoldinadvance managersconfrontuncertainty Ifatravelagentisseekingadiscountedgrouprateforabookingin6monthstime shouldthehotelmanagermakethesaleandlosethe
12、possiblehigherrevenuethatwouldresultiftheroomsweretobesoldclosertothebookeddatestohigherpayingguests Agoodrevenuemanagementsystemcanhelpanswerthistypeofquestion 5 FluctuatingdemandHotelsconfronthighvolatilityindemand byseasonandbydayoftheweek Revenuemanagementcanspreadthisdemandbycharginglowerprices
13、duringquiettimesandhigherpricesduringbusytimes 6 LowvariablecostsOnceacertainnumberofroomshavebeensold theincrementalcostarisingfromonemoreroomsaleislow 2020 4 5 8 6 RevenueManagementSystemrequirements 1 KnowledgeofreservationbookingpatternsImagineahotelhassold40 ofitsrooms30daysbeforearoomsalenight
14、 Itneedstoknowthelikelihoodofsellingtheremaining60 fortheroomnightinquestionoverthenext30daystodeterminewhetheritneedstodropitsquotedroomrateortoseekgroupbookingsatadiscountedprice Thissignifiesitneedsaknowledgeofreservationbookingpatterns 2 DemandpatternsbymarketsegmentAhotelneedsinformationonhisto
15、ricaldemandbymarketsegment Thisdataneedstobeattheleveloftimeoftheyearandalsodayoftheweek Thisinformationenablessalestobetrackedatthemarketsegmentlevel 3 OverbookingpolicyDuetocancellationshotelsfrequentlyoverbook TheextenttowhichahoteliscomfortabletooverbookneedstobefactoredintotheRMsystem 4 Pricech
16、angeeffectsAstheRMsysteminvolvesvaryingpricestoaffectsalesvolume managersneedtoknowhowmuchaparticularpricechangeforaparticularroomtypeataparticulartimeofyearwillchangethevolumeofbookings priceelasticity 2020 4 5 9 7 Usingratecategoriesanddemandforecasts Ratecategories 1 2 3 4 Discountoffrackrate Availablerooms Demandforecast None 500 380 1 10 120 63 21 35 57 75 11 20 140 Ratecategories 1 2 3 4 Roomssold Anticipatedroomssold30daysout Implications 200 300 Recognisethatratecategory1isunlikelytoachi
