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Advanced
Revenue Management
for Hotels
Understanding all the
Indicators
Given by Tomeu Pons
14 Nov. 2016 - Lisbon
2
Advanced Revenue Management
Introduction
The main objective of this seminar is to review and look in more
depth at the c...
3
Advanced Revenue Management
Introduction
Professor: Tomeu Pons tomeupons@gmail.com
I am currently Associate Professor at...
4
Advanced Revenue Management
Contents
• Introduction
• Basic Definitions
• Forecasting
• Benchmarking
• Segmentation
• Pr...
5
Advanced Revenue Management
Notice
This 2nd level seminar does not contain formulas, graphs or any
other type of applied...
6
Advanced Revenue Management
Basic Elements of RM
The elements required to carry out Revenue Management are:
• History – ...
7
Advanced Revenue Management
When is it appropriate to apply yield?
To apply RM we need:
• fixed production of stock/prod...
8
Advanced Revenue Management
Main Techniques
The following are some of the main tools used in RM:
- Availability Manageme...
9
Advanced Revenue Management
Key principles for price
The key point is to have appropriate prices and to define them
we w...
10
Advanced Revenue Management
Minimal influence of revenue
Several studies indicate that revenue management and
commercia...
11
Advanced Revenue Management
With what Aim
The key point
12
Advanced Revenue Management
Forecasting or Scheduling demand.
Forecasting, organizing our forecast.
13
Advanced Revenue Management
What is Forecasting
Forecasting is the estimation and analysis of future demand for a
speci...
14
Advanced Revenue Management
Objectives of Forecasting
The objective is to predict the periods of low demand, to be able...
15
Advanced Revenue Management
Reasons for Forecasting
Why are forecasts produced?
• to measure demand
• to predict lack o...
16
Advanced Revenue Management
Objective of Forecasting for a Revenue Manager
The main objective is to maximize income and...
17
Advanced Revenue Management
Minimum Data in Forecasting.
No matter how simple a forecast is, the minimum data that you
...
18
Advanced Revenue Management
Data in a Forecast.
The recommended data that you should consider are:
1. Occupied rooms
2....
19
Advanced Revenue Management
Data in a Forecast.
The extra data that you should consider are:
1. Historical occupancy fo...
20
Advanced Revenue Management
Advanced Data in the Forecast.
To produce a Complete Forecast (for the whole hotel) it is
n...
21
Advanced Revenue Management
Phases of a Forecast.
Phases of a Forecast:
1. Compilation of historical data
2. Compilatio...
22
Advanced Revenue Management
How to produce a Forecast.
We can produce the Forecast with two types of data:
- internal d...
23
Advanced Revenue Management
How to use the forecast in our daily work.
It is very helpful to use the forecast in our da...
24
Advanced Revenue Management
External Forecasting Parameters
External parameters for the hotel.
The economic environment...
25
Advanced Revenue Management
Elements of the Analysis
We have three levels of analysis: daily, monthly and annual
Daily:...
26
Advanced Revenue Management
Other factors to Consider in the Forecast
Factor: Consumer Behavior
It is important to segm...
27
Advanced Revenue Management
Other factors to Consider in the Forecast
Factor: Actual Demand
The actual demand or uncons...
28
Advanced Revenue Management
Other factors to Consider in the Forecast
Factor: Segment, Key Accounts or Key Supplier
We ...
29
Advanced Revenue Management
Other factors to Consider in the Forecast
Factor: Failures or Lack of Accuracy.
The followi...
30
Advanced Revenue Management
Other factors to Consider in the Forecast
Factor: Calculation of Errors in the Forecast
In ...
31
Advanced Revenue Management
Other factors to Consider in the Forecast
Diagram: Demand Curves. Automate your view from t...
32
Advanced Revenue Management
Other factors to Consider in the Forecast
Diagram: Simple Demand Curves.
33
Advanced Revenue Management
Other factors to Consider in the Forecast
Diagram: data we extract from the PMS
-Where do t...
34
Advanced Revenue Management
Other factors to Consider in the Forecast
Diagram: Example of Forecast 1
35
Advanced Revenue Management
Other factors to Consider in the Forecast
Diagram: Example of Forecast 2
36
Advanced Revenue Management
Other factors to Consider in the Forecast
Diagram: Example of Forecast 3
37
Advanced Revenue Management
How we measure our Factor Yield/RM
Revenue per Available Room
RevPAR
Income from rooms
or
A...
38
Advanced Revenue Management
How we measure our Factor Yield/RM
Gross Operating Profit – GOP
Available rooms
Total Reven...
39
Advanced Revenue Management
Vocabulary for Forecasting
Booking Pace
The Booking Pace for present and future days should...
40
Advanced Revenue Management
Pick Up
The Pick Up is the figure that tells us today how many confirmed
sales we have for ...
41
Advanced Revenue Management
Forecasting or Scheduling demand.
Forecast Vs. The Reality of the Hotel
To make decisions i...
42
Advanced Revenue Management
Forecasting or Scheduling demand.
When should I produce a forecast?
The frequency of the fo...
43
Advanced Revenue Management
Forecasting or Scheduling demand.
Constant Forecast.
44
Advanced Revenue Management
Forecasting or Scheduling demand.
Collaborative Tool.
Use Google Calendar to identify all t...
45
Advanced Revenue Management
Forecasting or Scheduling demand.
New Tools
The Externalized Forecast.
Use Google Calendar ...
46
Advanced Revenue Management
Elements in Forecasting
Remember:
- Targets met vs Targets set
- Bookings on the books
- Ac...
47
Advanced Revenue Management
Benchmarking, selecting my competitors
Benchmarking, selecting my competitors
48
Advanced Revenue Management
Benchmarking
This is a study of the competition that aims to find out how they
sell, at wha...
49
Advanced Revenue Management
Benchmarking, selecting my competitors
One of the basic elements of revenue management is o...
50
Advanced Revenue Management
Benchmarking, selecting my competitors
The objective of benchmarking is to be able to compa...
51
Advanced Revenue Management
Benchmarking, selecting my competitors
We propose a simple method: 15/9/6
We must select:
-...
52
Advanced Revenue Management
Benchmarking, the Competitive Set
We propose a simple method: 15/9/6
References: stars, zon...
53
Advanced Revenue Management
Benchmarking and Daily Prices
Monitoring the prices at which our competition sells is one o...
