A Review on Hotel Revenue Management
1Bibhuti B Pradhan, Siksha ‘O’ Anusandhan
The revenue management states the technique of pricing a particular product, services or commodity in order to increase the profit. The significant change made in the Hotel Revenue Management till now is its development from the approach of tactical inventory management to strategic marketing. There exists many practices of Hotel Revenue Management that results in increase in profits of the resorts and the hotels. Although there is now a good understanding of the potential benefits of implementing revenue management in the hotel industry, the actual implementation is not a simple task. The role of Hotel Manager has been proved to be more essential in increasing the profitability or the revenue of the Hotel. Many such advancements were made by the manager that are discussed in this paper. This paper demonstrates about the reasonable changes made in the hotel revenue management practices and discusses about the external forces that proved to be helpful in initiating the change.
Hotel Management, Marketing, Revenue Management, Evolution, Manager, profit.