Revenue Management across Hotel Industry - Research Paper Example

Revenue Management across Hotel Industry Introduction to Revenue Management Revenue and profit maximization has been the prime concern for the businesses and organizations since time immemorial, for which they have used a number of techniques and approaches to achieve it. Undoubtedly, almost every profit-oriented business is determined persistently and continuously not only to enhance their revenues even as keeping costs under control, but is also in a constant endeavor to meet customers’ demand. However, Revenue Management (RM) is one of those approaches exercised by businesses in order to optimize their revenue stream. Since the marketplace influence, control and maneuver the product demands, timings and targeting to best effort, therefore, by having a wide-ranging knowledge of such a marketplace, enterprises have the opportunity to achieve it (Talluri and Ryzin, 2005). Numerous sources of information provides with the fact that Yield Management had been the traditional term that came under recognition; however, as time passed by, the concept of yield management has also come under reference as Revenue Management. According to the definition of Revenue Management, or Yield Management explained by Murphy its is “the practice of maximizing profits from the sale of perishable assets, such as hotel rooms, by controlling price and inventory and improving service” (Murphy, 2007, pp. 34). Revenue Management (RM) is an art and science increasing and boosting firm’s revenues or returns at the same time as selling essentially the same amount of product. A range of processes and techniques makes up the model of Revenue Management that initiates with the prediction of the demands, then moves on to the purchasing and managing the appropriate stock or inventory, providing the right product or a collection of products at the most accurate cost, correct place and right promotion. In other words, Revenue Management is a practice where industries must deal out their right inventory to the most accurate customers, at the correct price, and at the right moment in order to attain maximum profitability and returns. In fact, the enterprises must also concentrate on the most accurate distribution channel, which has now become a part of the new concept of Revenue Management (Huefner, 2011). Revenue Management is a tool that facilitates in forecasting the demands of the customers with the aim of optimizing the inventory and price accessibility that can lead to growth in revenue to a considerable proportion. Marketing, sales, and operations are the three essential and crucial segments that must come under close functioning with Revenue Management. This is because the techniques involved in RM are an amalgamation of the disciples such as market segmentation, inventory control, assessment of information and numbers, forecasting in advance, pricing, sales, and performance monitoring (Hellermann, 2006). The entire model of Revenue management can be understood with the example of the comparison amongst two passengers with a complete package of hotel and flight. Upon discussion by those passengers with respect to their flight and hotel, it came under observation that one of the customers paid fewer amounts for the flight and hotel as he booked it a month in advance. However, the other person paid a much more amount for his roundtrip airfare and hotel accommodation as he booked it only one day in advance. This elucidates the model of revenue management that the same airline and hotel manages their profits and revenues based on time and demands of the products and charge so differently (Prideaux, Moscardo and Laws, 2006). While looking at the market situation for the last couple of decades, it has come under consideration that the concept and models of Revenue management came into existence and materialized by the airline industry. Indeed, airline industry is the most primitive sector that initiated the practical implementation of the models and concepts of Revenue Management. However, over the course of period, the use of Revenue Management continued to expand quickly to new products and industries, and thus today, several industries are now practicing the models of Revenue Management that includes hotel, car rentals, vacations, theatres, cinemas, television advertisements, telecommunications restaurants and many more. This is because revenue management and its techniques are bringing benefits to almost every industry in today’s time (Huefner, 2011). Whilst looking at the historical evidences of Revenue Management, it has come to notice that it was the early years if the twentieth century, when the practical implementation of RM spread other travel and transportation businesses. At the same time, when giving a glance at the trends and evolution of the Revenue Management, it has come under witness that Hospitality Industry is one of the sectors where the implementation and application of Revenue Management has evolved tremendously in the last couple of years. In fact, due to the very fast growth of Revenue Management practices in the hotel industry, it is alleged and believed that revenue management has become the linchpin of any hotel business, as this industry is continuously becoming competitive. In addition, it has also been an observation that deep and extreme interest in the revenue management elicited due to the growing competition, the marketplace is maturing. Business environment on a global perspective have come under alteration and transformation due to the rapid expansion, progress and emergence of key hotel operators. This elevated the need for robust revenue management strategies than