54
Advanced Revenue Management
Benchmarking, IT Tools
We propose the use of comparison IT tools as they facilitate the
wor...
55
Advanced Revenue Management
Benchmarking, IT Tools
We propose the use of comparison IT tools as they facilitate the
wor...
56
Advanced Revenue Management
Benchmarking, IT Tools
We propose the use of comparison IT tools as they facilitate the
wor...
57
Advanced Revenue Management
Benchmarking, Reference Variables
a) Market share: total hotel rooms/total market rooms x 1...
58
Advanced Revenue Management
Market/Customer Segmentation.
Market segmentation
59
Advanced Revenue Management
Market/Customer Segmentation.
Market segmentation is a study that should allow us to know t...
60
Advanced Revenue Management
Market/Customer Segmentation.
To consider a group of customers as a segment it must comply
...
61
Advanced Revenue Management
Market/Customer Segmentation.
9 Benefits of Segmentation.
1. It increases income by segment...
62
Advanced Revenue Management
Market/Customer Segmentation.
Segmentation Stages:
1. Identify the group of customers, dime...
63
Advanced Revenue Management
Market/Customer Segmentation.
To study market and customer segmentation we should collect
t...
64
Advanced Revenue Management
Market/Customer Segmentation.
Revenue per Available Customer Value. Rev.PACV
These are the ...
65
Advanced Revenue Management
Market/Customer Segmentation.
Exercise:
- Identify my segments
- Identify the segments of m...
66
Advanced Revenue Management
Official Definition
Pricing
67
Advanced Revenue Management
Impact of Pricing
Impact of Pricing on our Hotel
The importance of pricing is crucial for c...
68
Advanced Revenue Management
Official Definition
What is Pricing
These are the pricing setting techniques developed with...
69
Advanced Revenue Management
Access to more customers
Pricing or how to multiply access to products and customers.
The f...
70
Advanced Revenue Management
Efficient Price
Price management triangle:
Costs
Competition Demand
Management
of Prices
71
Advanced Revenue Management
Efficient Price
Efficient Price:
These are price setting techniques for a good or service.
...
72
Advanced Revenue Management
Pricing. Where do prices come from?
From the mind of the customer. From what the customer i...
73
Advanced Revenue Management
Pricing. Where do prices come from?
74
Advanced Revenue Management
The Customer's Price and Response
Having a good price but not having customers.
Although pr...
75
Advanced Revenue Management
Official Definition
Pricing
Next step: “scientific pricing”.
A mix of software, human behav...
76
Advanced Revenue Management
Official Definition
Financial Pricing
There are several financial or accounting techniques ...
77
Advanced Revenue Management
Official Definition
Main methods for setting prices depending on the:
Market.
•Prices based...
78
Advanced Revenue Management
Official Definition
Pricing
Other factors for price setting are:
Quality of hotel services ...
79
Advanced Revenue Management
Official Definition
Prices and results.
There are 3 approaches to measuring the effectivene...
80
Advanced Revenue Management
Official Definition
Price Discrimination.
These are the parameters by which a company assig...
81
Advanced Revenue Management
Official Definition
Pricing and Rate Obscuring
This is one of the techniques to deal with a...
82
Advanced Revenue Management
Tariff Structure
Pricing
We can base our tariff structure on:
1. Official
2. Rack
3. Walk-i...
83
Advanced Revenue Management
Price matrix
Standard
Superior
RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2
200 160 14...
84
Advanced Revenue Management
Dynamic Pricing
Advantages of Dynamic Pricing
- Eliminates discounts in periods of high dem...
85
Advanced Revenue Management
Actual Effects on Hotels
* Avoids cannibalism
Price
Mix of Rates
No. of Rooms
86
Advanced Revenue Management
Revenue Algorithm. Example
Display Prices of:
1. 0% €116.0
2. 20% €122.4
3. 40% €128.8
4. 6...
87
Advanced Revenue Management
Practice: How we set our prices
88
Advanced Revenue Management
Price matrix
Standard
Superior
RACK PREF BAR1. BAR2. BAR3. BAR4. BAR5. BAR6. WKD1. WKD2.
20...
89
Advanced Revenue Management
Price matrix
Standard
Superior
RACK PREF BAR1. BAR2. BAR3. BAR4. BAR5. BAR6. WKD1. WKD2.
20...
90
Advanced Revenue Management
Price matrix
Standard
Superior
RACK PREF BAR1. BAR2. BAR3. BAR4. BAR5. BAR6. WKD1. WKD2.
20...
91
Advanced Revenue Management
Price matrix
Standard
Superior
RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2
200 160 14...
92
Advanced Revenue Management
Price matrix
Standard
Superior
RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2
200 160 14...
93
Advanced Revenue Management
Price matrix
Standard
Superior
RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2
200 160 14...
94
Advanced Revenue Management
Actual Effects on Hotels
A hotel with 200 rooms. If RM is applied to the sales of each of
i...
95
Advanced Revenue Management
Actual Effects on Hotels
1 Hotel x 100 Roomsx365 days = 36,500 Rooms 1/3 =
12,166 Rooms
12,...
96
Advanced Revenue Management
Official Definition
Price parity
97
Advanced Revenue Management
Price Parity
The price parity model is strongly criticized by some but also
advocated by ot...
98
Advanced Revenue Management
Commercial Parity
Commercial parity is based on the comercial parameters that can
condition...
99
Advanced Revenue Management
Control your Price Parity
Control of our parity is very important and can mark the
relation...
100
Advanced Revenue Management
Parity Disrupters
Dumping
Some companies carry out “Parity Disruption” measures on a
compl...
101
Advanced Revenue Management
Official Definition
Pricing and Distributors
102
Advanced Revenue Management
Capacity and its management.
103
Advanced Revenue Management
Availability Management
The correct management of our availability is one of the biggest
p...
104
Advanced Revenue Management
Capacity/Availability Management
Actions on capacity:
- Nesting (sell the superior ones at...
105
Advanced Revenue Management
Overbooking
106
Advanced Revenue Management
Overbooking
Overbooking is a tool for the management (increase) of capacity.
It is a conse...
107
Advanced Revenue Management
Overbooking
Action Plan
As a result of this, it is advisable to have an action plan for th...
108
Advanced Revenue Management
Overbooking
Calculate your level of Overbooking and Assess Risk versus Profit
Bookings Mad...
