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Hotel Pricing in a Social World By Kelly A. McGuire

Hotel Pricing in a Social World by Kelly A. McGuire

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Summary

Take control of revenue management in the new hotel economy Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an insightful resource that provides guidance on improving organizational decision making to keep your hotel relevant, from a pricing standpoint, in the often chaotic hotel landscape.

Hotel Pricing in a Social World Summary

Hotel Pricing in a Social World: Driving Value in the Digital Economy by Kelly A. McGuire

Take control of revenue management in the new hotel economy Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an insightful resource that provides guidance on improving organizational decision making to keep your hotel relevant, from a pricing standpoint, in the often chaotic hotel landscape. This groundbreaking book clearly showcases the current environment of the hotel industry, and describes new and emerging trends that can impact your revenue management tactics. This essential text prepares you to survive and thrive in today's highly competitive market, and outlines the best approach to building profitable pricing strategies that follow both tactical and strategic best practices. Revenue management has become a key activity in the highly social environment of today's hotel industry, thanks to mobile technology and social media. Though relatively new, revenue management is a quickly-evolving discipline that requires precision if you want to maintain your hotel's relevance in the market. * Leverage original research, case studies, and industry examples to understand the practical application of key concepts * Explore current market conditions that have an impact on revenue management * Consider how advances in data management, analytics, and data visualization can impact revenue management practices * Identify how revenue management can help you take advantage of market opportunities and overcome challenges Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an essential text for hotel CFOs, CMOs, revenue managers, and operations managers who want to leverage revenue management techniques to keep their hotel competitive.

About Kelly A. McGuire

Kelly A. MGuire leads SAS's Hospitality Global Practice. She is an analytics evangelist, helping SAS's hospitality clients realize value from big data and advanced analytics. She also led product management and business strategy for SAS's pricing and revenue management analytics, working closely with IDeaS Revenue Solutions. Kelly has a PhD in Revenue Management from the Cornell Hotel School.

Table of Contents

Foreword xiii Acknowledgments xvii About the Author xxi Part One New Analytics for a New Environment: The Evolution of Hotel Revenue Management Analytics, Technology, and Data 1 Chapter 1 The Social World Has Changed Revenue Management Forever 03 The Changing Marketplace 6 The Evolution of the Revenue Management Function 7 What to Expect from This Book 10 What s in This Book 13 Chapter 2 Demystifying Price Optimization 17 A History Lesson: Yield Management in the Airlines 20 Then Things Changed 22 Price Optimization 24 What Is Optimization? 27 And the Money Came Rolling In 36 Additional Reading 40 Revenue Management Perspectives 41 Notes 45 Chapter 3 Big Data, Big Analytics, and Revenue Management 47 What Is Big Data? 50 Where Big Data Meets Big Analytics for Revenue Management 61 Data Visualization and Big Data 63 Responsible Use of Big Data 67 Conclusion 76 Additional Reading 77 Revenue Management Perspectives: The Role of Big Data in Revenue Management Science 78 Note 82 Part Two The Expanding Role of Revenue Management 83 Chapter 4 Hotel Pricing in a Social World: Price, UGC, and Buying Behavior 85 Price, Ratings, and Reviews: How Consumers Choose 87 Business Travelers Loyalty and Demographics 101 User ]Generated Content and Lodging Performance 109 Conclusions from This Research 111 Reputation and Revenue Management Systems 113 Conclusion 119 Additional Reading 120 Revenue Management Perspectives: A Case for TripAdvisor Rank 120 Chapter 5 Integrating Revenue Management and Marketing 127 A Vision for Integrated Marketing and Revenue Management 130 Limitations of the Revenue Management Approach 134 Understanding Marketing Data and Analytics 136 Integrating Revenue Management and Marketing Decisions 137 Achieving the Vision 140 A Word of Caution 143 Conclusion 145 Additional Reading 146 Chapter 6 Total Hotel Revenue Management 151 Revenue Management Beyond Rooms: A Process 155 Guest-Centric Revenue Management 169 What Is the Goal of Total Hotel Revenue Management? 172 Putting It All Together 175 Conclusion 178 Additional Reading 181 Part Three The Future of Revenue Management: Pricing as a Business Strategy 189 Chapter 7 Pricing as a Strategic Tool 191 Strategy Considerations 194 Pricing to Support Business Strategies 203 How to Be More Strategic in Pricing 206 Benefits of Strategic Pricing 209 Conclusion 214 Additional Reading 215 Notes 219 Chapter 8 The Path to Personalization: Revenue Management s Contribution to the New Guest Experience 221 Personalization, a Vision 224 Moving Past Traditional Web Analytics to Digital Intelligence 229 Integrated Data for Digital Intelligence 231 Revenue Management Supporting the Personalization Vision 233 How Do We Get Started? 239 Examples of Starting on the Path to Personalization 242 Profiling versus Tracking Behavior: A Cautionary Tale 245 Final Advice for Revenue Managers 246 Additional Reading 247 Revenue Management Perspectives: Convergence of Digital Marketing and Revenue Management 247 Notes 249 Chapter 9 The Future of Revenue Management 251 Profile of a Revenue Manager 254 Revenue Management Career Paths 261 Revenue Management Organizations 264 Final Thoughts 277 Additional Reading 279 Revenue Management Perspectives: A Case Study in Organizational Structure for Revenue Management 280 Notes 282 Appendix 283 Discussion Questions 309 References 315 Index 00

Additional information

NPB9781119129967
9781119129967
1119129966
Hotel Pricing in a Social World: Driving Value in the Digital Economy by Kelly A. McGuire
New
Hardback
John Wiley & Sons Inc
2016-01-26
352
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
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