it had been in the past. Literature Review on Revenue Management Implementation Research studies also suggests that the failures of various companies within the industries is not exclusively due to the failure of Revenue Management techniques and methods, rather they are more due to the increases in the prices that leads to loss in revenues and become bankrupt. However, studies also conclude the fact that in the light of the success of Revenue Management, numerous hard work and research studies have come under application to acclimatize the Revenue Management approaches to the needs of other industries (NG, 2008). Revenue Management plays on several essential segments that are indispensable to understand. To know your customers are the primary aspect through market segmentation and price discrimination. Demand forecasting is one of the critical and imperative aspects of Revenue Management in which the enterprises by looking at the historical data of demand patterns, trends and cycle for a particular service or product, calculate and forecast the demand. These demands can also come under utilization for the prophecy of the potential future in every market segment (Yeoman and McMahon-Beattie, 2004). With reference to hotel industry for demand forecasting, since very little data and information is obtainable and accessible for million and billions of customers, hence, statistical techniques and methods come under practice for demand forecasting. While on the other hand, when taking a glimpse at the media broadcasters, they have comprehensive information and knowledge concerning their customers, and thus, they monitors the historical buying patterns of customers and based on it, they estimate or calculate for their commercial spots during various shows. Studies also reveal the piece of information that demand forecasting has proved to improve and enhance the efficiency of the techniques and methods used in Revenue Management (Rücker, 2012). By looking at the trends of the demand forecasting for various industries, studies and records exhibit that the peak season for sales of hospitality industry incorporating tour operators and travel agencies are around holiday periods. Whilst, the records states that weekends are the days that have come under witness for the increased sales for restaurants and theatres, rather than weekdays. In addition to the demand forecasting, the comparison between the forecast of supply and demand is an additional but very essential process in the implementation of Revenue Management. The assessment between the two is not the only process but identification and analyzing the gap between them is crucial as well. Review of internal and external factors such as room ratings, service quality, marketing, sales, potential competitors in the market, competitors room service, pricing and several others are a part of supply evaluation that can come under action through the SWOT analysis and competitive analysis. Market segmentation, booking patterns, cancellation rates, no show ups, selection of target markets and various others are all aspects that outlines the structure of the demand analysis. This gap analysis is substantial because it helps determine the factors that are likely to persuade the future demand and supply and help constitute set of measures and actions that would shrink and eradicate the gap between supply and demand. Inventory control or stock allocation is another significant aspect that needs to come under consideration in Revenue Management, predominantly when the hotel industry comes under consideration. This is because hotels have a greater opportunity in comparison to other industries to sell their inventory at either premium or concession prices. Since, the demand for the inventory arrives late and the price-conscious customers make a booking at early times, therefore, the industries comes under compulsion to set a booking limit that can confine the maximum amount of inventory to be sold at concession price. It is necessary that the industry must not set a very high limit, as it would increase the possibility for the industry to have a loss in opportunity by turning their premium customers to some other competitors. It is also vital to administer that this limit might not get too low, as it would lead to unsold inventories (Hellermann, 2006). Product differentiation is important in Revenue Management as well as it is to provide the customers with some added-value services in conjunction with the primary fixed capacity stock, based on their preferences. Providing the customer a room with a particular view in case of hotels, providing fast check-in for customers, offering the passenger with more legroom seat in case of airlines, private against a semi-private room in hospitals are few of the examples that companies put into effect for creating a difference in the products. The application of overbooking is also one of the substantial elements of Revenue Management, as there always a chance exists that customers may not appear. Overbooking comes under exercise to redeem or retrieve for customer cancellations or no-shows, thus makes it a requisite to forecast such cancellations. However, insufficient and excessive overbooking both results in potential loss in revenues in terms of unsold inventory and penalty cost. As an outcome of such loss, it leads to customer dissatisfaction and prospective loss for the future revenues and profits (Hayes and Miller, 2010). From the above analysis, it can come to learning that customer behaviors and the capability of forecasting future demand play influential role for the aspects of inventory or stock allocation (managing the blend of discounted fares and early