109
Advanced Revenue Management
Day to day tools
110
Advanced Revenue Management
Remember:
111
Advanced Revenue Management
Exercise
Establish the strategies and objectives of your hotel.
•Who we want to attract
•A...
112
Advanced Revenue Management
Exercise
Establish your hotel's positioning.
•The one that most interests your most profit...
113
Advanced Revenue Management
Exercise
Make your budget.
•Day to day budget
•By segment
•By type of room sold
•Channels
...
114
Advanced Revenue Management
Exam
Questions
1. When should an offer be activated?
2. Where do they come from?
115
Advanced Revenue Management
Summary: Concepts of Revenue Management
Free Download:
http://www.duettoresearch.com/resou...
116
Advanced Revenue Management
Summary: Concepts of Revenue Management
Free Download:
http://www.adhp.org/pdf/1-theBasics...
117
Advanced Revenue Management
Recommended Reading
118
Advanced Revenue Management
Professor: Tomeu Pons
tomeupons@gmail.com
LinkedIn: http://es.linkedin.com/in/tomeupons
@t...
119
Document made under Creative Commons & Copyleft license.
Use this content at your convenience. Link this document.
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Advanced revenue management for hotels 1 - lisbon 2016 - english

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Advanced revenue management for hotels 1 - lisbon 2016 - english


The main objective of this seminar is to understand the purpose of revenue management in both technological and commercial terms. With this information, a hotel can evaluate, develop and optimize its pricing strategy with the goal of maximizing profits.

Revenue Management is a method of managing sales of hotel inventory by applying yield management techniques.

Basic elements of Revenue Management used to manage inventory:

Historical data – statistics, demand and trends
Forecasts
Price management tools
Overall strategy
Pricing policies

The main factors in setting prices are: Advanced Revenue Management Contents • Introduction • Basic Definitions • Forecasting • Benchmarking • Segmentation • Pricing • Reports, Statistics • New Tools • Exercises • Glossary • Exam • Reading

tutorial Introduction to Revenue Management for Hotels Hospitality seminar- what is revenue management in hotel industry course

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Advanced revenue management for hotels 1 - lisbon 2016 - english

  1. 1. Advanced Revenue Management for Hotels Understanding all the Indicators Given by Tomeu Pons 14 Nov. 2016 - Lisbon
  2. 2. 2 Advanced Revenue Management Introduction The main objective of this seminar is to review and look in more depth at the concepts that form the key pillars of revenue management. The participant must already understand the concepts of e- distribution as well as the principles of revenue management. Therefore, this seminar looks in more depth at each of the elements so that the participant understands them and can use them in their daily work in the hotel where revenue decisions must be taken on the basis of data rather than instincts.
  3. 3. 3 Advanced Revenue Management Introduction Professor: Tomeu Pons tomeupons@gmail.com I am currently Associate Professor at Turisme Sant Ignasi TSI - Esade Foundation (School of Tourism and Hospitality Management Sant Ignasi). Responsible for Training in the Tourism Department of Cibernarium – Barcelona Activa and Associate Professor at the UB. Qualifications in Hotel Management, Marketing, Ecommerce and Systems from UIB Hotel School, Esade, La Salle URL and UPC. I work as BDM in Hotelerum and I have worked as consultant, director of marketing and CEO in companies such as Flamingo Hotelier, The Perfect Hotels, Sercotel, Hotusa, SAP…
  4. 4. 4 Advanced Revenue Management Contents • Introduction • Basic Definitions • Forecasting • Benchmarking • Segmentation • Pricing • Reports, Statistics • New Tools • Exercises • Glossary • Exam • Reading
  5. 5. 5 Advanced Revenue Management Notice This 2nd level seminar does not contain formulas, graphs or any other type of applied calculation since it is necessary to be fully clear about the thinking behind a formula before starting to use it. Many hoteliers apply incorrect formulas and calculations to their revenue management strategy due to their limited knowledge of the elements they contain. These formulas and the excel sheets that support them are explained in depth in the 3rd level course “Professional Revenue Management”
  6. 6. 6 Advanced Revenue Management Basic Elements of RM The elements required to carry out Revenue Management are: • History – Statistics. Demand and Trend • Forecasting – Predictions • Benchmarking • Segmentation • Pricing - RM Pricing Policy • General Strategy • Price Management Systems and Tools • Inventory Management
  7. 7. 7 Advanced Revenue Management When is it appropriate to apply yield? To apply RM we need: • fixed production of stock/products • perishable product • clear dynamic price setting policies • ability to update rates quickly • that bookings/purchases take place in a period of time • possibility of segmenting markets or groups of customers The involvement of the Management, Sales and Bookings teams is necessary to manage RM actions. The RM vision, mission and objectives must be unified. It is necessary to collect information about demand: prices paid, booking dates, consumption dates, amount of demand, events in the destination or origin cities, prices of our competitors, distributors, etc.
  8. 8. 8 Advanced Revenue Management Main Techniques The following are some of the main tools used in RM: - Availability Management - Room Allotments - Groups - Terms and Conditions for Bookings - Automatic Room Allotment - CTA, Close to Arrival - MinLOS & MaxLOS - Upselling - Overbooking
  9. 9. 9 Advanced Revenue Management Key principles for price The key point is to have appropriate prices and to define them we will take into account: - Value of our product - Perception by the customer - Positioning - Competition
  10. 10. 10 Advanced Revenue Management Minimal influence of revenue Several studies indicate that revenue management and commercial management influence around 30% of a hotel's total results. The same studies indicate that 70% of the factors influencing the result of a hotel depend directly on the economic environment of the customer and the hotel.
  11. 11. 11 Advanced Revenue Management With what Aim The key point
  12. 12. 12 Advanced Revenue Management Forecasting or Scheduling demand. Forecasting, organizing our forecast.
  13. 13. 13 Advanced Revenue Management What is Forecasting Forecasting is the estimation and analysis of future demand for a specific product, component or service using inputs such as historical sales ratios, marketing estimates and promotional information. Price Waterhouse Coopers
  14. 14. 14 Advanced Revenue Management Objectives of Forecasting The objective is to predict the periods of low demand, to be able to stimulate sales, and to identify the periods of high demand in which we can raise prices. It is about creating a study based on a schedule that allows us to identify the demand that our product will have in the future. It also meets other objectives of different departments such as: purchases from suppliers, visitor flows, estimates for governance, bar or reception staff, expenditure planning and other logistical and operational aspects. It helps with the general forecasting of the hotel's operating results.
