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This book explores total revenue management (TRM), an emerging concept in revenue management that incorporates existing principles and tools of revenue management across all profit streams. It is a professional's guide to using TRM in an optimal and innovative manner to gain competitive advantage. Readers will gain comprehensive insights into the strategies, tools and principles of TRM including existing and emerging revenue streams across the value chain. The author offers a transparent and holistic explanation of pricing strategies, segmentation methods and distribution principles which enable implementation of TRM in organizations.
This new textbook, Hospitality Revenue Management: Concepts and Practices, provides a comprehensive, in-depth introduction to the basic concepts and best practices of hospitality revenue management. With a real-world, hands-on approach, the book places students in the role of a revenue manager striving to succeed in an ever-changing hospitality business environment. The book takes a unique multi-author, collaborative approach, with chapters from outstanding industry leaders who share their experience and provide the information necessary to arm students with the most up-to-date tools and methods they to be effective in the hospitality revenue management field. The chapters cover the important topics in hospitality revenue management, including hotel pricing, hotel segmentation, distribution channels, competitive analysis, hotel forecasting, performance analysis, market data, supply and demand management, and more.
The future of upscale and luxury hotels is total revenues. No longer simply a matter of driving occupancy, properties in these categories must find ways to encourage guests of all segments to spend across a variety of ancillary revenue streams such as dining, wellness, golf and activities. For the brand and owner’s side, this optimizes profitability, while for the guest this augments the experience to maximize satisfaction – a true win-win. Broken down by sections corresponding to each major hotel operation, this book gives hoteliers the tools and inspiration to execute a total revenue-focused commercialization strategy.
The increasing interconnection and the unlimited exchange of data and information has led to a maximized transparency of globally offered and sold products and services. The desires, needs and wants of the consumer are the critical issues today in creating new or offering existing products and services. This book outlines successful marketing and sales strategies with a clear focus on practical relevance. It provides a systematic overview and description of selling, pricing and negotiation concepts which enable the reader to apply the best-case scenario in their company. Tools such as the marketing mix or marketing strategies are well explained for practical application in industry. The book also integrates elements of change, lean and innovation management as drivers for performance excellence. Featuring industry case studies, this book is a practical guide for marketing professionals, academics and policy makers to enable enterprises to achieve long-term competitive advantages through best-in-class marketing, sales and pricing activities.
Fierce competition in many industries, megatrends, the COVID-19 pandemic, the ongoing globalisation and the permanent liberalisation of markets have changed the face of economies and businesses drastically. Companies must establish suitable and long-term strategies and performance criteria in order to survive in this dynamic and hostile environment. This book provides a holistic and practical approach to strategic performance management. It combines all functions of the value chain and contains best practices in performance. The author demonstrates how new paradigms enable companies to concentrate on value-adding activities and processes to achieve a long-term sustainable and competitive advantage. The book contains a variety of best practices, industry examples and case studies. Focusing on best-in-class examples, the book offers the ideal guide for any enterprise to achieve a competitive advantage across all business functions focusing on value-adding activities.
Worldwide, tourism is the third largest economic activity in direct earnings after petroleum and automobile industries, and by far the largest one if indirect earnings are also taken into consideration. Taking into account the profound economic impact the tourism and hospitality industries can have on regions and cities around the world, further research in this area is critical. Global Dynamics in Travel, Tourism, and Hospitality takes a holistic approach to tourism and hospitality operations, education, and research. Highlighting the latest research in the field, real-world examples of how these industries are shaping economic development as well as future outlooks and opportunities for growth, this publication is an essential reference source for researchers, professionals, and graduate-level students.
The increasing globalization, the battle for talents, and global trends are changing the work patterns in organisations around the globe. Enterprises are working across country and cultural borders alongside complex supply and demand networks. Global incidents such as the financial crisis in 2008 and the recent COVID-19 pandemic have forced global organizations to find innovative ways to continue to connect globally and maintain a competitive advantage. Therefore, innovative enterprises have established global and virtual organisations including members of the value chain on supply and demand side. This book outlines these new work and leadership styles, and agile organisations, which are necessary to work virtually and globally. It provides case studies and experiences from different global organizations in different industries and sectors with a focus on value-adding processes and services.
In this instant New York Times bestseller, renowned economist Thomas Sowell demolishes the myths that underpin the social justice movement The quest for social justice is a powerful crusade of our time, with an appeal to many different people, for many different reasons. But those who use the same words do not always present the same meanings. Clarifying those meanings is the first step toward finding out what we agree on and disagree on. From there, it is largely a question of what the facts are. Social Justice Fallacies reveals how many things that are thought to be true simply cannot stand up to documented facts, which are often the opposite of what is widely believed. However attractive the social justice vision, the crucial question is whether the social justice agenda will get us to the fulfillment of that vision. History shows that the social justice agenda has often led in the opposite direction, sometimes with catastrophic consequences. More things are involved besides simply mistakes. All human beings are fallible, and social justice advocates may not necessarily make any more mistakes than others. But crusaders with an utter certainty about their mission are often undeterred by obstacles, evidence or even fatal dangers. That is where much of the Western world is today. The question is whether we will continue on heedlessly, past the point of no return.
Companies are exposed to a large number of risks from different sources such as globalization, deregulation, environmental changes, technological changes, complicated financial models, and corporate governance changes. Parallel to this, various studies recognize enterprise risk management (ERM) as a new method of organizational control. With the spread of ERM frameworks, this book links the themes of risk to decision-making and strategic processes, moving from the issue of vulnerability in order to increase awareness that risk management cannot be entrusted to fulfillment. Instead, risk management must increasingly be an integral part of the company's decision-making and strategic processes. This book develops an innovative approach to the theme of risk following a business-economic analysis perspective related to the creation of economic value. Traditionally, the issue of risk has been widely explored with regard to finance and financial markets. In this book, risk management as a managerial process will be investigated in order to explore the link between risk and business strategies. Integrating risk assessment methodologies with managerial tools with which business entities can build value to protect their positioning and to enhance their economic and financial standing, this book will be of interest to students and researchers of risk management.