These are best practices of revenue management- rate discipline, information usage, and price prediction- are integral to a comprehensive revenue management strategy.
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Best practices in revenue management
1. est Practices in Revenueest Practices in Revenue
ManagementManagement
2. General revenue managementGeneral revenue management
and strategic pricingand strategic pricing
Just as detailed historical analysis might have
represented best pricing practice in the early 1990s,
stock marketinfluenced algorithms reside on the
cutting edge of today’s pricing thought. Similarly,
the emphasis on occupancy or average daily rate
that might have dominated revenue managers’
attitudes two decades ago has given way to the
primacy of revenue per available room (RevPAR).
Examples like this abound, and in the next couple of
columns we’ll be sharing all of our revenue
management expertise with our readers, in a series
that examines the current best practices of revenue
management.
4. Stock Market PricingStock Market Pricing
•The principle of optimum The principle of optimum
pricing is familiar to pricing is familiar to
financial experts, financial experts,
particularly those that work particularly those that work
with commodities. For with commodities. For
hotels, it’s a less familiar hotels, it’s a less familiar
concept, but there is no concept, but there is no
reason this should be so. reason this should be so.
Highperforming hotels Highperforming hotels
utilize a comprehensive utilize a comprehensive
revenue management revenue management
system that sets prices based system that sets prices based
on both historical on both historical
considerations and current considerations and current
market conditions, giving it market conditions, giving it
twice the range of more twice the range of more
traditional pricing strategies.traditional pricing strategies.