yield management in independent hotels
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Research Proposal
TSM 11632
Revenue management in independent hotels versus chain hotels
A case study on Maltese hotels.
Presented to:
Dr. Paul Barron
On the 3rd December 2012
By
Matriculation No: 40087634
Programme: MSc in International Hospitality and Tourism
Word Count: 4,063
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1. Introduction
Revenue management (or the yield management) is the concept that
encompasses the overall procedure of understanding, antedating and persuading
consumer behaviour, for the purpose of enhancing earnings or profits, out of fixed
and perishable resources (like airline seats, room reservation in a hotel, an
advertising inventory) (Jones & Lockwood, 2002). Over the last fifteen to twenty
years, the concept of revenue management has boosted largely, and today, yield
maximisation strategies and tactics are used in all emerging disciplines and
management science (Fyall & Garrod, 2005). Revenue management is complex to
be evaluated fully; since it covers several features like management control (this
comprises rate management, revenue stream management) and channel
distribution management (Bardi, 2010). Not only this, yield management embraces
numerous elements of marketing, operations and financial management through a
novel and efficacious approach (Enz, 2010).
In hotels, the process of revenue management is used to estimate the rates,
rooms and restriction on sales for the purpose of generating maximum outputs in
return (Jones & Lockwood, 2002). Today in hotels, yield management team has
become an inseparable part for targeting the right distribution channel in global
economy, controlling overheads, and having accuracy in market place (Fyall &
Garrod, 2005). Yield management works on the most fundamental statement of
management that is; selling rooms and services to right price, at right time to the
right people (Bardi, 2010).
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While presenting a comparative analysis, it is significant to understand the
difference between independent and chain hotels. Bardi (2010; p. 26) describes
independent hotels as those associated with a franchise, providing a greater sense
of warmth and individuality than that of any chain hotel. On the other hand, chain
hotels are owned and governed by certain corporations that do not allow their
brand name to be shared by other proprietors, but only to those with certain terms,
conditions and fixed payments according to contracts (Ismail, 2002). Conversely,
independent hotels do not allow their proprietors to use their brand names (Bardi,
2010).
Due to differences in the size, structure and functions of the both types of hotels,
their management functions also differ according to situation (Enz, 2010). There
are many medium seized and smaller proprieties, which cannot afford to hire
revenue management teams and as a result, they lack the skills as well as
expected outcomes, which would have been better produced by managing
revenue (Tevis, 2009). For example, the owners of smaller independent and
franchised hotel find it quite difficult to fully integrate yield management functions,
and therefore, they end up hiring and keeping only the front desk staff (Andrews,
2009). Revenue management is less important for them; but despite this, they
have to manage what they can afford and practical to them, by estimating certain
values (Sharpley, 2006). On the other hand, chain hotels hire several staff and they
offer luxurious services to their customers. They integrate and make use of
advanced yield management combinations (Barrio, 2010). But overall, the principle
of revenue management is simpler for hotels; it all depends on demand and supply
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chains (Andrew, 2009). In order to cover operational expenses, hotels have
executed a proper business management scenario (Tevis, 2009). Specifically in
current times of recession, it is very critical to implement sound revenue
management tactics in an organisation (Enz, 2010).
For all this purpose, this research project has been proposed to give a comparative
analysis of independent and chain hotels in perspective of revenue management.
The approach of the study is solution-oriented, specifically for independent hotels
that have to manage their resources within limited amounts.
1. Aims and objectives of research
This research project will be examining revenue management in hotels today. For
this purpose, independent and chain hotels have been selected to make this study
specific. Therefore, this project will be based on following aims and objectives:
"The aim of this research project is to highlight the differences between the
revenue management of chain hotels to the revenue management of independent
hotels.
This aim will be achieved by undergoing the following objectives:
1. To examine the significance of yield management for hotels.
2. To explore the difference in revenue management between chain and
independent hotels through several case studies.
3. To offer suitable recommendations to chain and independent hotels for
better revenue management, on the basis of literature and findings.