booking constraint) and overbooking (selling of more rooms than available in case when cancellations and no-shows are allowed) (Hayes and Miller, 2010). Researches have indicated that industries such as hotel or airline businesses having identical or undifferentiated products or services that can satisfy the needs and demands of various types of customers have proved to have more successful implementation of Revenue Management techniques and approaches. For instance, in a hotel or a resort, a particular room can come under selling to even a low-fare class customer as well as at a higher price to a business-traveler. This also comes under reference as fixed capacity in the short run, because of the reason that the hotel knows exactly about their initial inventory as product units (room) and the service offered by the hotel management are alike (Forgács, American Hotel and Lodging Association Educational Institute and Buckhiester, 2010). The below mentioned table provides evidence for the industries that can come under different segmentation while implementing Revenue Management: Revenue Management Criterion Industries Comments Hotel Cruise-Line Airline Market Segmentation Business travel, and leisure travel with discount rates on fares Same strategy can come under implementation as Hotel Same strategy can come under implementation as Hotel It split and breaks up the customer valuation to high or low, depending upon the value of their purchasing Fixed Capacity Hotel Cruise Flight The fixed capacity that the businesses have is their primary option, which needs to come under utilization to its maximum. Perishable Inventory Hotel Rooms Lifeboats seats and number of cabins Departing Seats Low Marginal Cost for Incremental Sale Advance Booking Room Cleaning, Customer Meals Yes Room Cleaning, Customer Meals Yes Passenger Meals Yes Low marginal cost is used to bring increase in the sales Used to forecast the overbooking Demand Forecasting Cycle: Seasonal Day of Week Yes Yes Yes – Depends upon customer segment Yes Yes Yes – Depends upon customer segment Yes Yes Yes The demands cycle states the peak time of demands for the industries. Weekdays and Weekends are also used for separating leisure and business customers. Length of Stay or Trip Length Yes Yes No This defines and differentiates the customer segmentation, normally used by airlines and hotels. Package or Group Discounts Yes Yes Yes Provide the customers, particularly the leisure customers with some trip restrictions. Group discounts is one of the practice that sells a large block in order to reduce the risk of unused inventory. (Talluri, 2005) Revenue Management Implementation across Hotel Industry Hotel Industry is one of the industries that practice the concepts and techniques of Revenue Management in a broad spectrum. As matter of fact, preferred hotels, and resorts takes revenue management on a very serious note and employ true revenue management professionals following strict guidelines. Their commitment has contributed a considerable proportion to the revenue maximization and overall success of the hotels. In contrast, the hotels with unsuccessful business have come under observation to rely only on the responsibilities to the local management (Bardi, 2010). Revenue Management for hotel industry states that, in the course of organized, logical, and constant management of rates with the help of forecasted patterns of the demand, the maximum utilization of the hotel rooms comes under practice. This practice of maximizing the room consumption, the process can lead to maximal revenue generation. Forecasting Demand for the target market is one of the most important aspects for the implementation of Revenue Management. Forecasting based on local demand trends and the prospective factors including the responses of the competitors due to your discounted rates on rooms and special services that are prone to manipulate and persuade the demand are important facets that need to come under consideration and monitoring. However, in case of a hotel industry, Revenue management does not mean that a hotel or a resort would sell their rooms at a lower price today as they want to sell the room at a higher price tomorrow. In fact, Revenue Management is a tool that indicates that if the higher demand does not come under expectation, then room must come under selling at a lower price today (Pizam, 2010). Revenue Management in hotel industry has proved to be successful due to numerous reasons that include fixed capacity of the hotels, products are perishable and delicate, market can come under segregation, have the preference to sell products or rooms in advance, different prices can be set for different products, and demand evolves in such an industry (Pizam, 2010). Fixed capacity management, distribution of rooms, pricing policies and decisions are all imperative features that have the underpinning on the forecasting of the demand. Studies reveal the information that market segmentation and price discrimination are the principal and elemental concepts on which RM works. The market segmentation can best come under determination with the purchase regulations and refund requirements. This can come under explanation that when hotels and vacation spots at their non-peak times provide the customers with relatively higher fares, they also provide those customers with partial or complete refund policies and are purchasable at all times. However, this is not in the case when such vacation spots and resorts have low fares, as the customers do not get any refund policies, and they comes under obligation to make an advance purchase (Reid and Bojanic, 2009). The customers who are price sensitive have a tendency