About This Chapter
Revenue Management for Hotels - Chapter Summary
In this entertaining chapter, our instructors offer in-depth examinations of revenue management for hotels. If you need help understanding hotel room pricing, revenue generation for hospitality or how to calculate sales revenue, you're in the right place! Study our bite-sized lessons to boost your knowledge of these and other topics, and take the accompanying quizzes to check your comprehension. Any questions that arise while reviewing the lessons can be submitted to our experts via the Dashboard. Upon completion of this chapter, you will be ready to:
- Define revenue management and discuss its use in the hospitality industry
- Share strategies for generating revenue in hospitality
- List and describe revenue optimization strategies in service industries
- Explain the importance of and calculate sales revenue
- Discuss how a value chain can help meet customer needs
- Describe room pricing for single nights, weekdays, weekends and season rates
- Calculate and analyze average daily rates
- Provide the advantages and disadvantages of hotel overbooking
1. Revenue Management for the Hospitality Industry
This lesson provides a definition of revenue management, a tool that is used to predict customer demand for a given product, and explores its application and importance in the hospitality industry.
2. Revenue Generation for Hospitality: Definition & Overview
Generating revenue in a hospitality setting involves creating new strategies and tactics to impact the bottom line. In this lesson, you'll learn more about revenue generation for hospitality and new ways to create growth.
3. Revenue Optimization Strategies in Service Industries
Service industries have unique characteristics when it comes to generating revenue because their main focus revolves around something other than a tangible product. This lesson will look at some examples of service industries and how they attempt to maximize revenue/profits.
4. How to Calculate Sales Revenue: Definition & Formula
This lesson discusses the importance of sales revenue, explains how sales revenue is calculated, and analyzes how sales revenue can affect the money a business has available.
5. What Is a Value Chain? - Definition, Analysis & Example
This lesson discusses what a value chain is and how it can help a business meet the needs of customers. It also provides an analysis of the effectiveness of the value chain actions.
6. Hotel Room Pricing: Single, Weekday, Weekend & Seasonal Rates
Ever wonder why hotel room rates seem to soar at certain times of the year or even on certain days of the week? In this lesson, we will learn how hotel revenue managers use several factors to determine room rates.
7. Managing Average Daily Rate in the Hospitality Industry
The average daily rate is an important value to help manage supply and demand in the hospitality industry. In this lesson, we walk through the calculation and provide examples of its use.
8. Hotel Overbooking: Advantages, Disadvantages & Process
In this lesson, we'll discuss hotel overbooking, as well as its problems and solutions. We'll also compare the advantages and disadvantages of overbooking in the hotel industry.
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Other chapters within the Hospitality 304: Hotel & Lodging Management & Operations course
- Hotel & Lodging Industry Overview
- Global Hospitality Management
- Leadership in the Hotel Industry
- Hotel & Lodging Strategic Management
- Hotel Operations Management
- Rooms Division in Hotel Operations
- Hotel Finance & Accounting
- Hotel Sales & Marketing Department
- HR Management for Hospitality
- Hotel Safety & Security
- Hotel & Lodging Customer Service
- Food & Beverage Operations in Hotel & Lodging
- Restaurant Organization Basics
- Factors that Affect the Hotel & Lodging Industry
- Required Assignments for Hospitality 304
- Studying for Hospitality 304