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2. Literature review
Literature review chapter will illustrate the research studies from a range of
journals, news sources and publications that have been developed by other
researchers. This section will assist in multiple ways; that is, by providing a sound
and critical background with an understanding of overall research, through
previous literature. Secondly, this will provide a basis of comprehending primary
information. Since, in primary research studies, it is very important to identify the
research study gaps in a study. The literature review part will be helpful in
identifying the gaps in previous studies, developing opportunity for researcher to
address those issues, and development of sound plan for the project.
1. Revenue management
Revenue management (or the yield management) has formed to be a buzz word of
our competent industry today (Rucker, 2012). Revenue Management, with its
range of definitions, have diverse functions in different fields (Voudouris et al,
2008). Its developmental stages started in after 80s, where it was widely adopted
by hotels and airlines; and till now, they have successfully implemented revenue
management (Shah, 2009).
1.1. History of Revenue Management
After government deregulation in the year 1980, airlines industry were first to
initiate a revenue management process (Jerenz, 2008). Although, yield
management was one of the commonly adopted techniques by those times for
airlines, the history of proper revenue management practices was seen after 1985,
when in competition of offering low cost carriers was initiated by American Airlines
against PeopleExpress (Yeoman & McMahon-Beattie, 2004)
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One of the initial purposes for revenue management adoption was to ensure no
less than minim number of seats, without selling at discounted rates each day; the
idea was to cover fixed cost overheads by selling adequate seats (Huefner, 2011).
Once the fixed expenses were covered by this technique, the remaining seats
were sold on higher rates to maximize gains and profits.
2. Revenue management in hotels
All the discussion given above shows that revenue management involves
supplementing the fundamental assumptions of economic supply and demand, in a
tactical way, in order to develop maximum earnings (Hayes & Miller, 2010).
Revenue management can be executed successfully if following three conditions
are there:
1. Fixed resources availability for sale.
2. Perishable resources
3. Different customers offering different rates for same resources.
All these three condition are extremely well fit by hotel industry (Sfodera, 2005).
This is quite certain that the fixed inventory for hotels is the rooms, available for
sale; and secondly, these rooms are perishable (Tranter, 2009). It is an obvious
fact that hotel rooms, just like airline seats, perish every day; that is, one room hold
tonight is gone forever. The third condition is also met by the hotels that different
segments of businesses are ready to pay unlike rates under altered conditions
(Zeni, 2001).
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Revenue management also has high relevance, specifically in cases with
increased fixed costs, compared to variable costs (Rucker, 2012). Contribution of
overall profits increases with less variable cost. This makes revenue management
extremely important for hotel management (Yeoman & McMahon-Beattie, 2004).
For successful revenue management in hotels, effective market segmentation is
extremely needed. Besides, market segmentation increases with seasonal
demands (Shah, 2009). Years of experience and expertise have revealed to
hoteliers that there are times of higher and lower demands for all hotels in the
industry (Hayes & Mills, 2010). This is important specifically for those hotels
serving in attractive areas or resorts (Huefner, 2011).
Hotels have also quickly configured that at certain times and places, consumers
will be ready to pay a maximum amount, where the rooms are there with
supervisor view; like ocean or sea views, or any other places with unique sights,
larger or unusual rooms, and rooms with specific features (Yeoman & McMahon-
Beattie, 2004).
In hotels, revenue management importance was realised and adopted at times
when the analysis of RM airlines on high side (Shah, 2009). Hoteliers examined
the supply and demand chains, beyond seasonal demands and assessed the
existing opportunities to generate maximum outputs. It works on the fundamental
notion of economics, where demand and supply forces work in a manner that, with
an increase in demand, room supply lowers and thus, the rate opportunities are
increased (Zeni, 2001).
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Because of revenue management at airlines, it is learned by hotel industry and
other sectors that, supply and demand opportunities may be grabbed the whole
year long due to conventions, group bookings and room production (which can be
carried out through website marketing), special events and local attraction, which
are all the powerful sources of driving opportunities (Tranter, 2009).
In order to initiate a revenue management process at hotels, majority of hotels
begin market segmentation first, by examining that what types of businesses can
the hotel serve, on the basis of existing market situation and the comparative
analysis of room supply versus demand (Sfodera, 2005). Secondly, it is examined
that what rates would be the best determinants for each segment of business
(Zeni, 2001).