and are willing to put up with lower flexibility. Moreover, such customers even perform less analysis of the services in comparison to those customers who are willing to pay more and have a higher evaluation. With reference to, the price sensitivity in the hotel industry, the price-sensitive customers are the customers who travel for leisure purpose, while the customers travelling for business purpose comes under recognition as price-insensitive market segment (Lovelock, 2010). When industries focus on price discrimination, this factor help the companies increase their revenues in tow major ways. Firstly, when the companies such as hotels by catering the less sensitive market charge premium and additional prices, they haul out greater revenues. Simultaneously, when the hotels offer the price sensitive market with discounted rates and prices, the outcome is the increased consumption of the services that counterbalances the price reduction factor. However, on occasional basis in the hotel industry, time is a factor that becomes a supplementary feature when determining the price of the service. Discounts are one of the biggest examples in such cases (Kotler, 2008). The different types of rooms with distinct views should have different prices that can be a source of attrition for the customers. If customers would not be able to make a difference between any room prices, then the logical pricing would not be effective. It is also important to keep in mind that how the customers would feel and act in response to the extensive variety of rates for the same room. For instance, a customer who pay high rates for a particular room might feel snubbed on knowing that another customer has received a discount on the same room for making a booking in advance. Overbooking is one of the strategies within the scope of the implementation of Revenue management that provides the companies with an option to make bookings that exceed the fixed capacity of the business. This is one of the policies that come under implementation in order to utilize the inventory to the maximum because no show-ups or cancellations at the eleventh hour is one of the possibilities that companies within the hotel industry experiences. To put the entire process of Revenue Management in nutshell, the process initiates with the demand forecasting that provides the future patterns of the customers based on the historical data and trends. The market segmentation is the next step that differentiates the customers based on their buying patterns. With this information, the RM manager allocates the rooms and set prices according to the target market. However, while making bookings, the factor of overbooking is significant to come under reflection, so that the image of the company does not come under damage with the refusal to the customers. Model Proposal of successful RM implementation in the Hotel Industry Based on the analysis of Revenue Management across the Hotel Industry, it has come to findings that Revenue Management is one of the techniques that have provided benefit to this industry to great extent. Therefore, derived from the analysis, in order to implement the Revenue Management System, a well-trained team of Revenue Management must come under deployment at the hotel that knows exactly what tasks and activities to perform. Demand Forecasting In collaboration with the sales department, the RM manager would gather and collect the historical evidences and data that reflect the sales of the hotel rooms in the past. This comprehensive data would include the periods of time that would help determining the peak times of the sales in the hotel on a local basis including the months in a year and days of the weeks. However, the marketing department would also contribute its share that would facilitate the RM manager in establishing the strengths and weaknesses of the organization, and the defining opportunities and threats present in the market. Competitive analysis would also come under practice in association with the marketing department that would help forecast and analyze the external environment. Product Pricing Even considering the current economic conditions and shifts in pricings on a global basis, prices of rooms and other inventories would come under proper reflection and would have flexibility in prices according to the customers and their preferences. This can come under well achievement by forecasting the demands for the past couple of years within the industry and competitors analysis. Pricing managers would come under involvement with the RM manager that would determine the actual pricing of the rooms. The price setting would come under practice with respect to the market segmentation and could fluctuate from customers to customers. The price determination needs careful designing and can rise and fall on certain conditions and factors that include the minimum and maximum length of stays, advance booking and preferred pricing to elderly or children. For Instance, providing concessions or discounts that include special offers to corporate customers, or discounts to group tours would be one of the advantages that would catch the attention of the customers, and thus creating a positive word of mouth. As an outcome of it, brand name of the hotel would come under fabrication. Overbooking The RM manager in alliance with the booking and reservation department must gather information that represents the data of the customers who do not show up or make cancellation over the period of instance. The information of overbooking is essential for the RM manager because the brand image of the company is most important in the hotel industry. Additionally, this data would provide the RM