With the rapid rise of Revenue Management as one of the most important tools in hospitality management, arena4finance in partnership with HOSPA – the Association for Hospitality Finance, Revenue Management and IT professionals – have published a FREE introductory interactive eBook to the world of Revenue Management and how it can be used in the hospitality industry.
Part of HOSPA’s Practitioner Series, the new book – appropriately entitled ‘Revenue Management; an Introduction for Practitioners’ – has been prepared by HOSPA and arena4finance with the financial support of the Savoy Educational Trust. Additional support has been provided by Oxford Brookes University and the Higher Education Funding Council for England.
What is Revenue Management? “It’s the art and science of maximising revenue under variable conditions,” explained Chair of the HOSPA Professional Development Committee and Editor of the new book, Professor Peter Jones MBE. “It’s a management tool for increasing sales revenues by manipulating the prices at which fixed products, such as hotel rooms and airline seats, are made available for sale in relation to current and forecasted demand. Customers are now very much aware that the price they would need to pay for a hotel room or airline seat will vary significantly, depending upon availability and the point at which they make a purchase decision. The change in the way customers perceive the pricing of such products has been relatively recent but universally accepted.
“The Revenue Management eBook is designed to address this development and provides an in-depth introduction to Revenue Management and how it can be effectively used in the hospitality industry. It covers everything from understanding the motivation of the customer and the influence of the economic cycle in making purchasing decisions, as well as competitive markets and the principles of hotel market segmentation, to understanding the core components of pricing and its impact – in a variety of demand periods – on value perception; and the key skills required for a Revenue Manager.”
The HOSPA Revenue Management eBook is fully interactive – including audio elements, 3d graphics and self-paced review questions, and is available as a FREE download via iTunes. It is also available via iTunes U as part of a self-paced online course. The eBook PDF version, without the interactivity, can be found here.
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