An analysis of the application of yield management strategies to the hotel industry.
Written in 2004; 1,760 words; 3 sources; MLA; $ 56.95
Paper Summary:
This paper discusses how yield management strategies, also known as revenue management systems, are used to assist in maximizing revenues in many industries. In particular, it looks at how the basic goal of yield management is to increase the revenue and the contribution by charging a higher price from certain market segments, distribution channels, purchase patterns like length of advance booking, etc., and how hotel chains are now practicing this concept very widely for marketing their hotel room inventories.
From the Paper:
"The hotel industry is greatly affected by the current market situation which can at best be described as being in a painfully slow economic recovery following an economic downturn, worsened by travel safety and security issues. A survey last fall commissioned by the Travel Industry Association of the USA showed that the majority of the guests who stay away from hotels don"t travel because of the state of the economy. Therefore before a hotel can consider implementing yield management techniques, there needs to be a clear understanding of the changes that have taken place in market conditions. If this isn"t a prerequisite, wrong tactics and strategies may be implemented that can worsen conditions rather than boost profits."
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