manager to develop the policies and strategies related to the overbooking. However, few alternative methods are available that would prevent or reduce the no show ups by the customers such as creating a system of reminders for the customer, no money back guarantees and various others. Revenue Management Information System With the increased trend of exercising the innovated and advanced technologies, the use of software systems would be grateful in transforming the hotel data analysis and forecasting. From the past experiences and implementations, it has been an understanding that such software systems increase the revenues of the hotel to a significant percentage, by instantaneous identification of the inefficiencies and providing solutions to it. The software helps the RM managers in calculating the demand forecasts through the inserted and stored date into the software system and determines the revenue optimal inventory controls. Such sophisticated software systems also provide the RM manager with the understanding about the reservations systems. Few other strategies on an overall basis that can prove to be effective from the analysis include implementation of policies that place images and photo galleries on the website information, as it makes a huge difference in creating high expectations, according to sources. Furthermore, it has come under consideration that consumer expectations raise and grow when the hotel management replies to the calls upon their request for queries, thus, the front desk administrators must take this into serious notice and fulfils the customers’ requests. By giving importance to the cultural values of the country of origin would be one of the significant strategies that would gain the customers attraction. This even includes having cultural nights or programs that demonstrate the local culture. Revenue Management Implementation across Cruise-line Industry Empirical studies expose the verity that cruise line industry has grown very rapidly in the recent years. Indeed, cruise line industry is another considerable industry that is actively practicing the techniques of Revenue Management. However, in comparison to other industries such as hotels or airline, this industry has its typical and distinctive features in the application of revenue management that take account of its fixed capacity, perishable inventory, advanced booking, market segmentation, and demand fluctuation (Gibson, Papathanassis, and Milde, 2011). Like any other tourism industry, capacity management comes under consideration as one of the most vital and critical components that come under deep reflection while making a Revenue Management Industry. Besides, studies also articulate that capacity management is the most intricate and multifaceted function of cruise line industry in comparison to the other businesses in the tourism industry. Therefore, while implementing Revenue Management in the cruise line industry, it becomes indispensable to maximize profit within in the fixed the capacity. Nevertheless, only one difference exists with reference to cruise and other travel industries that the capacity has two dimensions of the fixed capacity: lifeboat seats and number of cabins in different categories. Even though, there might difference occur, yet the prime goal of revenue management in the cruise line industry is also to maximize the revenues on an overall basis from the sales of the cabins on each sailing. Within the scope of Revenue Management, techniques and models have come under development concerning dynamic capacity control that has the basis on multiple constraints on cabins and lifeboat capacities (Ingold, Yeoman, and McMahon-Beattie, 2000). Furthermore, the correct decision making process on receiving or rejecting the reservations comes under facilitation from the revenue management model. The approval or elimination of the passenger reservations can be either for single cabins or for families. This model of revenue management smooths the progress of managing the cruise’s capacity more efficiently and proficiently. The Revenue Management model proposes that for the implementation, demand forecasting must come under performance that can provide the data from historic transactions that can help accurate forecasting. Nevertheless, booking curvature provides the cruise managers with the data of the increase or decrease in reservations that is the basis of all the derivative activities. Records also exhibit the piece of knowledge that passengers usually book for their cruise trips only a few days prior to their trips. However, the holiday and exotic cruises, bookings also come under performance few months in advance. At this point of time, the cruise gets the opportunity to use a variety of enticements or attractive packages that can stimulate demand as an approach of revenue management. These may include some concession for more than one passenger, regional promotions that include airfare for particular cabin categories and several others (Dickinson and Vladimir, 2007). The reception or refusal of the reservations made by passengers comes under verdict by the cruise manager on basis of the booking patterns of the reservations. The inventory control is an additional aspect that comes under consideration as inventory controls can also be linked with the promotions, determining the eligibility of the promotion and how many should come under selling. For instance, a two-cabin upgrade might come under offering to a passenger only on condition if they book a level-X cabin (Phillips, 2005). Price Discrimination is also one of the features that can come under exploitation in the cruise line industry with reference to airfare. This is