Many authors have discussed the market segmentation breakdown, due to
location, type of hotels, the assessment that either independent room are there,
franchise, number of rooms, public space and a diverse range of other factors
(Huefner, 2011; Zeni, 2001; Shah, 2009). Each market segment can be
characterised by level of tolerance it holds, like corporate transient, online
bookings, conference groups, leisure transients, and association groups (Jerenz,
2008).
It is therefore suggested by many researchers that for hotels, it is very important
first to focus on occupancy and then on average rates (Yeoman & McMahon-
Beattie, 2004; Jerenz 2008). Advance reservation also brings an increase in rates.
According to some authors, it is a strange fact that many hoteliers think in contrast
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(Shah, 2009). The issue arises when too many hoteliers blindly set the rates,
without anticipating future needs and then panic can be seen when reservations
are opposed as they planned (Huefner, 2011). It is suggested by some researchers
that hotels should sketch the picture of reservation before six months. Many other
hotels yet should lookout a year or more in advance. In the future, the advanced
reservation is representation of occupancy demand for each night. Building future
demands can be assisted by using special rates, discounted offers and group
packages, and then the rates should be adjusted to meet the demands (Huefner,
2011, Shah, 2009, Yeoman & McMahon-Beattie, 2004).
Another aspect that most of the researchers illustrate to is keeping a check list of
past history, when viewing future reservations, with those dates, movable holidays,
and current and past booking pace (Jerenz, 2008). There is just a little room for
guess work when planning for sales strategies in revenue management. In short,
revenue management can benefit almost all hotels (Trenter, 2009). For this, it is
important to get to know the business flow of hotel and promotion of knowledge for
anticipating supply and demands (Zeni, 2001).
2.1. Revenue management in chain hotels
In chain hotels, many management staffs rate their success level by rating the
occupancy level. In general, it is not the only mean of measuring success rate.
There is yet another standard of Revenue per Available Room (REVPAR), which is
calculated by dividing the room revenue by total number of rooms. Chain hotels
execute revenue management techniques in a sound way, however, it differs from
one hotel to another (Tranter, 2009).
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2.2. Revenue management in independent hotels
Independent hotels have pass through a phase, where they end up asking the
question as to how to compete the chain hotels. All this is very significant for
independent hotels as they are owned by an individual property or small group of
hotels (Tranter, 2008). For Independent hotels, the aspects of rate integrity,
maintenance of room availability, property rating and GDS preferences and media
opportunities are not as vast as for chain hotels. Many Independent hotels do not
get involved into balancing their revenues as those of chain hotels. However,
revenue management plays an important role in maintaining the overall structure
of all hotels, including independent hotels (Hutchison, 2011).
3. Benefits of revenue management
The emphasis of majority of hoteliers is to raise occupancy, but increasing
occupancy by the means of neglecting average rates it not a feasible choice
(Bardi, 2010). There may only be the rare cases when adequate incremental
occupancies can be generated out of reduced rates for compensating the rate
reduction (Andrews, 2009). For some hotels, it is not possible to hire an expert and
experienced revenue management team to manage yields. However, there are
certain ways and techniques that can help hoteliers to improve their revenue yields
(Enz, 2010).
3.1. Adequately positioned rates
Hotels can first check if their rates are properly positioned to compete in
marketplace. For this, structuring the rates at first place is necessary to be revised.
Rates should never be settled in vacuum, it is very critical to have an advanced
knowledge of rates (Bardi, 2010). Comprehensive study of competition is advised
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here by many authors. Once it is determined correctly that what people will pay, it
will generate a worthy value for buyer (Enz, 2010). The term value covers a broad
range of aspects like hotels location, surrounding, facilities and the competitive
environment where it is operating. Overlooking the competition does not mean the
challenges are eliminated (Shah, 2009).
For this, it is a best option to carry out competitive analysis (SWOT Analysis) to
assess all the point. This will generate an idea regarding competing environment
by comparing the hotel to selected competition hotels. It does not only cover bricks
and mortars, rather many other elements are covered; like, strengths and
weaknesses of manager, sales staff and the franchise factors, etc.
