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Revenue Management for Managers of Service Organisations

A contemporary approach

Kate Varini

on 18 February 2013

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Transcript of Revenue Management for Managers of Service Organisations

Revenue Management for Managers of Service Organisations Session Objectives-Introduction to Revenue Management-Identify the measures restaurants can use to measure the success or failure of revenue management -Describe the benefits of implementing a systematic revenue-management process -Describe what revenue management might look like in a restaurant -Explain the necessary conditions -Define RevPASH Identify opportunities for revenue management Who? What? When? A focus on what you can do to maximize REVPAR opportunities  in different demand periods Where is RM applied? -Surveys show that consumer confidence is on the rise -Demand is rebounding and is mostly comprised of price aware, value driven consumers who spend more time looking-Only 16% of customers already know what they want-Social Media is becoming important -Online channels can promote profit if used intelligently Distressed inventory causes….……significant profit erosion. To alleviate this…Promotions are put on the market causing …..…(significant?) revenue dilution…causing …..….frames of reference to change…….and then prices go back to normal and……..Customers question fairness and ultimately….…. the lack of marked difference between products More space, free local phone, ipod docking station, 24 hour room service, morning newspapers -Highest average check-Satisfied customers/increased customer spending/ more returning customers-To stimulate sales in low demand periods-To customise the product-To increase positive word of mouth advertising -To strengthen the brand -To avoid indiscriminate discounting-To limit the damage that can be caused by irresponsible competitors
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