because according to records, the passengers book the airfare and cruise in a combination. Therefore, improvements in air planning capabilities of a cruise line would prove to be effectual, and thus leading to significant opportunities for cost reduction and customer service improvements. Airfare has come under consideration as one of the biggest concerns, as the numbers of airlines are not increasing at the same pace as the cruises are escalating. Therefore, cruise line can create an attraction for the customers by reducing the airfare expenses by some proportion (Vogel, Papathanassis, and Wolber, 2011). Adding more to the strategies for developing and setting rational differential prices, it is another critical aspect for the effective implementation of Revenue Management, especially while considering the fixed capacity of the cruise line industry. The customers must be able to distinguish between the diverse pricing rates with respect to the exclusive cabin categories; else, this price discrimination factor would not prove to be efficient. This means that different cabin categories should have different price rates. Overbooking, indeed logical overbooking is also essential that can lead to effective management of the revenues. Non-show ups by the customers or passengers are present in every business sector. Therefore, the cruise line businesses and companies ought to make overbooking that can guard their unused inventory (cabin seats and lifeboats) in case of non-show ups by the passengers. Nevertheless, the cruise line industry must have a deep understanding and research from the historical data regarding the no show up and cancellation rates that can provide them with the basis for making over bookings. This is important, as the brand name of the cruise is significant that can come under deterioration due to overbooking that can cause denied boarding. Conclusion From the above analysis, it can come to conclusion that Revenue Management is a tool and technique that significantly elevates the revenues and returns of the industries with the help of better inventory management and cost determinations. Moreover, the enterprises within the capacity-constrained industries have the opportunity to protect their premium inventory that they can sell at higher prices, attract and inspire the market growth by offering them with discounted rates and curtail the wastage of perishable inventory. On an overall basis, it has come to an understanding that Revenue Management can leave a serious and indelible impact on to the business’s success. The implementation and practice of Revenue Management techniques have proved to be very successful in loads of business areas and industries, including from airlines to TV advertising, from cruise cabin management to car rentals. Revenue Management is a collection of efforts of work, commitment, and devotion, and is not the outcome of a calamity or mishap or merely a good fortune. Customer segmentation, forecasting, pricing, and actively acting in response to changes in customer demand are the prime focus areas for organizations that implement and practice Revenue Management. Extensive research suggests that forecasting, inventory or stock allocation, and overbooking are the interconnected principal and leading aspects in Revenue Management, due to which this methods has come under recognition to be a multifaceted and versatile business practice. However, studies also recommend that these three broad and widespread areas need to come under focus for constant research that can bring prospect business successes. Healthcare is one of the industries that need comprehensive research so that proper Revenue Management techniques can come under implementation. Since this is one of the areas, which has very complex activities in terms of its time allocation is crucially important in order to improve the revenue of the health care unit. In addition, hospitals research should undergo on a basis for more efficient and timely utilization of their resources that incorporate the factor of time or inventory (operating rooms) so that they are in a better position to respond to patients’ demand for service. With reference to the implications for the hotel industry, the determination of most accurate distribution channel is becoming important. This is because with the growth in the distribution channels, the selection of pricing and distribution at the lowest possible costs is becoming increasingly complex. Therefore, businesses, particularly the hospitality organizations must analyze the distribution channels in order to determine the most effective and effectual while delivering the business. This can come under understanding with the example that hotel managers must make an estimate about the true cost of the sale to identify that whether direct online sale is preferable or other channels drive the incremental business and revenues. To put the entire thesis succinctly, revenue management has provided benefits to almost every industry that has implemented, however, for the hotel industry; controlling availability by length of stay has aroused the greatest benefits. While in the cruise line, offering the right price and promotions to the customers have been the crucial features of revenue management. References Bardi, J. A. (2010). Hotel Front Office Management. John Wiley and Sons. Dickinson, B., and Vladimir, D. (2007). Selling the Sea: An Inside Look at the Cruise Industry. John Wiley and Sons. Forgács, G., American Hotel, and Lodging Association. Educational Institute and Buckhiester, B. E. (FRW). (2010). Revenue management: maximizing revenue in hospitality operations. 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