3.2. The revenue management process
As discussed, revenue management covers the processes of anticipating hotel
occupancy and the corresponding market demands to evaluate how it will leave an
impact on a hotel (Enz, 2010). This is not possible to generate ideas and anticipate
occupancy without conducting a data collection research of market business flow,
the demand for hotels occupancy, the existing reservation booking pace of hotel
and the rate history (Bardi, 2010).
One of the benefits of yield management is that it helps hoteliers in adopting a
proactive approach, before the potential demand increases and reacting to
marketplace in a timely manner (Andrews, 2009).
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3. Research approach
The research methodology of this project will cover the major dimensions of
revenue management, which ascribes as a method to generate revenues from
fixed and perishable sources. From research aims and objectives, it is clear that in
order to make this project precise and specific, instead of discussing revenue
management in entire hotel industry (which will make this topic broader and
lengthier) only chain hotels and independent hotels have been selected for this
purpose. This has been shortened more toward comparing both of these types by
examining revenue management functions in the industry. Therefore, it is required
to develop to a methodology that may appropriately achieve this purpose.
Kumar (2011) determines that in any research procedure different methods and
techniques are used. These research methodologies vary from one research
analysis to another and distinctively planned so that improved outputs can be
acquired. These different methods and applications include technical research
methodologies, calculative based descriptive studies and ethnographies
(McBurney & White, 2009). The ultimate goal of all these techniques is to gather
meaningful information to draw inferences (Crowther & Lancaster, 2012).
Information can certainly be collected from various sources like, planned,
structured or unstructured interviews, consumer based surveys, focus groups,
observations, attentive team polls and surveillances (Jackson, 2010; Bryman,
2012). Broadly, there are two research approaches that can be used in any
research project, including qualitative and quantities research techniques
(Chapman, 2005). Qualitative Research techniques use illustrations in terms of
non-numeric expressions, by identifying and explaining beliefs, attitudes and
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opinions (Bryman, 2012). On the other hand, Quantitative Research technique is
entirely based on interpreting numbers which give meaningful information in form
of descriptive data, like percentages and statistical measures (Bryman, 2012).
Besides, Kumar (2011) describes that qualitative research technique is limited in a
sense that it is applicable only for limited research topics, which further restrict its
scope. For example, qualitative research approach is used only at places where it
is required to present a groundwork (or theoretical framework, discussion or
theoretical base) of quantitative research hypothesis.
In this research project, dominantly qualitative research approach will be
incorporated. In this research report, comparative analysis of revenue
management in chain hotels and independent hotels will be presented. Majority of
information will be gathered from research articles available online, in order to
develop and enhance theoretical aspect of the project.
Partially, quantitative based research techniques will also be executed. This will be
applied on the descriptive basis of project, where the major concern will be to
examine different dimensions of hotel revenue management.
1. Research design
As narrated, the major focus of this research project is to present a comparative
analysis of chain hotels and indecent hotels in terms of revenue management, for
this purpose, research design is divided further into two parts:
1. Presenting a description of comparative analysis through various research
articles.
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2. Using semi-structured interview guideline as primary research contribution.
There were a range of other choices for this research project, like survey method,
observation and focus group (Crowther & Lancaster, 2012). But the most
applicable and appropriate method was decided to be as semi-structured interview
on the basis of multiple reasons (Bryman, 2012). First of all, an organised and
standardised research procedure was required for this study to examine step by
step analysis of each comparative factors of revenue management. Semi-
structured interview technique is known to be as patterned and standardised
research technique. Secondly, Bryman (2012) describes that in semi-structured
method, the information provided is authentic, reliable and dependent, along with
an overall system of discussion, where candidates are assured for receiving equal
chances of discussion and participation. One of the other major advantages of this
technique is that, it is semi-structured by nature. That is, closed and open ended
questions are included, along with discretion to interviewer to make flexible
additions of questions at times of interview procedure, if required. An interview
guide assists into inquiring research based questions from participants, and at
times, when any new question or query comes in interviewers mind, it can
flexibility adjusted to interview guide (Crowther & Lancaster, 2012).
From this research perspective, it was very important to include the respondents
from both sides (chain hotels and independent hotels) to present their views on
revenue management in their hotels. Secondary literature will be a mean of
justifying analysis from second hand available data on revenue management in
hotels, while this attempt to conduct a semi-structured interview will be an
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endeavour to present research analysis as original contribution of researcher.