  15. 15. 15 Advanced Revenue Management Reasons for Forecasting Why are forecasts produced? • to measure demand • to predict lack of demand • to react to lack of demand • to define the commercial strategy • application of prices • restriction of sales • to discover cancellation patterns • to control expenditure • to control commissions • financial planning • hr planning
  16. 16. 16 Advanced Revenue Management Objective of Forecasting for a Revenue Manager The main objective is to maximize income and for this we will work on the following points: • Predict high demand • Predict low demand • Application of rates • Define reaction strategies • Terms and conditions of sale • Distribution of the room allocation • How to stimulate sales • How to raise prices • Predict distribution costs or commissions • Help marketing in buying advertising
  17. 17. 17 Advanced Revenue Management Minimum Data in Forecasting. No matter how simple a forecast is, the minimum data that you should consider are: 1. Occupancy 2. Average rate 3. Total income or by segment 4. RevPar 5. Pick up 6. Commissions
  18. 18. 18 Advanced Revenue Management Data in a Forecast. The recommended data that you should consider are: 1. Occupied rooms 2. Average occupancy % 3. Rooms denied (demand) 4. Rooms rejected (overbooking) 5. No shows 6. Canceled 7. Current bookings 8. Bookings trend 9. Historical comparison 10. Average Room Rate (ARR) 11. Revenue per Available Room – RevPar 12. Market Penetration Index – MPI 13. Gross Margin Per Available Room – GOP 14. Total rev per av Room – TrevPAR 15. Duration of stay 16. Booking Pace – time between bookings and arrival
  19. 19. 19 Advanced Revenue Management Data in a Forecast. The extra data that you should consider are: 1. Historical occupancy for each day (calendar, numerical, weekly) 2. Evolution of historical bookings for that day (what day they were made) 3. Current bookings for that day 4. Current evolution of bookings for that day 5. Customers who shorten their stay 6. Customers who extend their stay 7. Customer supplier/distributor
  20. 20. 20 Advanced Revenue Management Advanced Data in the Forecast. To produce a Complete Forecast (for the whole hotel) it is necessary to know the historical data for consumption, referring to: • revenue from rooms • F&B and other revenue • weekday consumption • consumption at events: fairs, festivities, etc. • consumption in vacations • segmented customer (business or leisure) • changes in demand If you can, do another on competitors and another on the destination. This document will allow you to know the number of arrivals and departures, occupancy per room and possibly other hotel revenue streams. It is a good tool for setting internal targets.
  21. 21. 21 Advanced Revenue Management Phases of a Forecast. Phases of a Forecast: 1. Compilation of historical data 2. Compilation of current data 3. Introduction of data into the future calendar 4. Mapping adjustments for days or periods
  22. 22. 22 Advanced Revenue Management How to produce a Forecast. We can produce the Forecast with two types of data: - internal data (sales and commercial department) - external data (reports and competitor data) Both systems are correct. The best Forecast comes from the combination of both types of data.
  23. 23. 23 Advanced Revenue Management How to use the forecast in our daily work. It is very helpful to use the forecast in our daily work. Although it is only a “scientific” forecast it can tell us how our sales level is doing (forecasts) and if we are moving away from or towards our target, for both sales and income. We can compare not only the bookings already obtained (on the books) but also the demand for bookings that we have (on the books or pick up XXXXXX). That is, it allows us to react to the (demand curve) that has been seen to obtain sales if we are not achieving the overall (level of production) targets or those by segment or distributor.
  24. 24. 24 Advanced Revenue Management External Forecasting Parameters External parameters for the hotel. The economic environment of the hotel is important when producing forecasts. We must use data from the micro environment and the macro environment. Parameters: •Prices of competitor hotels •Economic framework •Growth of demand in the market •Growth in supply logistics (flights) •Complementary offer maturity •Strategies of the local, national and international competition •Public safety, fame, etc. •Consumption habit of the customer
  25. 25. 25 Advanced Revenue Management Elements of the Analysis We have three levels of analysis: daily, monthly and annual Daily: - Average occupancy - Average rate - Rev PAR - Pick Up, for what day are the bookings made today Monthly: - Geographic Origin, GOB - Length of Stay, LOS - Lead Time - Channel - Commissions Paid Always: - Profitability of the customer type
  26. 26. 26 Advanced Revenue Management Other factors to Consider in the Forecast Factor: Consumer Behavior It is important to segment customers not only by nationality, supplier, channel or distributor but also by pattern of behavior at the time of the booking and during the stay. Factors such as: choice of room type, reserved rate, payment method, commission paid, consumption in the hotel, length of stay, days at the hotel (national long weekend), level of service required and customer satisfaction.
  27. 27. 27 Advanced Revenue Management Other factors to Consider in the Forecast Factor: Actual Demand The actual demand or unconstrained demand is the real demand for our hotel rooms including not only what we sell but also: refusals, rejections, cancellations and no shows. In some cases this figure can represent 3% of demand. And if we do not have it, we tend to work with lower prices. These data should be recorded in the PMS by the corresponding departments.
  28. 28. 28 Advanced Revenue Management Other factors to Consider in the Forecast Factor: Segment, Key Accounts or Key Supplier We must constantly review key accounts, segment and key suppliers or distributors. The decrease in one of these can cause serious losses for the hotel and lead to a large workload for the sales team to replace them or increase demand from other channels. This work can only produce a good result if it is diagnosed early enough to react. They should represent 10% as a minimum and 30% as a maximum. It can also be carried out on: packages, products, events, nat.+ purchasing behavior, direct, reception, walkins, etc.
  29. 29. 29 Advanced Revenue Management Other factors to Consider in the Forecast Factor: Failures or Lack of Accuracy. The following errors can be made in the forecast: •Using inaccurate information •Too few historical references •Lack of matching of periods and dates •Not having total demand •Basing it only on internal data •Basing it only on external data •Counting group customers as individuals. •Working with discontinued products or packages (no demand) •Not knowing what promotions or strategies we had in previous years We must measure the quality of our forecast.
  30. 30. 30 Advanced Revenue Management Other factors to Consider in the Forecast Factor: Calculation of Errors in the Forecast In the Forecast
  31. 31. 31 Advanced Revenue Management Other factors to Consider in the Forecast Diagram: Demand Curves. Automate your view from the PMS
  32. 32. 32 Advanced Revenue Management Other factors to Consider in the Forecast Diagram: Simple Demand Curves.
