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澳洲torrens university酒店管理学assignment:Research on the applicat

论文价格: 免费 时间:2019-06-14 10:50:34 来源:www.ukassignment.org 作者:留学作业网
Executive summary执行摘要
As an important management method, revenue management has received extensive attention in international hotel industry.Revenue management should not only improve efficiency, but also create hotel revenue directly. And revenue management is one of the most useful management tools that can bring direct benefits to the hotel industry.This researchpaper mainly discussfromthe following aspects as the definition of revenue management, the scientific waysto use hotel revenue management systemandthe hotel industry implements revenue management strategies, especially sales and marketing techniques.Then take the shangri-la hotel in Sydney for example,it aims to analyzewithout any increase costhow hotel revenue management system can make rapid response and appropriate price segmentation to make highest profit.Through the practical application of therevenue management system and scientific market demand forecasting and pricingstrategy, it can help hotels optimize the allocation of existing resources to maximize revenue. Revenue management is a scientific management strategy, which aims to sell products at different prices to different customers in a timely manner so as to maximize the hotel revenue.
1. Background背景
Because the revenue management system has huge impacts on the company’s decision-making and improveprofits. Many of the world's leading hotel groups, especially the hotel groups in Europe, the United States and Australia, have attached great importance to the management of revenue.They have established a special revenue management department and configured a computer system that can perform a lot of data analysis and real-time optimization.The shangri-la hotel management company is one of the first companies in the world to introduce revenue management into the hotel industry,It is also the most successful user and beneficiary of revenue management.Early on, shangri-la implemented revenue management and accumulated years of experience and wealth,leading the hotel industry and becoming one of the largest and most successful hotel groups in the world.It is worth noting that shangri-la hotel management is not only concerned with revenue management, and it has invested huge funds in developing its own revenue management system for their group hotels. Like shangri-la, there are also other successful hotelswhich have also put the revenue management in the important position, such as intercontinental, accor, hyatt, kempinski, four seasons, the langham, Anna tara, etc.,
2. Definition of revenue management
Revenue Management is also called as yield management is an income management for non-storage assets, which is a dynamic pricing strategy for higher income.This theory combines the theoretical knowledge of microeconomics, enterprise management and statistical operation, and can accurately predict the future demand and supply trend of products, and continuously increase the economic benefits of enterprises.Kimes(1989) combined marketing theory mentioned 4R theory,that is in the right time and place, to provide correct products or services to the correct customers at the right price, to achieve the maximization goal of enterprise income under resource constraint.The 4R theory reflects the market, operation mechanism and enterprise goal of revenue management, which is a comprehensive and accurate interpretation of revenue management.Hotel revenue management refers to the most rapid response and the most appropriate price breakdown without increasing the cost of the enterprise, which make the hotel sell as many rooms as possible at the highest possible price per day and maximize hotel revenue.In 1983, Scotton D.S chadefirst applied revenue management system to the hospitality industry, and then the shangri-la hotel in 1989 introduced a "double breakfast plan"that the weekend house prices fell to half, designed to appeal to local residents in the hotel for the weekend, and successfully improved the hotel occupancy and revenue.
3. The combination of theory and practiceof hotel revenue management system
3.1 The combination of theory and practice
(1) In the rapidly changing market, the system and scientific method are used to accurately predict the demand model of the market, analyze the customer's consumption behavior and make the market segmentation reasonably.
(2) Adjust pricing strategy according to market segmentation.
(3) Allocate limited product resources to each segment of the market in an optimal manner,that is to set different prices and sell goods for each type of customer in the most effective way and constantly adjust according to market changes.
(4) To provide decision support for marketing and operation, including: pricing strategy, scheduling, product development, advertising, sales and marketing, personnel and reasonable arrangement.
