Approaches for restaurant revenue management

Abstract

Revenue management (RM) helps predict customer demand to optimize inventory availability and price so that revenue growth can be maximized. The main aim of revenue management is to sell the right product at the right time and for the right price to the right consumer. Over the past two decades, revenue management techniques for restaurant industries have started to appear in the literature. This paper aims to thoroughly review this literature and identify emerging issues. The paper is mainly structured around strategic levers of restaurant revenue management, barriers to the implementation of revenue management strategies in restaurants, and emerging themes in restaurant revenue management. The paper concludes with a summary of key findings and carefully identified directions for future research.