Hotel revenue management: Then, now and tomorrow

Contrary to the practical application of revenue management (RM), its theoretical definition has remained virtually unchanged. Today’s data-driven approach to RM forms an integral part of management and clearly contributes to the financial performance of hotels. Its growing importance and the shifti...

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Bibliographic Details
Published inJournal of revenue and pricing management Vol. 15; no. 3-4; pp. 252 - 257
Main Authors Josephi, Stan H G, Stierand, Marc B, Mourik, Aad van
Format Journal Article
LanguageEnglish
Published London Palgrave Macmillan UK 01.07.2016
Palgrave Macmillan
Subjects
Business and Management
Costs
Customers
Decision making
History
Hotels & motels
Market segments
Practice Article
Prices
Revenue management
processes and procedures
system integration and technology
people and decision making
revenue management
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Summary:Contrary to the practical application of revenue management (RM), its theoretical definition has remained virtually unchanged. Today’s data-driven approach to RM forms an integral part of management and clearly contributes to the financial performance of hotels. Its growing importance and the shifting balance between art and science in RM decision making is only partially supported by changes to its underlying process. Additional tasks place new demands on the required competences and fight for priority with the core responsibility of optimising (overall) revenue potential. This article provides a brief historic overview of hotel RM and outlines and discusses its current state as well as future challenges.
ISSN:1476-6930
1477-657X
DOI:10.1057/rpm.2016.4