3.2 The theory applied in the hotel industry
As far as the hotel industry is concerned, the shangri-la hotel in Sydney is one of the five-star hotels in Australia.Its chairman and chief executive, bill marriott, once said: "revenue management has not only increased the benefits of millions of dollars for us, but also education us how to manage more effectively."And according to the report, since the revenue management system was established, bookings at the shangri-la hotel in Sydney have risen by 20% andRevenue management can increase hotel turnover by 5% to 15%.The shangri-la hotel in Sydney has created an unprecedented revenue record, and there has been a significant increase in communication between sales and bookings.In recent years, the world's other luxury hotels such as holiday hotel, the Hilton Hotel, the hyatt hotel group also have modeled on the pattern of the shangri-la hotel, to develop their own revenue management system.
4. Characteristics of hotel revenue management and theapplication of revenue management in luxury hotel
4.1 Analysis the operation characteristics of luxury hotel group
(1) The hotel industry is a typical service sector that can't use inventory as a buffer against demand fluctuations.
(2) The market can be subdivided. Market segmentation is the basis of business differentiation pricing and the way to carry out revenue management,besides luxury hotel group enterprises are also facing the market segmentation.
(3) Hotel products or services have a strong timeliness. If the hotel room is not checked in one day, the room will have zero profit on the day.
(4) Hotel rooms can be booked in advance through reservation system.
(5) Hotel guests' demand for rooms fluctuate and randomness over time.
(6) Hotel fixed asset investment is huge, daily maintenance cost is higher. The variable costs of relatively high fixed costs may be just a night of utilities, disposable supplies, and the cleaning costs of the cloth, these cost are low.
The characteristics of the luxury hotel group make its management and operation face new problems which are not the same with many other industries.For example, how to balance supply and demand conflicts is a problem.A large number of rooms cannot be sold when room demand is low. When the demand for rooms is high, and because the production capacity is not fixed enough to meet all the requirements, the potential gains are lost.At the same time, the characteristics of high fixed cost and low variable cost provide the basis for operators to adopt differentiated pricing. Therefore, luxury hotel group is one of the best places to apply the theory of revenue management and practice.#p#分页标题#e#
4.2Features and application of revenue management in Sydney shangri-la hotel
Located in the historic Rocks district of Sydney, the Sydney shangri-la hotel is one of the top hotels in Sydney, with 565 spacious rooms and suites.All the rooms can enjoy the stunning views of Sydney harbour, and the room is the largest one compared with other luxury hotels in Sydney.However, the actual occupancy rate is usually on Wednesday, Thursday and Saturday, and the room will have many guests in the room, some of them even pay twice. While in other evenings, such as Sunday, the room occupancy rate is very low.In response of these two scenarios, the head of revenue manager at the shangri-la hotel in Sydney is facing a major challenge.She needs not only to keep the guest room full, but to provide the guests with the most reasonable price and to win more profit for the hotel.She also needs to combine pricing and room control to maximize benefits. In the evening of high occupancy rate, you should pay attention not to sell the room early, but also consider the length of time of residence.There are many business travelers willing to pay a higher price but stay overnight, but these customers usually don't check in for a few more free nights. On Sunday, hotel revenue managers need to prepare a lot of rooms at a lower price to attract enough customers, but also need to leave enough rooms for those willing to pay more for their stay.
4.3 The comparison of effect before and after using Revenue management system into shangri-la hotel in Sydney.
In the past, the shangri-la hotel group relied on a lot of time to compile statistics to counter these challenges,Now the shangri-la hotel group has fully developed its own revenue management system and the most advanced booking technology FidelioOpera.Since the Sydney shangri-la hotel entered the Australian market in 2003, it has improved its performance by 17 percent through the use of the group's revenue management advanced systems. Through the management of the price and overbooking, it increased the hotel's turnover by 4% to 5%, and by managing the customer retention time, the additional 3% of the promotion space was obtained.For hotels like the shangri-la hotel in Sydney, there are usually multiple target markets, and the price elasticity of each target market is different,Through automatic processing of computers, hotel revenue managers can detect subtle market changes (changes in demand forecasts). Lower the price of the existing room when the demand is insufficient to ensure that the rooms are not available. Conversely, when the actual demand for higher-priced rooms exceeds the forecast demand, the hotel will reduce the number of discounted rooms.The revenue management system can effectively help the hotel to obtain the maximum revenue, and set the best price according to the supply and demand relationship of a certain period.Revenue management as a business strategy is based on the accurate prediction of demand, the product through the calculation of system and customer proper collocation, to effectively balance supply and demand for services, make the hotel improve the utilization rate of resources, utmost to maximize revenue.

