READ INSTRUCTION CAREFULLY
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%
Common skills: assessed (bold) or developed (italics):
MANAGING AND DEVELOPING SELF 1.Manages own role and responsibilities 2. Manages own time in achieving objectives. 3.Undertakes personal and career development 4. Transfers skills gained to new and changing situations and contexts. 5.Uses a range of thought processes
WORKING WITH AND RELATING TO OTHERS 6.Treats others’ values, beliefs and opinions with respect 7.Relates to and interacts objectively with individuals and groups 8.Works effectively as a member of a team
COMMUNICATING 9.Receives and responds to a variety of information 10.Presents information in a variety of visual forms 11.Communicates in writing 12.Participates in oral and non-verbal communication
MANAGING TASKS AND SOLVING PROBLEMS 13.Uses information sources 14. Deals with a combination of routine and non-routine tasks 15.Identifies and solves routine and non-routine problems
BECOMING NUMERATE AND USING TECHNOLOGY 16.Applies numerical skills and techniques 17.Uses a range of technological equipment and systems
Special instructions:
Ensure all tasks are complete by the deadlines indicated
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:
o Forecasting – not the method, but what you have to consider: events, seasonality, flight schedules, black-out dates
o Pricing structure/ rate structure: bar pricing to rate fences applied
o Market segmentation, breakdown of transients and groups (detailed)
o Optimal distribution mix: e.g. 70% transient (how to achieve this)
o Social media strategy: trust scores, any RM on social media, hand in hand with distribution mix
o Comp. set: how you define your comp. set (which criteria), how much will it impact your RM strategy
o Implementation: 5-step approach (what are the different steps of your hotel)
Option 2:
Hotel Description
1. Be precise, descriptive, straight to the point and specific
a. Room Category
b. Number of rooms
c. Features
d. Unique selling point (Multiple if possible)
e. Positioning – Market Analysis (Very Brief)
f. Target Market
g. Distribution Partners (DBO , OTAS)
Revenue Management Plan
2. Clear Coherent, consistent revenue management strategy
a. Clear outlined rationale for this strategy
b. More information the better
c. Ideal pricing strategy – in line with hotel positioning
d. Capacity Management Strategy
i. Allocation of Inventory
ii. Location
iii. Controlling Duration
e. Tools Applied
i. Forecasting (No forecasting Method)
1. Focus on:
a. Upcoming Events
b. Seasonality
c. Blackout Dates
f. How to combat uncertain variables – inventory allocation, distribution management, arrival uncertainty, cancellation
g. Rate Structure
i. Bar
ii. Corporate
iii. Rack Rate
h. Pricing Structure
i. Market segments
i. Detailed
ii. plan of the market segment
1. Optimal distribution Mix
a. Eg. 70% – 30% (Why do you choose the most)
j. Social Media Strategy (trust score) and how to implement it
k. Comp set (Who)
i. How to choose it
ii. Set critetria on how it is chosen ( 1,2,3?)
iii. How do we use it?
l. Implementation
i. Implementation process (Kimes, 2009, Spa Revenue management)
ii. Which measure do we apply ( REVpar, GOPPAR ETC)
iii. Risks associated with this revenue management strategy ( Solutions to risks)
m. Revenue Management Strategy
i. Rationale ( Do not say to maximise revenue (to obvious))
Place your order now for a similar paper and have exceptional work written by our team of experts to guarantee you A Results
Why Choose US
6+ years experience on custom writing
80% Return Client
Urgent 2 Hrs Delivery
Your Privacy Guaranteed
Unlimited Free Revisions
