Hotel Revenue Management: From Theory to Practice

Abstract

Hotel Revenue Management: From Theory to Practice focuses on bridging the gap between theory and practice. It is a timely addition to revenue management learning resources that provides hotel managers, hospitality management scholars and students with a comprehensive guide. The author explains the fundamental concepts and evaluates revenue management practices in a hotel operating context. The comprehensive book contains 16 chapters. It begins with two chapters introducing revenue management and its economic fundamentals. Chapters 3 to 5 cover hotel revenue management systems, process and metrics. Chapter 6 provides a detailed discussion of market segmentation criteria and the specific segments. The seventh chapter elucidates the information that is required for various dimensions in revenue management processes and the importance of having the right information in order to make good revenue management decisions. Chapter 8 explains the various time horizons at which revenue management is performed, and how these horizons differ from each other. This approach is extended in Chapter 9, which describes various (structural) forecasting methods. Chapter 10 introduces the role of value in pricing and how customers select hotels. Chapters 11 to 13 deliberate on pricing, non-pricing and combined hotel revenue management tools. Chapter 14 elaborates on managing revenues in various hotel revenue management centers. Chapter 15 discusses issues related to ethics and relationship marketing. The monograph concludes with a description and analysis of revenue practices of accommodation establishments in Bulgaria.