A Meta-Analysis on Revenue Management

A Meta-analysis on Revenue Management
BBA 7 – G1 Yvonne LIU 302492 Timothy MA 222747

2013-1

Revenue and Pricing Management

Statement of authorship

I certify that this assignment is my own work and contains no material which has been submitted as part of an assignment in any institute college or university. Moreover, to the best of my knowledge and belief, it contains no material previously published or written by another person, except where due reference is made in the text of the assignment.

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Table of Content

1. Introduction……………………………………………………………………4 2. Analysis the future developments of RM………………………………...5 3. Conclusion……………………………………………………………………14 References list

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1. Introduction

The hotel industry has become very competitive and there is need to attract and retain customers on a regular basis. The hotel industry is fragmented and the dynamics in demand changes for hotel services have led to variations in the prices charged to the customers seeking such services. Initially, the hotel industry practitioners were more focused on accumulating more revenue to reap profitability on a short-term. This did not integrate the position of the customers in the revenue management process. However, increased research in the area of revenue management within the industry has revealed that hoteliers can maximize on their profits and at the same time enhance customer relations, thus leading to customer loyalty. As such, there has been a widespread shift from the traditional revenue management practice to a contemporary value-based approach in which the customers are integrated in the practice to enhance loyalty and boost revenue, even in long-term. Though some gaps still exist and the approach has not penetrated the global market, the trend witnessed from the meta-analysis of the relevant research literature material is positive and worth promoting. Several research

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