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Hotel Pricing in a Social World
Driving Value in the Digital Economy
Buch von Kelly A McGuire
Sprache: Englisch

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Beschreibung

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.

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.

Über den Autor

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.

Inhaltsverzeichnis

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

Details
Erscheinungsjahr: 2015
Genre: Importe
Produktart: Reiseberichte
Region: Reiseerzählungen
Rubrik: Reisen
Medium: Buch
Inhalt: Einband - fest (Hardcover)
ISBN-13: 9781119129967
ISBN-10: 1119129966
Sprache: Englisch
Einband: Gebunden
Autor: McGuire, Kelly A
Hersteller: Wiley
Verantwortliche Person für die EU: Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de
Maße: 235 x 157 x 23 mm
Von/Mit: Kelly A McGuire
Erscheinungsdatum: 26.10.2015
Gewicht: 0,663 kg
Artikel-ID: 131081197
Über den Autor

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.

Inhaltsverzeichnis

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

Details
Erscheinungsjahr: 2015
Genre: Importe
Produktart: Reiseberichte
Region: Reiseerzählungen
Rubrik: Reisen
Medium: Buch
Inhalt: Einband - fest (Hardcover)
ISBN-13: 9781119129967
ISBN-10: 1119129966
Sprache: Englisch
Einband: Gebunden
Autor: McGuire, Kelly A
Hersteller: Wiley
Verantwortliche Person für die EU: Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de
Maße: 235 x 157 x 23 mm
Von/Mit: Kelly A McGuire
Erscheinungsdatum: 26.10.2015
Gewicht: 0,663 kg
Artikel-ID: 131081197
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