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Tourism & Hotel Revenue Management Practise Analysis

   

Added on  2021-02-20

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Tourism & Hotel RevenueManagement PractiseAnalysis
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Table of ContentsINTRODUCTION...........................................................................................................................3ASSESSMENT 1: REVENUE MANAGEMENT..........................................................................31. Reason and purpose of establishment of effective revenue management system in the hoteland tourism industry ...................................................................................................................32. Current trends within this industry ........................................................................................33. Assessment of the given statement ........................................................................................4ASSESSMENT 2: Broder business Analysis.................................................................................52.1 Group Analysis .....................................................................................................................52. Identification of the issues with use of national and market average performance.................52.2 Property and trip Analysis.....................................................................................................51) Outline different revenue generating departments..................................................................52) Evaluation of pricing strategies and revenue management strategies, tactics used in theoperations.....................................................................................................................................63. Implementation to RM strategy in QT Gold Coast hotels.......................................................74.Analysing the main concepts of Revenue management decision making framework..............8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONRevenue management can be defined as the use of analytics which assist in forecast thebehaviour of customers at the level of micro market and optimizing the availability of productand price to increase the revenue of the business. The QT is owned by Event Hospitality andEntertainment. It belongs accommodation and hospitality industry Feldman & Topaloglu (2017).The Report will outline different revenue generating departments, strategies used by organizationfor revenue management. It will also describe basis for implementing revenue managementstrategy and tools strategies applied by business for revenue management. ASSESSMENT 1: REVENUE MANAGEMENT1. Reason and purpose of establishment of effective revenue management system in the hoteland tourism industry Revenue management system: in the hotel and tourism industry can be defined asapplication of the strategic distribution and pricing tactics in the organisation to sell the property,product and services of the various organisations within this industry. A revenue managementsystem means to sell the property, perishable inventory at right time to right guest to boost therevenue growth. The reason and purpose of revenue system for hotel and tourism industry are asfollows:Lowering the cost: the main purpose of this system is to provides rooms and services atoptimal cost. This can be done with analysing the current trends, understanding the economy of aregion, season and average number of tourists.Attracting the ideal guest: the revenue management system ensures maximumoccupancy which is important for all the hotels and repetitive consumers are more lucrative thannew ones. An automated revenue manager assists the hotel in identification of right consumerswho can provide greatest and long-term value to the future property. 2. Current trends within this industry SWOT analysis of hotel and tourism industry in Queensland:In order to identify the current strength, weaknesses, opportunities and threat it is quitebeneficial for the firm to use SWOT analysis and this is as mention below:Strength: The industry provides different ways that helps to attract wide range of publictowards it. Such that as the QT provides different accommodation services to their customers
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that helps to make the tourist comfortable within the area. The industry also helps to providedifferent opportunities to the individuals in order to reduce the size of unemployment. Weaknesses: the initial amount require to run the project is quite high and that is why, it most ofthe company did not initially invest into this industry. On the other side, there are many expensesincurred during the process. And further, the revenue management structure of the hotel industryis not up to the mark that is why, it affect the business in negative way.Opportunities: By providing best and attractive services to the tourist, the industry generate theopportunities that helps to sustain the brand image in the company. Moreover, using advancetechnology, the industry also develops the strategy to opt different revenue management system.Therefore, it shows that the growth option of the industry is high and that is why, it also ensureto enhance its financial position of the company as well.Threats: Political unrest is one of the common threat that affect the industry in negative way andmost of companies relate to this industry and thus, it creates direct impact upon the company'soverall economic condition. Therefore, the company also faces tough competition from theircompetitor and that is why, the industry has to develop the strategies that helps to overcome fromthreats.3. Assessment of the given statementThe statement clearly means that the hotel industry uses different ways that helps to access thecustomers and that is to sell the rooms using advance technologies and this directly help tomanage the revenue of the firm and in the same way, as the concept of revenuemanagement reflect that it helps to predict the consumer demand in order to optimize aninventory as well as price availability that further assist the business to increase the revenue.Hence, this aid to simulating the demand at the time of low demand and also avoid thepricing practice as well. Therefore, it has been clearly analysed that by selling the rooms inventory into the businesswill help to manage the revenue in better way and as a result, in Australia, there are differenthotels who uses online booking methods which assist the business to attract wide range ofcustomers and as a result, it directly increases the demand of customers in the peak seasons.Hence, the statement justifies that using different pricing strategies and online booking willhelp the business to increase the revenue management system as well so that it will help tosustain the brand image in the market.
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