  33. 33. 33 Advanced Revenue Management Other factors to Consider in the Forecast Diagram: data we extract from the PMS -Where do the bookings for a certain day come from -What has been booked during a certain day. We try to locate key revenue periods for that day
  34. 34. 34 Advanced Revenue Management Other factors to Consider in the Forecast Diagram: Example of Forecast 1
  35. 35. 35 Advanced Revenue Management Other factors to Consider in the Forecast Diagram: Example of Forecast 2
  36. 36. 36 Advanced Revenue Management Other factors to Consider in the Forecast Diagram: Example of Forecast 3
  37. 37. 37 Advanced Revenue Management How we measure our Factor Yield/RM Revenue per Available Room RevPAR Income from rooms or Average Rate x Occupancy Number of Available Rooms
  38. 38. 38 Advanced Revenue Management How we measure our Factor Yield/RM Gross Operating Profit – GOP Available rooms Total Revenue Available rooms TRevPAr Total Revenue per Available Room GOPPar Gross Operating Profit per Available Room
  39. 39. 39 Advanced Revenue Management Vocabulary for Forecasting Booking Pace The Booking Pace for present and future days should be monitored to ensure that it is performing in a way which means we can meet the forecast, reacting to any deviation if it is not. Daily Pick-up The daily Pick-up, and the ability to follow the booking pace should continue to distinguish between individuals and groups. On the Books The Booking Pace for present and future days should be monitored to ensure that it is performing in a way which means we can meet the forecast, reacting to any deviation if it is not. Booking Window The daily Pick-up, and the ability to follow the booking pace should continue to distinguish between individuals and groups.
  40. 40. 40 Advanced Revenue Management Pick Up The Pick Up is the figure that tells us today how many confirmed sales we have for a day. This figure shows us, by day or room type, the % already sold in a very detailed way. This figure will act as a guide in the decision to raise or maintain prices for a day and that we must apply from today. The ideal situation is to be able to analyze this figure and act daily in all channels. EXPLAIN THE 4 PREVIOUS WORDS
  41. 41. 41 Advanced Revenue Management Forecasting or Scheduling demand. Forecast Vs. The Reality of the Hotel To make decisions in the face of... 1. Too many sales of a segment 2. Lack of bookings 3. Commercial actions or discounts 4. Correction capacity (time and auto room allocation) 5. Increase in commission expenses 6. Decline of a market 7. Marketing proposal of a distributor 8. Increase in prices 9. Decrease in prices 10. Decline or disappearance of segments 11. Change of consumer behavior; booking site 12. Change of maintaining the strategy
  42. 42. 42 Advanced Revenue Management Forecasting or Scheduling demand. When should I produce a forecast? The frequency of the forecast must be established by each company. Continuous context of measurement and reaction (decisions by business) The normal frequency is: - Weekly for the sales targets meeting - Bi-weekly for the next 90 days - Bi-weekly for special dates - Monthly for season changes - Quarterly for the rest of the year - Quarterly for the next 12 months - When we detect a deviation of 10% from the pms for a certain date - When we detect a deviation of 5% in a supplier, destination
  43. 43. 43 Advanced Revenue Management Forecasting or Scheduling demand. Constant Forecast.
  44. 44. 44 Advanced Revenue Management Forecasting or Scheduling demand. Collaborative Tool. Use Google Calendar to identify all the events that can influence consumption. This is an easier and more accessible tool for the whole team.
  45. 45. 45 Advanced Revenue Management Forecasting or Scheduling demand. New Tools The Externalized Forecast. Use Google Calendar to identify all the events that can influence consumption. This is an easier and more accessible tool for the whole team.
  46. 46. 46 Advanced Revenue Management Elements in Forecasting Remember: - Targets met vs Targets set - Bookings on the books - Actual Pick up vs expected Pick up - Segments expected - Average rate - Total revenue We must carry out at least one Forecast: - Once a week for the next 4 weeks - Once a month for the next 3 months - Once a month every 3 months for the whole year - Once a year for the next year
  47. 47. 47 Advanced Revenue Management Benchmarking, selecting my competitors Benchmarking, selecting my competitors
  48. 48. 48 Advanced Revenue Management Benchmarking This is a study of the competition that aims to find out how they sell, at what price and what their occupancy is. All of this with the aim of discovering how we can improve and giving us clues on how to act with distributors, customers, etc. in order to improve our marketing. As a minimum a benchmark study should have data on: • Prices • Room type • Products • Packages • Distribution channel • Occupancy • Services Offered
  49. 49. 49 Advanced Revenue Management Benchmarking, selecting my competitors One of the basic elements of revenue management is outlining who our competitors are, and it should be the marketing or sales department that advises us. We must select our competitors, since they will serve as a reference when identifying how a customer may perceive us. The analysis of competitors is key to making progress in strategies and results.
  50. 50. 50 Advanced Revenue Management Benchmarking, selecting my competitors The objective of benchmarking is to be able to compare ourselves with the selection of competitors to identify: -Their prices (public, private, FIT, etc.) -Market shares -Development of our sales -Where they are distributed -At what prices they sell -From where customers arrive -Occupancy rates -Average price -Opinions of their customers -Deficiencies -Segmentation -Positioning in OTAs -Strategies -Extras offered and prices -Promotion tools (marketing) -Photographs -Descriptions
  51. 51. 51 Advanced Revenue Management Benchmarking, selecting my competitors We propose a simple method: 15/9/6 We must select: -5 establishments that the customer could consider to be superior to our hotel, superior substitute product -5 establishments that the customer could consider to be similar to our hotel, similar substitute product -5 establishments that the customer could consider to be inferior to our hotel, inferior substitute product Over time we will reduce the list to 9 but we will never have fewer than 6 References: stars, zone, type of room, customers, etc.
