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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.
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.
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
| 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 |
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.
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
| 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 |
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