An Introduction To Revenue Management For The Hospitality Industry Principles And Practices For The Real World 1st Edition Kimberly Tranter - Solutions

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Present the concept of competitive set
Explain the meaning and components of competitive intelligence
Describe the process of internal assessment
Identify the elements in a SWOT analysis
Learn how to develop strategies based upon the SWOT analysis
Identify your school’s competitive set. Why did you select those competitors?
What are your school’s strengths, weaknesses, opportunities, and threats?
Does your school possess a competitive advantage? How so? What are its core competencies? Does it have any distinctive competencies?
How could your school develop a strategy to use its strengths to take advantage of an opportunity?
How could your school develop a strategy to use its strengths to reduce or eliminate a threat?
Visit the site of any hospitality organization. It may be a hotel, a restaurant, an airport, a stadium, a golf course, or a concert hall. Make a note of all the competitive intelligence data that you obtained during your visit. Make sure to observe the parking lot and look at license plates, see
Review and critique two of the following financial websites:www.bloomberg.com www.finance.yahoo.com www.money.cnn.com www.wsj.com www.today.reuters.com www.cnbc.com www.moneycentral.msn.com
Explore the concepts of scarcity and opportunity costs
Illustrate the dynamics of supply and demand and explain how the market reaches equilibrium
Consider the effect of price on substitutes, complements, and inferior goods
Provide the formulas used to calculate the price elasticity of a product or service to determine its price sensitivity
Investigate the impact of price elasticity on consumer spending and revenue
Examine alternative methods for managing demand
Explain the components present in demand forecasting
You have been given $100 by your grandmother to spend any way you wish this weekend. What are some of the possible options you may consider? Select one option and explain the opportunity costs involved in your decision.
In addition to price, what may cause changes in the quantity demanded for a product or service? Provide specific examples.
In addition to price, what may cause changes in the quantity supplied of a product or service? Provide specific examples.
Think about the concepts of substitutes, complements, and inferior goods. Provide a list of three possible substitutes and complements and then list three items that may become inferior goods in your eyes the first year after you have graduated. Be prepared to discuss your rational for each.
Which products and services do you currently purchase that you would continue to purchase regardless of changes in price?Which products and services do you currently purchase that you would cease to purchase if the price increased past your price/value perception. Is there an available substitute
Access the Travel Industry Association’s travel forecast center by the URL http://www.tia.org/Travel/travelforecast.asp. Review the forecasts and then select a destination and explain how you believe this forecast may impact providers of hospitality products and services in this destination.
Select two products and then go online and see if you can find out the price elasticity for each of the products. Report your findings. If you are unsuccessful finding the information online, check with your librarian to see if a reference book is available containing charts of price elasticity for
Track the evolution of reservation systems and channels of distribution
Explain the emergence of automated channels of distribution
Examine the components that make up the global distribution system (GDS) and the Internet distribution system (IDS)
Compare channel production and distribution cost
Understand the dynamics of channel selection
Which channel do you usually use to make your travel reservations?
Have you ever purchased a hospitality product or service on an opaque site or an auction site? If so, describe your experience.
What do you foresee for the future of travel agents? Will they disappear or grow stronger in both knowledge and in market share?
How do you think the Internet distribution system will evolve in the future?
From the school’s standpoint, how would you assess your total customer worth as a student?
Go to www.quikbook.com and critique the website.
Review the websites for TravelAxe, www.travelaxe.com, and Kayak, www.kayak.com.Critique the sites and state which one you prefer and explain why.
Examine the components of a value-based approach to pricing
Understand the impact of the product or service life cycle on price
Define price transparency, price parity, rate integrity, and price fencing
Explore the impact of demand on price
Discuss channel pricing strategies
Identify issues involved with discounting
Introduce the secret pricing formula
Identify one item that is priced according to the cost-based pricing method and one item that is priced according to the value-based approach to pricing.
Name a product or service that you feel is currently in the decline stage and identify what modifications you would make to that product or service to induce additional sales from current markets or to attract new markets.
Prepare a list of your school’s competitors.Think about where you would position your school and its competitors on a perceptual positioning map. Be prepared to defend your decisions.
When you are considering a major purchase, how many different channels do you access to review available products, services, and prices? Do you always purchase from the lowest priced channel? Why or why not?
Which products or services do you purchase only when a discount is offered?
