DOI: https://doi.org/10.15587/2312-8372.2018.124414

Selection of the optimal set of revenue management tools in hotels

Nataliia Korzh, Natalia Onyshchuk

Abstract


The object of research is the scientific category «revenue management» and its tools, which, with the growth of the number of on-line sales channels of hotel services, become decisive in the struggle for survival. The existence of a large number of profit management tools associated with the online booking regime work as a SmallDat and gives quite scattered information about the state of the market. One of the most problematic areas is the formation of perspective analytics using existing tools.

In the course of the research methods of analysis, generalization and comparison of existing analytical software on the market were used, influencing the decision on the tactical actions of the hotel in the markets.

The author's interpretation of the scientific category «revenue management» is obtained as an auxiliary method of maximizing profits from a fixed perishable resource based on understanding, forecasting and strategic influence on consumer behavior. The proposed definition has a number of features, in particular, the emphasis is not on revenue growth, but on profits that can be obtained as a result of the implementation of specific strategic actions.

The advantages and disadvantages of the analytical tools common in the country are analyzed: Rate Shopper; OTA; BI and RMS. It is proved that no tool provides perspective analysis and therefore it is necessary to use several tools. Since this is an economic issue, the hotel must have an optimal set of such tools for the development of strategic decisions.

A model is proposed for making managerial decisions to optimize a set of analytical tools, which demonstrates the progress of the decision-making process for working with the instrument. According to the model, each hotel can choose at its discretion a set of analytical tools and check their relevance in the operational cycle of the hotel and informative for development of strategic decisions.


Keywords


revenue management; revenue optimization; analytical tools; income from the guest; income from the number; sales channels

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References


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Josephi, S. H. G., Stierand, M. B., Van Mourik, A. (2016). Hotel revenue management: Then, now and tomorrow. Journal of Revenue and Pricing Management, 15 (3–4), 252–257.

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Cross, R. G. (1997). Launching the revenue rocket: How revenue management can work for your business. Cornell Hotel and Restaurant Administration Quarterly, 38 (2), 32–43. doi:10.1177/001088049703800222

Ferguson, M., Smith, S. (2014). The changing landscape of hotel revenue management and the role of the hotel revenue manager. Journal of Revenue and Pricing Management, 13 (3), 224–232. doi:10.1057/rpm.2014.11

Korzh, N. V. (2017). Theoretical basis and praxeology revenue management. Scientific letters of international academic society of Michal Baludansky, 1, 131–136.

Skugge, G. (2004). Growing effective revenue managers. Journal of Revenue and Pricing Management, 3 (1), 49–61. doi:10.1057/palgrave.rpm.5170093


GOST Style Citations


Kozlov D. A. Yield Management in Hotels. CreateSpace, 2014. 234 p.

Josephi S. H. G., Stierand M. B., Van Mourik A. Hotel revenue management: Then, now and tomorrow // Journal of Revenue and Pricing Management. 2016. Vol. 15, No. 3–4. P. 252–257.

Talluri K., van Ryzin G. The Theory and Practice of Revenue Management. Boston: Springer, 2005. 731 p. doi:10.1007/b139000 

Revenue Management: Progress, Challenges, and Research Prospects / Wang X. L. et al. // Journal of Travel & Tourism Marketing. 2015. Vol. 32, No. 7. P. 797–811. doi:10.1080/10548408.2015.1063798 

Phillips R. Pricing and Revenue Optimization. Stanford University Press, 2005. 364 p.

Kimes S. E. Revenue management on the links: Applying yield management to the golf industry // Cornell Hotel and Restaurant Administration Quarterly. 2000. Vol. 41, No. 1. P. 120–127. doi:10.1177/001088040004100129 

Jauncey S., Mitchell I., Slamet P. The meaning and management of yield in hotels // International Journal of Contemporary Hospitality Management. 1995. Vol. 7, No. 4. P. 23–26. doi:10.1108/09596119510083229 

Jones P. Yield management in UK hotels: a systems analysis // Journal of the Operational Research Society. 1999. Vol. 50, No. 11. P. 1111–1119. doi:10.1057/palgrave.jors.2600739 

Cross R. G. Launching the revenue rocket: How revenue management can work for your business // Cornell Hotel and Restaurant Administration Quarterly. 1997. Vol. 38. No. 2. P. 32–43. doi:10.1177/001088049703800222 

Ferguson M., Smith S. The changing landscape of hotel revenue management and the role of the hotel revenue manager // Journal of Revenue and Pricing Management. 2014. Vol. 13, No. 3. P. 224–232. doi:10.1057/rpm.2014.11 

Korzh N. V. Theoretical basis and praxeology revenue management // Scientific letters of international academic society of Michal Baludansky. 2017. Vol. 1. P. 131–136.

Skugge G. Growing effective revenue managers // Journal of Revenue and Pricing Management. 2004. Vol. 3, No. 1. P. 49–61. doi:10.1057/palgrave.rpm.5170093 







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ISSN (print) 2664-9969, ISSN (on-line) 2706-5448