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Social Media Meets Hotel Revenue Management

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Stacey Funke

on 1 February 2013

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Transcript of Social Media Meets Hotel Revenue Management

Social Media Meets Hotel Revenue Management: Opportunities, issues and unanswered questions By: Stacey Funke & Catharine Howcroft SM is an important tool
Most effective method to reach consumers
Information gathered from SM can improve RM
Link data for better distribution channels
Consumer relationship development beyond loyalty programs Research gathered was only implemented in the introduction
Research is accurate but there was not enough to fully explore their options and prove their findings/theories
A road map for future research is given to fully access the true potential of SM There is no framework or structure for organizations to use SM to improve their RM Presentation Friday February 1st @ 10:30am
Get this done!! There is a greater understanding on improving RM by using SM as a tool to gather the information needed to enhance RM. For example; marketing and advertising, distribution channels, target markets, CRM, consumer convinces, and to provide information to help revamp the current establishment. Breffni M. Noone Assistant Professor at Penn State School of Hospitality Management
PhD from Cornelll University
Research interest include: pricing, forecasting and distribution channel management for services, with particular emphasis on consumer perceptions of, and reactions to, revenue management practices Kristin V. Rohlfs An Independent consultant & researcher
PhD from Cornell University
Specializes in small-business application of revenue management & revenue management principles Main Concepts Implications Research Evaluation Old fashion idea of Inventory RM
Can impact pricing
Consumer Relationship Development
Distribution Channel Management
Framework Source of Article Journal of Revenue and Pricing Management
March 21, 2011
Vol 4, Issue 4, pg 293-305 Kelly A. McGuire Leads the Hospitality and Travel Global Practice at SAS
PhD from Cornell University
Team is responsible for designing analytic software solutions for the hospitality and travel industries
Focuses particularly on the integration of revenue management with marketing, sales and social media QUALITATIVE RESEARCH Studying consumer behaviours
Interpreting data collected and connecting the findings to an ideal concept
Theory has not been tested
Statistical numbers are not used to solve the problem
Consist of only research and subject statements Two Dimensions Information
Flow Time
Oriented EXTRA! EXTRA! STRENGTHS Logical and can be done!

It comes back to the customer and their WTP values WEAKNESSES Qualitative Research HI MOM!! Overall SM is a great tool to sell the right product at the right price at the right time to the right buyer in the right location
Proves that SM is a research outlet for the industry and its consumers The validity of consumer reviews on SM THANK YOU :) Original methods may be forgotten
Full transcript