Select a date- and location-specific hospitality product or service. For example, a ski vacation in Vail over the Thanksgiving holiday weekend. Then go online and find three channels (other than the company’s proprietary site) in which this product or service is available during those times for
Select a date-specific hospitality product or service. For example, a New Year’s Eve package at a hotel. Go online and assess the application of price fencing on this product or service. Prepare an analysis.
Explain the concept of matching capacity to demand
Present the hospitality inventory warehouse as a visual image for understanding channel and inventory management
Discuss electronic and nonelectronic channel management
Explore the topics of price parity, cross-channel behavior, and customer ownership
Highlight the opportunities for conducting competitive analyses of price and inventory
Describe the inventory management process per channel
Provide an example of stay control application
Discuss some ways in which your school physically manages capacity on campus.
What do you like or dislike about websites used to sell hospitality products and services?What would cause you to use that site more and what would cause you to use that site less?
What channels of distribution are used by your school to market products and services?
What are some date-specific events scheduled for your community upon which a local hospitality provider could place stay restrictions?
Whom do you believe ‘owns’ the customer?How could an organization strengthen its ownership?
Consider your school’s website and answer the questions posed in the chapter regarding how it operates. Should the website be redesigned? How?
Select a date-specific event that is upcoming in your community. Go online and review how one local provider of hospitality products or services is managing inventory for that date through various electronic channels.
Present a variety of organizational charts containing members of the revenue management team
Examine the professional characteristics needed to be successful in the revenue management field
Review prior job experience and topics of study useful to a revenue management professional
Explore compensation levels and issues surrounding incentive plans
Describe a revenue management professional’s roles and responsibilities articulated in a variety of included job descriptions
Provide a typical revenue management team routine and schedule
Do you feel that you would make a good revenue management professional? Why or why not?
How do you believe that organizational charts and reporting structures may change for revenue management teams in different sectors of the hospitality industry?
Think about the many possible employees in a hospitality organization who could be eligible for incentive pay. What types of incentive programs would you design for these various positions to induce personnel to focus on optimizing revenue?
Which revenue management roles and responsibilities would you enjoy and which ones would you dislike? Would you consider pursuing a revenue management career?
What do you feel the future will hold for the revenue management profession?
Go online to www.careerbuilder.com and search for positions under Revenue Manager, Director of Revenue Management, and Vice President of Revenue Management. Repeat this process again for www.hcareers.com and www.monster.com. Report your findings.
Go online and search for an organizational chart containing a Revenue Manager or Director of Revenue Management position.How does it differ from the charts included in the text?
Explain the four building blocks supporting the strategic management process
Review the eight fundamental elements that now create our critical path
Combine the eight steps with the four building blocks to create the strategic revenue management process
Discuss a situation in which you applied a planning process similar to the strategic management process described at the start of this chapter.
Provide an example of when an organization or team that you were on suffered from not having a contingency plan.
Do you know whether your department or college within the university undergoes a similar strategic planning process?
What are some other reasons why organizations may fail to undertake the strategic management process?
Think of a goal that you want to achieve by year’s end. Develop a list of strategies and tactics that may help you to achieve this goal. Be prepared to share it with the class.
Go online and search for organizations offering strategic planning assistance.
Select a hospitality organization and see if you are able to find a SWOT analysis for that entity online.
Introduce the 5Ws and an H analysis
Apply the 5Ws and an H analysis to each of the eight steps in the RevMAP
Present strategies and tactics to consider at each step in the journey
Provide tools and resources available to assist the revenue management team along the way
Pick any of the eight steps and review the 5Ws and an H analysis questions presented.What other questions could you develop for that step?
Answer the questions under Step One:Customer Knowledge using your school as the organization.
What are some alternative strategies and tactics that you could develop for any of the eight steps?
Can you think of any tools to add to the travel kit?
Can you think of any additional websites that may be helpful in the revenue management journey?
Go to TravelClick’s website. Review and report on the available revenue management resources found there.
Select any two of the general association websites and report on any revenue management-related content.

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An Introduction To Revenue Management For The Hospitality Industry Principles And Practices For The Real World 1st Edition Kimberly Tranter - Solutions

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