T he evolution of the digital economy has enabled consumer behavior to become more quantifiable. As a result, the role of revenue managers has changed from a tactical orientation to a strategic approach involving pricing, total hotel revenue management, and a customer-centric methodology to developing demand. Hotel Pricing in a Social World demystifies the modern practice of revenue management to ensure revenue managers develop the knowledge and skills they need to meet today's challenges and take advantage of profitable new opportunities. Based on research from leading experts and firsthand…mehr
T he evolution of the digital economy has enabled consumer behavior to become more quantifiable. As a result, the role of revenue managers has changed from a tactical orientation to a strategic approach involving pricing, total hotel revenue management, and a customer-centric methodology to developing demand. Hotel Pricing in a Social World demystifies the modern practice of revenue management to ensure revenue managers develop the knowledge and skills they need to meet today's challenges and take advantage of profitable new opportunities. Based on research from leading experts and firsthand experiences of the author and revenue leaders from around the world, practical coverage guides hotel revenue managers to make the best decisions about data, technology, and business processes to move their business forward. Everything you need to be competitive today and into the future is inside--from innovations in analytics and technology improving pricing decisions, the expanding role of revenue management, and such broader strategic opportunities as personalization initiatives. Along the way, you'll gain skills that will elevate your value in your company and the industry, including: * Using pricing to improve reputation, drive market share, reinforce branding initiatives, increase guest loyalty, and attract new owners and investors * Identifying the best circumstances to apply price optimization as opposed to traditional inventory optimization * Dissecting analytics to uncover opportunities to improve decision making in revenue management as well as across the entire organization * Creating intelligent demand management, where marketing generates demand during needed periods and promotional demand is accounted for in pricing and allocation decisions * Developing a pricing strategy based on user-generated content * Boosting other revenue-generating assets with a versatile revenue management framework Whether you want to become top talent or attract it to your hotel, Hotel Pricing in a Social World is your single-source solution.
KELLY A. McGUIRE leads SAS's Hospitality Global Practice. She is an analytics evangelist, helping SAS's hospitality clients realize value from big data and advanced analytics. She also led product management and business strategy for SAS's pricing and revenue management analytics, working closely with IDeaS Revenue Solutions. Kelly has a PhD in Revenue Management from the Cornell Hotel School.
Inhaltsangabe
Foreword xiii Acknowledgments xvii About the Author xxi Part One New Analytics for a New Environment: The Evolution of Hotel Revenue Management Analytics, Technology, and Data 1 Chapter 1 The Social World Has Changed Revenue Management Forever 3 The Changing Marketplace 6 The Evolution of the Revenue Management Function 7 What to Expect from This Book 10 What's in This Book 13 Chapter 2 Demystifying Price Optimization 17 A History Lesson: Yield Management in the Airlines 20 Then Things Changed . . . 22 Price Optimization 24 What is Optimization? 27 And the Money Came Rolling In . . . 36 Additional Reading 40 Revenue Management Perspectives 41 Notes 45 Chapter 3 Big Data, Big Analytics, and Revenue Management 47 What is Big Data? 50 Where Big Data Meets Big Analytics for Revenue Management 61 Data Visualization and Big Data 63 Responsible Use of Big Data 67 Conclusion 76 Additional Reading 77 Revenue Management Perspectives: The Role of Big Data in Revenue Management Science 78 Note 82 Part Two The Expanding Role of Revenue Management 83 Chapter 4 Hotel Pricing in a Social World: Price, UGC, and Buying Behavior 85 Price, Ratings, and Reviews: How Consumers Choose 87 Business Travelers Loyalty and Demographics 101 User¿Generated Content and Lodging Performance 109 Conclusions from This Research 111 Reputation and Revenue Management Systems 113 Conclusion 119 Additional Reading 120 Revenue Management Perspectives: A Case for TripAdvisor Rank 120 Chapter 5 Integrating Revenue Management and Marketing 127 A Vision for Integrated Marketing and Revenue Management 130 Limitations of the Revenue Management Approach 134 Understanding Marketing Data and Analytics 136 Integrating Revenue Management and Marketing Decisions 137 Achieving the Vision 140 A Word of Caution 143 Conclusion 145 Additional Reading 146 Chapter 6 Total Hotel Revenue Management 151 Revenue Management Beyond Rooms: A Process 155 Guest-Centric Revenue Management 169 What is the Goal of Total Hotel Revenue Management? 