Investigates if revenue management (RM) and customer relationship management (CRM )are appropriate systems for the Queen's Hotel.
Written in 2008; 2,940 words; 12 sources; APA; $ 86.95
Paper Summary:
This paper examines two management concepts called revenue management (RM) and customer relationship management (CRM) that are increasingly used in the hotel and hospitality industry, where competition is most severe and cutthroat. The author evaluates the appropriateness of a RM model and CRM system for the profitability of the relatively small Queen's Hotel at the British Isle of Wight, which is not part of a chain. The paper explains that software is available to support each system. The author concludes by recommending the viability of RM and CRM for the hotel.
Table of Contents:
Introduction
Queen's Hotel
RM & CRM
Critique
RM Package
CRM System
Recommendation
From the Paper:
"The RM model at Queen's Hotel intends to optimize pricing for its room by considering variability over time and capacity constraints. This is run on Excel spreadsheet whose task is precisely to price hotel rooms and set capacities for various room classes. Operated on three phases, the RM model starts by setting the classes of rooms, identifying prices and expected demand as well as the demand elasticity for each class. Elasticity here refers to the percentage increase in demand with a 1 percent increase in prices."
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