5. The hotel industry implements revenue management strategies, especially sales and marketing techniques
5.1Demand forecasting
Demand forecasting has become an important function to revenue managementandthe key to success factors. Scientific research on market and customer segmentation can help hotel control resources and increase revenue. On the basis of market segmentation and guest information, it can accurately predict the needs of different guests. It adopts different pre-sale methods and price differential control to implement dynamic management and marginal revenue management to minimize the risk of using resources. If the risk of resource use is minimized, then hotel revenue expectations can be positive.
5.2 Gains control
The key to revenue control is to determine price strategy based on market demand, this includes trying to raise prices in the peak demand season to increase revenue and to try to increase occupancy and decrease prices to a balance during the slack season.
(1) Dynamic price setting
The price is the most sensitive consumption factor of the customer, it is the most direct managerial leverage and it is the primary means for hotel profit increase and decrease.Nowadays under the oversupply and competitive incentive market situation, almost every hotel developstheir price management from a single static price to multiple and market competitiveness optimization price. The dynamic price includes the agreement company's discount price, the tour group and the long stay discount room rate, independent tourist floating price and so on.For hotels, when they setting dynamic prices, the most valuable referencedata is the same star hotels in the same region.
(2) Overbooking control
Due to the difference between pre-sale and actual occupancy, the hotel usually carries out a certain proportion of overbooking to reduce the loss of this pre-sale and actual occupancy difference.Wheatear the proportion of overbooking is appropriate or not, is depending on collaboration between the front office and the Marketing Department, the analysis of historical data to determine a basic reasonable probability.
This work can be done in several ways below:
A. Check the reservation.Some guests reserve rooms for a long time, and maybe they are unable to arrive or cancel the trip for a variety of reasons,but not all guests will voluntarily notify the hotel.The front office needs to check with the guests on before the guests arrive. Once the change is made, the department will make adjustments and inform the relevant departments to reorder or sell the rooms to other guests.
B. Increase the guaranteed booking.Advance deposit or credit card guarantee to pass the risk on to the customer,this is especially important during the peak of the hotel business, such as holidays and major local economic and trade activities.Strengthen coordination with Marketing Departmentand strengthen control the overbooking and reduce hotel losses.
(3) Price demand control for holidays and major events
Holiday and market events are often the best time for hotel profits.How to take advantage of this time to obtain the maximum benefit is decided byhotel management and the front office best performance in managing the revenue efficiency of the system.
(4) Management of team sales and sales agents
The sales team should be based on market changes of each stage, mainly is the average occupancy of the travel agency's total consumption and hotel rate. The average price fluctuation and the local market economic boom index need timely adjustment and control. For the sales department such as the booking center, they need to analyze themarket situation every year and then readjust the price for the new period.
(5)Operating condition comparison and analysis
The front office should compare the various operating data of every January, including occupancy rate, various rooms, customer segmentation, and all kinds of attached resource sales. The front office should collect and compare the various operating data every month, including occupancy rate, various rooms, customer segmentation, and all kinds of attached resource sales. The key point is to comparewith the previous year's data, and then combined with the data of similar competitors in the market for detailed analysis. These valuable marketing data are used as the basis for the decision-making of the hotel rates in the front office, and need to report to the hotel management authorities.
6. Conclusion
Today's hotel sales environment is low selling price, perfervid competition, complex loyalty programs and rising costs, which have never been so stressful for income managers.For many hotel groups, the question of how to optimize for each hotel room rate remains a tough problem.In the hotel industry, there is no doubt about the importance of revenue management and in fact, its role has been almost deified.In short, the purpose of revenue management is to provide the hotel manager with sufficient strategic choice to reject the business that does not meet the expectations and finally choose the ideal business.No matter the size, the consumption group and the level of the hotel, the revenue management is an indispensable tactical management tool of the hotel. The correct understanding of the technology and reasonable application will help the hotel to maximize its revenue.



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