172 Putting It All Together 175 Conclusion 178 Additional Reading 181 Part Three The Future of Revenue Management: Pricing as a Business Strategy 189 Chapter 7 Pricing as a Strategic Tool 191 Strategy Considerations 194 Pricing to Support Business Strategies 203 How to Be More Strategic in Pricing 206 Benefits of Strategic Pricing 209 Conclusion 214 Additional Reading 215 Revenue Management Perspectives: ADR versus Market Share 215 Notes 219 Chapter 8 The Path to Personalization: Revenue Management's Contribution to the New Guest Experience 221 Personalization, a Vision 224 Moving Past Traditional Web Analytics to Digital Intelligence 229 Integrated Data for Digital Intelligence 231 Revenue Management Supporting the Personalization Vision 233 How Do We Get Started? 239 Examples of Starting on the Path to Personalization 242 Profiling versus Tracking Behavior: A Cautionary Tale 245 Final Advice for Revenue Managers 246 Additional Reading 247 Revenue Management Perspectives: Convergence of Digital Marketing and Revenue Management 247 Notes 249 Chapter 9 The Future of Revenue Management 251 Profile of a Revenue Manager 254 Revenue Management Career Paths 261 Revenue Management Organizations 264 Final Thoughts 277 Additional Reading 279 Revenue Management Perspectives: A Case Study in Organizational Structure for Revenue Management 280 Notes 282 Appendix 283 Discussion Questions 309 References 315 Index 321
Foreword xiii Acknowledgments xvii About the Author xxi Part One New Analytics for a New Environment: The Evolution of Hotel Revenue Management Analytics, Technology, and Data 1 Chapter 1 The Social World Has Changed Revenue Management Forever 3 The Changing Marketplace 6 The Evolution of the Revenue Management Function 7 What to Expect from This Book 10 What's in This Book 13 Chapter 2 Demystifying Price Optimization 17 A History Lesson: Yield Management in the Airlines 20 Then Things Changed . . . 22 Price Optimization 24 What is Optimization? 27 And the Money Came Rolling In . . . 36 Additional Reading 40 Revenue Management Perspectives 41 Notes 45 Chapter 3 Big Data, Big Analytics, and Revenue Management 47 What is Big Data? 50 Where Big Data Meets Big Analytics for Revenue Management 61 Data Visualization and Big Data 63 Responsible Use of Big Data 67 Conclusion 76 Additional Reading 77 Revenue Management Perspectives: The Role of Big Data in Revenue Management Science 78 Note 82 Part Two The Expanding Role of Revenue Management 83 Chapter 4 Hotel Pricing in a Social World: Price, UGC, and Buying Behavior 85 Price, Ratings, and Reviews: How Consumers Choose 87 Business Travelers Loyalty and Demographics 101 User¿Generated Content and Lodging Performance 109 Conclusions from This Research 111 Reputation and Revenue Management Systems 113 Conclusion 119 Additional Reading 120 Revenue Management Perspectives: A Case for TripAdvisor Rank 120 Chapter 5 Integrating Revenue Management and Marketing 127 A Vision for Integrated Marketing and Revenue Management 130 Limitations of the Revenue Management Approach 134 Understanding Marketing Data and Analytics 136 Integrating Revenue Management and Marketing Decisions 137 Achieving the Vision 140 A Word of Caution 143 Conclusion 145 Additional Reading 146 Chapter 6 Total Hotel Revenue Management 151 Revenue Management Beyond Rooms: A Process 155 Guest-Centric Revenue Management 169 What is the Goal of Total Hotel Revenue Management? 172 Putting It All Together 175 Conclusion 178 Additional Reading 181 Part Three The Future of Revenue Management: Pricing as a Business Strategy 189 Chapter 7 Pricing as a Strategic Tool 191 Strategy Considerations 194 Pricing to Support Business Strategies 203 How to Be More Strategic in Pricing 206 Benefits of Strategic Pricing 209 Conclusion 214 Additional Reading 215 Revenue Management Perspectives: ADR versus Market Share 215 Notes 219 Chapter 8 The Path to Personalization: Revenue Management's Contribution to the New Guest Experience 221 Personalization, a Vision 224 Moving Past Traditional Web Analytics to Digital Intelligence 229 Integrated Data for Digital Intelligence 231 Revenue Management Supporting the Personalization Vision 233 How Do We Get Started? 239 Examples of Starting on the Path to Personalization 242 Profiling versus Tracking Behavior: A Cautionary Tale 245 Final Advice for Revenue Managers 246 Additional Reading 247 Revenue Management Perspectives: Convergence of Digital Marketing and Revenue Management 247 Notes 249 Chapter 9 The Future of Revenue Management 251 Profile of a Revenue Manager 254 Revenue Management Career Paths 261 Revenue Management Organizations 264 Final Thoughts 277 Additional Reading 279 Revenue Management Perspectives: A Case Study in Organizational Structure for Revenue Management 280 Notes 282 Appendix 283 Discussion Questions 309 References 315 Index 321
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