  52. 52. 52 Advanced Revenue Management Benchmarking, the Competitive Set We propose a simple method: 15/9/6 References: stars, zone, type of room, customers, etc. This is our Competitive Set 5 3 2 5 3 2 5 3 2
  53. 53. 53 Advanced Revenue Management Benchmarking and Daily Prices Monitoring the prices at which our competition sells is one of the best tools to help us sell better. Using this we will be able to reach numerous conclusions. There are many tools on the market to obtain this information. The data to extract will be: • What is their strategy? • Do they use yield? • What occupancy they have? • Can they affect our sales? • What will their next price be? • Selling with minimum stay (LOS)
  54. 54. 54 Advanced Revenue Management Benchmarking, IT Tools We propose the use of comparison IT tools as they facilitate the work, automating it. Companies such as: Rateshopper, STR Global, Dueto, Pricematch,
  55. 55. 55 Advanced Revenue Management Benchmarking, IT Tools We propose the use of comparison IT tools as they facilitate the work, automating it. Companies such as: Rateshopper, STR Global, Dueto, Pricematch,
  56. 56. 56 Advanced Revenue Management Benchmarking, IT Tools We propose the use of comparison IT tools as they facilitate the work, automating it. Companies such as: Rateshopper, STR Global, Duetto, Pricematch
  57. 57. 57 Advanced Revenue Management Benchmarking, Reference Variables a) Market share: total hotel rooms/total market rooms x 100 b) Current market share: total hotel rooms sold/total market rooms sold x 100 c) Penetration index: current market share/ market share d) Average price index: average hotel price/ average price all hotels e) Income generation index: ipm x imp
  58. 58. 58 Advanced Revenue Management Market/Customer Segmentation. Market segmentation
  59. 59. 59 Advanced Revenue Management Market/Customer Segmentation. Market segmentation is a study that should allow us to know the different reasons why customers come to our hotel. This should allow us to form different segments or homogeneous groups of customers based on the reasons for the visit. On knowing these reasons we will be able to analyze how to increase the demand of these segments. We must also know the segments of our competitors and the destination in general to compare these. A single customer can be in several segments.
  60. 60. 60 Advanced Revenue Management Market/Customer Segmentation. To consider a group of customers as a segment it must comply with the following: 1. It is not a channel or distributor 2. Sensitive, responds differently to the strategy 3. Measurable, both in themselves (age) and in the result (consumption) 4. Operable, can be worked on (mtkg, prices, etc.) 5. Profitable, Segment or micro segment but not too small It always responds to the marketing mix.
  61. 61. 61 Advanced Revenue Management Market/Customer Segmentation. 9 Benefits of Segmentation. 1. It increases income by segment 2. It allows the selection of more profitable customers 3. It saves on the marketing budget 4. It improves marketing actions 5. It allows different prices to be offered 6. It allows different services to be designed (package) 7. It allows our services to be adjusted 8. It generates a customer who is more satisfied 9. It has an impact on the customer environment
  62. 62. 62 Advanced Revenue Management Market/Customer Segmentation. Segmentation Stages: 1. Identify the group of customers, dimension 2. Determine their needs and expectations 3. Ability we have to generate demand 4. Internal changes to promote this demand 5. Analysis of the historical report and consistent forecast
  63. 63. 63 Advanced Revenue Management Market/Customer Segmentation. To study market and customer segmentation we should collect this data: • Schedule of their demand • Length of stay • Purpose of stay (inbound and outbound) • Reason for choice of hotel • Time in advance • Revenue per room • Revenue per customer • Distributor through which they book • Place of purchase • Final product they consume • Frequency of purchase • Profitability • Group size
  64. 64. 64 Advanced Revenue Management Market/Customer Segmentation. Revenue per Available Customer Value. Rev.PACV These are the revenues we obtain by customer type, which allows us to classify them and assign them a value. Grouping them will allow us to be more effective when it comes to optimizing our revenue as we will focus on those that offer us more revenue at any time. Top Revenue Client. It allows the calculation of your “Displacement”, opportunity cost of having one customer and displacing (rejecting) another. Very applicable for selecting series, groups and TOs. Occupancy ceiling by group or TO.
  65. 65. 65 Advanced Revenue Management Market/Customer Segmentation. Exercise: - Identify my segments - Identify the segments of my competitors - Identify the segments of my destination
  66. 66. 66 Advanced Revenue Management Official Definition Pricing
  67. 67. 67 Advanced Revenue Management Impact of Pricing Impact of Pricing on our Hotel The importance of pricing is crucial for companies. In 2009 a European study by Simon-Kucher showed that price setting is crucial for the company and reported more benefits than from cost reduction. We can ask ourselves, what importance does our general management place on cost reduction? How many programs are implemented in this area? And about pricing, how much attention is it given? Who imposes it on us? How do we work with it?
  68. 68. 68 Advanced Revenue Management Official Definition What is Pricing These are the pricing setting techniques developed within a company. This price setting can vary depending on the company’s strategy. The main price setting factors are: manufacturing costs, market, competition, market position and quality of the product.
  69. 69. 69 Advanced Revenue Management Access to more customers Pricing or how to multiply access to products and customers. The focus for the pricing objective must be global and strategic. The pricing objective in the hotel sector is not only to make changes according to market demand. The main objective is to create a range of products that can be absorbed by as many customers as possible to generate the greatest possible revenue.
  70. 70. 70 Advanced Revenue Management Efficient Price Price management triangle: Costs Competition Demand Management of Prices
  71. 71. 71 Advanced Revenue Management Efficient Price Efficient Price: These are price setting techniques for a good or service. Setting prices can be approached from the point of view of either production cost or demand. From the marketing point of view, an 'efficient price' is a price that is very close to the maximum price that a consumer is willing to pay. In economic terms, it is a price that transfers most of the value obtained by the consumer to the producer.
  72. 72. 72 Advanced Revenue Management Pricing. Where do prices come from? From the mind of the customer. From what the customer is willing to pay for a good or service. The customer compares different options (substitute products) together with their available budget and the return or pleasure they obtain. That creates the idea in their minds of the appropriate price they would pay for a good. To increase its profitability per sale a company must always know the maximum price range at which its customer is willing to consume. To increase the customer's perception of value, factors such as the product, price, distribution and how we promote it must be taken into account.
  73. 73. 73 Advanced Revenue Management Pricing. Where do prices come from?
  74. 74. 74 Advanced Revenue Management The Customer's Price and Response Having a good price but not having customers. Although price seems to be a tool over which we have control this feeling is totally false. - Price is defined by demand - Sometimes it goes up and sometimes it goes down - Seasons of high demand and low demand - Years without demand - Channels without demand Price is also defined by the competition (local or international). There are techniques or factors that help increase the price
  75. 75. 75 Advanced Revenue Management Official Definition Pricing Next step: “scientific pricing”. A mix of software, human behavior tracking, statistics and scientific models to obtain a price for each customer. It is based on the idea that: the hotel can discriminate between different sellers and the seller can discriminate between different buyers. Why is the data collected by Google or Facebook so important?
