5. OCC - Occupied.
VD - Vacant & Dirty.
OR - Occupied &
Ready.
OC - Occupied & Clean.
OD - Occupied & Dirty.
CO - Check Out.
OOO - Out of Order.
DND - Do Not Disturb
Hotel Room Type
By Beds (Queen, King, Twin, Studio)
By Occupancy (Single, Double,
Triple, Quad)
By Layout (Standard, De Luxe, Joint,
Connecting, Suite, Apartment-Style,
Accessible)
By Amenities (Villa, Cabana, Penthouse)
6. Competitor Analysis: How to Know What Makes You
Different in a Market
Every market has more than one company pitching similar
products or services to the same category of buyers. A
competitive analysis helps to identify the main market players,
determine what strategies they use to succeed and identify
resources your company could use to dominate the market.
What is a Competitive Analysis?
7. There are two primary theories around businesses
attaining a competitive advantage
The Market-Based View
(MBV) strategic framework
states that a company’s
performance is solely
determined by the structure
and competitive dynamics
of the industry.
The second popular theory of
competition is the Resource-
Based View (RBV) strategic
framework. This paradigm
focuses more on analyzing
how internal resources may
contribute to the company’s
competitive advantage.
8. A. How easy is it for new
businesses to set up
shop?
B. How much power do
customers have?
C. How much power do
suppliers have?
D. How likely are
customers to switch to
an alternative?
E. How many firms
compete and how
much is the market
growing?
9. New entrants (Barriers to entry): High entry barriers
mean lower inter-industry competition but can also be a
sign of a monopoly. An industry that’s hard to break into
will likely have several established players, holding a
large market share.
Threat of substitution. Some products are at risk of becoming
redundant or substituted with cheaper, more sustainable or
trendier alternatives.
10. Supplier power: Top suppliers (merchants) can control prices,
reduce the quality of products, and set benchmarks for other
participants.
Buyer power: Vice versa, powerful buyer demographics can
impact the markets by demanding better product quality,
driving down prices or forcing the industry players to
compete with one another.
11. Resource-Based View (RBV) strategic
framework
Our goal is to determine how each
company uses its resources to
secure/improve its market position.
12. The two types of resources RBV analyzes are:
Tangible assets — all physical assets the company has such as
equipment, capital, brick-and-mortar locations, ecommerce
website, mobile application, etc. Physical assets provide a lower
competitive advantage since any competitor can buy identical
assets.
Intangible assets — all types of intellectual property, brand
positioning, customer experience, work culture and other
intangible assets the business has developed over the years.
Intangible resources are harder (if not impossible) to replicate.
Thus, they provide a long-term competitive advantage.
13. Hotel demand forecasting uses historical data to
predict future guest demand over a defined period.
Which helps hotels in managing inventory in a
much effective fashion. The precise you are with
your forecasting, the better business decision you
can make for your hotel.
14.
15. Types of Demand Forecasting in Hotels
1. Operational forecasting
2. Financial forecasting
3. Revenue management forecasting
16. Operational forecasting in a hotel is about focusing on the operational aspects
such as front desk, housekeeping and POS.
It considers factors like:
Total housekeeping staff needed to clean rooms
Number of guests walking into the reception area
Number of guests dining in the restaurant (number of covers for breakfast,
lunch and dinner)
The average spend per cover
Purchasing pattern for both perishable as well as non-perishable restaurant
products and equipment
17.
18. Financial Forecasting. This forecasting approach to
hotel demand is about predicting how much the future
expenses and revenue of the hotel will be. It is essential
when a hotel’s revenue depends on a particular period
(season).
19. Revenue management forecasting is vital for hotels
to stay profitable. This forecasting is done to predict
when consumer demand rises and falls with the help
of market data, including competitor pricing, and
overall market performance.
20. How to Forecast Demand in Hotels?
1. Set objectives
The first and foremost thing you have to do is set
your objectives. Meaning, you have to define the
purpose of your forecast. Why? Because it will help
you determine what all resources and strategies you
are going to need for the process.
21. How to Forecast Demand in Hotels?
2. Collect and record data
In forecasting, the most crucial thing is DATA.
Without data, it’s almost impossible to predict
anything.
Historical data is nothing less than a gold mine. It has
so much to offer. It tells a lot about how your hotel
has performed in the past, what were the guests’
expectations and behaviour and more.
22. This data includes:
Past sales or revenue
Expenses
Number of guests
Employee turnover
Booking patterns
Lead time
Further, you can compare that data with the current one,
predict future demands, and assess risks
23. On-the-book (OTB) data
On-the-books (OTB) or business on books (BOB) are two of the
most common acronyms that are used interchangeably. These are
measures used when looking ahead to see how occupancy or
revenue is booked in at a hotel.
This is one of those data that you shouldn’t overlook at any cost
because you must always analyze current reservations.
This data can be found in your Property Management System
(PMS).
24. Accurate forward-looking data
Forward-looking data is hat formation that is used to
forecast future business conditions. It show how much
business a property has already won and how many rooms
are left to sell.
25. 3. Measure and analyze data
When you have all the data gathered, what’s next is that
you measure and analyze it thoroughly.
Data holds an immense amount of information. It tells
you about everything that has happened in the past and
what the future holds.
26. 4. Project trends
Trend projection is one form of hotel demand forecasting.
There’s no rocket science involved; hotels use past data
and try to determine the future happenings.
27. 5. Conduct market research
Market research in hotel demand forecasting is about knowing
and understanding what the market is up to. One of the best ways
to do that is through surveys.
It could be customer surveys or surveys for the general public. It is
one of the time-consuming tasks but is highly beneficial.
28. 6. Look at your budget
A budget’s accuracy can make or break a hotel.
Budget is also one of the factors that you must include
when you’re forecasting demand. Look at your past
budget and insights from your data and analyze how
your expenditure has changed.