• April 2nd, 2016

Revenue management plan of a hotel in Switzerland

Paper, Order, or Assignment Requirements

Project Overview: The students are required to develop a Revenue Management Plan for an opening of a hotel of their choice in Switzerland. Present your plan in the format of an executive summary with max 3 fact sheets attached. Overall aim: To enable students to demonstrate their understanding of the importance and function of revenue management. Learning outcomes: 1. Identify the principles of revenue and yield management. 2. Discuss, demonstrate and apply demand management strategies, pricing, capacity management, discount allocation, forecasting and other associated procedures essential to successful Yield Management. Organisation and methodology 1. Develop an Revenue Management plan. A written report has to be produced. Word count: Not to exceed 1.500 (tolerance max 10%, anything above or less will lead to mark deduction) Resources available: Library, books, magazines, and Internet Assessment tasks & weighting: TASKS: Written project 80% Appropriate referencing 10% Appropriate English 10% Precise description of a hotel (do not copy paste from hotel webpages, nothing fancy, come to the point) and no pictures (Option 1) Outline: 1) Hotel description: Category Location Features Amenities Number of rooms Different room categories MICE or not Spa or not and so on USP Positioning Target markets (clearly-defined, not just business or leisure) Use of distribution partners 2) Clear, consistent and coherent RM strategy Do not write your strategy is to maximize revenue – that is rubbish! Have to give a rational to the formulated strategy Indicate your overall pricing strategy Capacity management strategy – inventory allocation and control of duration RM tools applied: Forecasting – not the method, but what you have to consider: events, seasonality, flight schedules, black-out dates Pricing structure/ rate structure: bar pricing to rate fences applied Market segmentation, breakdown of transients and groups (detailed) Optimal distribution mix: e.g. 70% transient (how to achieve this) Social media strategy: trust scores, any RM on social media, hand in hand with distribution mix Comp. set: how you define your comp. set (which criteria), how much will it impact your RM strategy Implementation: 5-step approach (what are the different steps of your hotel) (Option 2) Outline: Hotel Description Be precise, descriptive, straight to the point and specific Room Category Number of rooms Features Unique selling point (Multiple if possible) Positioning – Market Analysis (Very Brief) Target Market Distribution Partners (DBO , OTAS) Revenue Management Plan Clear Coherent, consistent revenue management strategy Clear outlined rationale for this strategy More information the better Ideal pricing strategy – in line with hotel positioning Capacity Management Strategy Allocation of Inventory Location Controlling Duration Tools Applied Forecasting (No forecasting Method) Focus on: Upcoming Events Seasonality Blackout Dates How to combat uncertain variables – inventory allocation, distribution management, arrival uncertainty, cancellation Rate Structure Bar Corporate Rack Rate Pricing Structure Market segments Detailed plan of the market segment Optimal distribution Mix Eg. 70% – 30% (Why do you choose the most) Social Media Strategy (trust score) and how to implement it Comp set (Who) How to choose it Set critetria on how it is chosen ( 1,2,3?) How do we use it? Implementation Implementation process (Kimes, 2009, Spa Revenue management) Which measure do we apply ( REVpar, GOPPAR ETC) Risks associated with this revenue management strategy ( Solutions to risks) Revenue Management Strategy Rationale ( Do not say to maximize revenue (to obvious))

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