  76. 76. 76 Advanced Revenue Management Official Definition Financial Pricing There are several financial or accounting techniques for setting prices, all excellent, but none of them are based on market factors so they are not useful to the revenue department. They are only useful for establishing what prices we should sell at given the investment made in the hotel. We will not discuss any of these techniques in this seminar.
  77. 77. 77 Advanced Revenue Management Official Definition Main methods for setting prices depending on the: Market. •Prices based on demand (elasticity/inelasticity) •On the life of the customer •On the value perceived by the customer •Depending on the competition (high, penetration, market) Costs. •Costs of the intermediaries •Prices based on direct costs Perception of the customer •% of one room type to another •Reaction to the product •Private prices/loyalty
  78. 78. 78 Advanced Revenue Management Official Definition Pricing Other factors for price setting are: Quality of hotel services (and how we explain it) Room quality (position, views) Desirability, exclusivity factor Geography Demand Season Customer type Available budget Competitors Offer in the area
  79. 79. 79 Advanced Revenue Management Official Definition Prices and results. There are 3 approaches to measuring the effectiveness of prices by their results. How do we want to measure it in our hotel? -Based on the average rate -Based on % occupancy -Based on RevPar We must analyze the prices that we sell most by: -Channel -Season -By rates/offer
  80. 80. 80 Advanced Revenue Management Official Definition Price Discrimination. These are the parameters by which a company assigns prices. 1. Perfect discrimination. This is the most effective system in tourism, it assigns a price to each customer and each product. It assesses the intensity of demand and evaluates the type of customer. Applied in the extreme, the price would vary depending on the unit we sell and who it is sold to. Other discrimination options: 2. Volume. By purchase volume/quantity (including by what they consume in the hotel) 3. Type. By customer type/group, or by version By positioning, image, flash promo, seasonal, etc.
  81. 81. 81 Advanced Revenue Management Official Definition Pricing and Rate Obscuring This is one of the techniques to deal with a serious fall in demand such as a crisis or collapse of an outbound agency. Offers are the best response followed by masking: • Make packages • Free nights for every x of stay • Opaque channels, priceline type • Free breakfast • Prepaid • Transport • Excursions
  82. 82. 82 Advanced Revenue Management Tariff Structure Pricing We can base our tariff structure on: 1. Official 2. Rack 3. Walk-in 4. Negotiated 5. Corporate 6. Wholesalers 7. Fit 8. Promo 9. Mice - meetings incentives congress and events 10. Weekend 11. Bar 12. Last m. 13. Long Stay 14. Loyalty 15. VIPs
  83. 83. 83 Advanced Revenue Management Price matrix Standard Superior RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2 200 160 140 120 110 100 90 80 70 60 215 175 155 135 125 115 105 95 85 75 Suite 230 190 170 150 140 130 120 110 100 90 General Price Table
  84. 84. 84 Advanced Revenue Management Dynamic Pricing Advantages of Dynamic Pricing - Eliminates discounts in periods of high demand - Reduces room availability for groups - Increases discounts in periods of low demand - Sets rates for "Special Events" or for periods of extraordinarily high demand.
  85. 85. 85 Advanced Revenue Management Actual Effects on Hotels * Avoids cannibalism Price Mix of Rates No. of Rooms
  86. 86. 86 Advanced Revenue Management Revenue Algorithm. Example Display Prices of: 1. 0% €116.0 2. 20% €122.4 3. 40% €128.8 4. 60% €135.2 5. 80% €141.6 6. 100% €148.0
  87. 87. 87 Advanced Revenue Management Practice: How we set our prices
  88. 88. 88 Advanced Revenue Management Price matrix Standard Superior RACK PREF BAR1. BAR2. BAR3. BAR4. BAR5. BAR6. WKD1. WKD2. 200 160 140 120 110 100 90 80 70 60 215 175 155 135 125 115 105 95 85 75 Suite 230 190 170 150 140 130 120 110 100 90 General Price Table
  89. 89. 89 Advanced Revenue Management Price matrix Standard Superior RACK PREF BAR1. BAR2. BAR3. BAR4. BAR5. BAR6. WKD1. WKD2. 200 160 140 120 110 100 90 80 70 60 215 175 155 135 125 115 105 95 85 75 Suite 230 190 170 150 140 130 120 110 100 90 25%50%75%100% 33%66%99% Very Low Season Price Table
  90. 90. 90 Advanced Revenue Management Price matrix Standard Superior RACK PREF BAR1. BAR2. BAR3. BAR4. BAR5. BAR6. WKD1. WKD2. 200 160 140 120 110 100 90 80 70 60 215 175 155 135 125 115 105 95 85 75 Suite 230 190 170 150 140 130 120 110 100 90 25%50%75%100% Low Season Price Table
  91. 91. 91 Advanced Revenue Management Price matrix Standard Superior RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2 200 160 140 120 110 100 90 80 70 60 215 175 155 135 125 115 105 95 85 75 Suite 230 190 170 150 140 130 120 110 100 90 33%66%99% Shoulder Season Price Table
  92. 92. 92 Advanced Revenue Management Price matrix Standard Superior RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2 200 160 140 120 110 100 90 80 70 60 215 175 155 135 125 115 105 95 85 75 Suite 230 190 170 150 140 130 120 110 100 90 25%50%75%100% Shoulder-High Season Price Table
  93. 93. 93 Advanced Revenue Management Price matrix Standard Superior RACK PREF BAR1 BAR2 BAR3 BAR4 BAR5 BAR6 WKD1 WKD2 200 160 140 120 110 100 90 80 70 60 215 175 155 135 125 115 105 95 85 75 Suite 230 190 170 150 140 130 120 110 100 90 25%50%75%100% High Season Price Table
  94. 94. 94 Advanced Revenue Management Actual Effects on Hotels A hotel with 200 rooms. If RM is applied to the sales of each of its rooms and each room has an increase per sale of €2, the result at the end of the year is very significant. 200 rooms x €2 = €400/day x 365 days = €146,000 200 rooms x €3 = €600/day x 365 days = €219,000 200 rooms x €5 = €1000/day x 365 days = €365,000 200 rooms x €15 = €3000/day x 365 days = €1,095,000
  95. 95. 95 Advanced Revenue Management Actual Effects on Hotels 1 Hotel x 100 Roomsx365 days = 36,500 Rooms 1/3 = 12,166 Rooms 12,166 x €3 = €36,498 12,166 x €6 = €72,996 12,166 x €9 = €109,494 ANNUAL TOTAL EXTRA = €218,988
  96. 96. 96 Advanced Revenue Management Official Definition Price parity
  97. 97. 97 Advanced Revenue Management Price Parity The price parity model is strongly criticized by some but also advocated by others. Despite having no financial logic this practice is widely used today and is the only one accepted by all the IDS. Internally, there are differences between the commissions charged that are taken as promotional or marketing expenses. Some IDS are offset with others. Without parity, customers would go en masse to buy through the cheapest IDS and although this would be more effective it would cause a single IDS to dominate almost all of the hotel's sales; a very dangerous situation.
