Business Escalation Strategy Using Time Series Forecasting for Hotel X in Yogyakarta

Abstract

Yogyakarta is one of the cities attracting significant foreign and local tourist attention with its beautiful city, culture, education, and traditional cuisine which prospered the hospitality industry in the city. However, since the pandemic Covid-19 hit the global economy in 2020, Hotel X Yogyakarta was also affected. The total occupancy room per year fell ten times lower than usual during the pandemic which jeopardized the business stability. Starting from preliminary interviews and SWOT analysis, this research aims to figure out what strategy needs to be implemented in Hotel X Yogyakarta to escalate the business and stabilize the occupancy room by using a quantitative methodology from a marketing and business analytic perspective. All data provided in this research is based on the internal data and information from the hotel, systematically calculated with Time Series Forecasting Theory using ARMA and ARIMA to provide a comprehensive forecasting result for business escalation strategy that is proposed to be implemented in Hotel X Yogyakarta.