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Complete 13 pages APA formatted article: Revenue Management across Hotel Industry.
Complete 13 pages APA formatted article: Revenue Management across Hotel Industry. 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, the 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 the 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 a 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).