Description

For courses in Introduction to Revenue Management.

The first of its kind, this book was written to address the emerging course in Hospitality focused on revenue management. Based on the authors’ years of industry experience, this book includes a model for understanding the revenue management process and reveals four basic building blocks to revenue management success. With chapters dedicated to consumer behavior, economic principles, and strategic management, it outlines key processes and stages of revenue management planning. Four unique application chapters tailor concepts to specific segments of the industry and professional profiles help students learn about possibilities within the field.

Features

• Outlines the basic elements of the revenue management process and the keys to effective revenue management planning.
• RevMAP model provides a guiding framework–and logical wayto understand the revenue management process.
• Reveals the basic building blocks of revenue management success: identification of goals and objectives, development of strategies and tactics, execution of strategies and tactics, the analysis, evaluation and adjustment of strategies and tactics.
• Relate material to each segment of the hospitality industry, including lodging and food & beverage; sports, entertainment, and event management; cruise, spa, and luxury RV resorts; and golf, gaming, and theme parks.
• A chapter devoted to trends and forecasts
• Professional profiles–highlight key issues and career paths.
• Internet exercises–appear at the end of each chapter.

Table of Contents

1. An Introduction

2. A History

3. Customers’ Knowledge and Consumer Behavior

4. Market Segmentation and Selection

5. Internal Assessment and Competitive Analysis

6. Economic Principles and Demand Forecasting

7. Reservations and Channels of Distribution

8. Dynamic Value-Based Pricing

9. Channel and Inventory Management

10.  The Revenue Management Team

11.  Strategic Management and Following the RevMAP

12.  Tools, Tactics, and Resources

13.  Legal and Ethical Issues and Potential Bumps in the Road

GLOSSARY