  98. 98. 98 Advanced Revenue Management Commercial Parity Commercial parity is based on the comercial parameters that can condition the purchase by the customer. It is important to have commercial parity with our distributors as this can give them advantages over our own channel. - Payment conditions - Booking conditions - Cancellation fees - Days of cancellation - Cleaning costs - Hidden offers - ...
  99. 99. 99 Advanced Revenue Management Control your Price Parity Control of our parity is very important and can mark the relationship with our customers and distributors. There are technological tools to compare the prices for our hotel. - know who we are working with - know who distributes us - know the “mark up” on our product - understand the model of our distributor: Retail, Merchant, Opaque
  100. 100. 100 Advanced Revenue Management Parity Disrupters Dumping Some companies carry out “Parity Disruption” measures on a completely voluntary basis. It is about breaking the parity of your hotel to benefit them, reducing their own sales margin so that the customer chooses to make the purchase in their companies. Other times they integrate data from several of your channels and show the one with which you have a lower price contract. These companies usually don’t have a direct contract with the hotel and use price comparators to reach the customer. If necessary, make bookings on each channel until you get the rate/voucher and know through which agency you are being sold.
  101. 101. 101 Advanced Revenue Management Official Definition Pricing and Distributors
  102. 102. 102 Advanced Revenue Management Capacity and its management.
  103. 103. 103 Advanced Revenue Management Availability Management The correct management of our availability is one of the biggest points of support for proper RM. Factors that condition our availability: - Booking conditions - Rate level - Non-Guaranteed Bookings - Prepayments - Room Allotments - Groups - Overbooking - Waiting list - Peaks and Troughs in planning
  104. 104. 104 Advanced Revenue Management Capacity/Availability Management Actions on capacity: - Nesting (sell the superior ones at prices of doubles) - Room Allocation Protection (Closures + wait) - Auto room allocation bookings - Closures in network of distributors - No action on capacity (whoever comes takes it) - Static versus dynamic room allocations - Capacity by customer value (capacity x cookie) - …
  105. 105. 105 Advanced Revenue Management Overbooking
  106. 106. 106 Advanced Revenue Management Overbooking Overbooking is a tool for the management (increase) of capacity. It is a consequence of the deliberate sale of a larger number of beds than exists in order to offset cancellations and no shows. Often no shows, last-minute cancellations and customers who decide to cut short their stay can affect our income and possibly our profitability. RM is a tool that allows us to find the optimal level of sales to make the most of the availability of our hotel.
  107. 107. 107 Advanced Revenue Management Overbooking Action Plan As a result of this, it is advisable to have an action plan for these occasions. In this we set out our planning: •where deviations will occur •stay costs •transport costs •compensation in services •monetary compensation •possible sanctions
  108. 108. 108 Advanced Revenue Management Overbooking Calculate your level of Overbooking and Assess Risk versus Profit Bookings Made > > Arrivals Unguaranteed Cancellations No Shows Rates We Charge Deviations we pay
  109. 109. 109 Advanced Revenue Management Day to day tools
  110. 110. 110 Advanced Revenue Management Remember:
  111. 111. 111 Advanced Revenue Management Exercise Establish the strategies and objectives of your hotel. •Who we want to attract •At what prices •How may products we offer them •What services we will provide •At what prices per segment •How you differentiate your hotel from the competition •What days make up each season •What factors will make us vary prices •Increase profitability •Increase repetition
  112. 112. 112 Advanced Revenue Management Exercise Establish your hotel's positioning. •The one that most interests your most profitable customers •What services you offer •What prices we set for the rooms •What prices we set for extra services •What changes you make to your image and descriptions •Which distributors we use •How much money they generate for us •What cost per sale we have •What is the total amount of commission paid •Who generates all the demand I need
  113. 113. 113 Advanced Revenue Management Exercise Make your budget. •Day to day budget •By segment •By type of room sold •Channels •Nationalities •Segments •By distributor/supplier •Large accounts (group and TO) Complications on extracting information from the PMS and formats.
  114. 114. 114 Advanced Revenue Management Exam Questions 1. When should an offer be activated? 2. Where do they come from?
  115. 115. 115 Advanced Revenue Management Summary: Concepts of Revenue Management Free Download: http://www.duettoresearch.com/resources/Effe ctive-Revenue-Management-in-the-Hospitality- Industry-Report.pdf http://www.duettoresearch.com/resources/Rev Mgmt%20to%20RevStrategy.pdf http://www.hospitalityupgrade.com/_magazine/ MagazineArticles/Running-Shoes-Bears-and- Revenue-Strategy.asp
  116. 116. 116 Advanced Revenue Management Summary: Concepts of Revenue Management Free Download: http://www.adhp.org/pdf/1-theBasicsofRM.pdf http://revenueanalytics.com/pdf/Cornell%20Fe bruary%202009.pdf http://cqx.sagepub.com/ http://www.hammerman.com/files/occtrack/fore casting.pdf http://www.hsmai.org/members/SIGRevManag ement.cfm
  117. 117. 117 Advanced Revenue Management Recommended Reading
  118. 118. 118 Advanced Revenue Management Professor: Tomeu Pons tomeupons@gmail.com LinkedIn: http://es.linkedin.com/in/tomeupons @tomeu_pons Thank you for attending.
  119. 119. 119 Document made under Creative Commons & Copyleft license. Use this content at your convenience. Link this document. If you are the Copyright owner of any part of this document, please notify us and it will be replaced or deleted.

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