Another reason for selecting semi-structured interview is that, the flexible nature of
this kind of interview technique would allow researcher to make additions in
interview guide flexibly, if required.
In addition, it is important to divide respondents on the basis of specified Sampling
Plan. As samples, the participants from revenue department (of chain hotel and
independent hotel) will be included in this project. It is quite likely, in many small
independent hotels, where owners act as the sole managers (as identified by
secondary literature), therefore, Convenience Sampling technique has been
chosen as the most suitable technique due to some reasons. First, as a non-
probability sampling method, convenient sampling helps at times, where
convenient accessibility and proximity to researcher features are increasingly
required (Crowther & Lancaster, 2012); therefore, all those respondents associated
with revenue management departments of hotels, in one way or other, will be
included in research because of convenience of their accessibility. Due to this
sampling technique, it will be easier to conduct research technique for information
gathering and draw inferences.
2. Strategy for comparative analysis
As illustrated, comparative analysis of chain hotels and independent hotels will be
used in this project, for this purpose, an easier strategy has been developed by
researcher to present a clear research approach. This is as following:
1. Comparison offorecasting arrivals in both hotel types
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2. Occupancy rate
3. Seasonality analysis (as this is the major factor that influences the level of
room demand, and thus revenue management aspects cover this part too).
4. Reservations (to check reservations systems in hotel chains and
independent hotels and associated revenue management applications that
both of these types use to cope with this factor).
5. Cancellations (it is quite like reservations are cancelled, anytime, or even
before a day of arrival. It is very critical to examine how revenues of
independent and chain hotels are adjusted and balanced in this scenario).
6. Length of stay
7. Group reservations
8. Trend estimations
9. Unconstrained demand forecasting
10. Managing existing pricing and the pricings in coming times
11. Future distributions
12. Future revenue performance management
13. Others
Besides this, respondents will be interrogated for different questions that will cover
the factors like what drives the need for revenue management in business hotels?,
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how these hotels manage their affairs in case of limited or unlimited money? And
how has revenue management been playing its role in structured way? Besides, if
in any hotel, no organised or structured revenue management departments are
there, respondents will be asked if they think there is any need for separate
revenue management department? The research plan section will present a
description of timeframe used for this project to cover all aspects properly.
3. Data collection
Secondary data tools are those assisting researcher to examine second hand
data, which has already been researched and explored (Crowther & Lancaster,
2012; Kumar, 2011). It is specifically helpful at times when the intention is to view
the nature of existing data, any gaps in current studies, finding any opportunities or
increasing knowledge (Bryman, 2012).
Primary research studies on the other hand have an attempt to present first hand,
original information (Crowther & Lancaster, 2012), which is one of the fundamental
requirements for any research project (Bryman, 2012). This can be used in any
forms, like interview, case study analysis, systematic literature review presentation,
surveys, observations and several others (Crowther & Lancaster, 2012; Kumar,
2011). As highlighted above, semi-structured interview as a primary research
analysis will be used for this project.
For secondary literature review, some carefully selected online library databases
will be the mainstream and most critical and major parts of this report. Due to time
limitation, it is not possible to cover all secondary research approaches, since each
approach is broad and extensive by nature. As the main focus of researcher is to
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present reliable, authentic and useful information, therefore, online library
databases with dependable journals and articles information will be included as
secondary research analysis contribution. For this purpose, following databases
will be used using online university library services:
The database of Hospitality and Tourism
Academic Search Elite
Business Source Premier
EbscoHost Electronic Journals Service (EJS)
Sage Premier
Emrald
The main concern of researcher will be to include only those articles which are
quite relevant to existing study, in order to address the issue of relevancy.
4. Limitations
Due to time constraint, it is not possible to increase sampling size. Therefore, only
5 chain hotels and 10 independent hotels from Malta have been selected for this
project. Another limitation is financial constraint, therefore, no complex and
expensive methods have been used. Using semi-structure interview by visiting
these 15 hotels and gathering data is the most appropriate method to develop
information.
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5. Ethical consideration
Ethical considerations form the basis for any research project; likewise, this
research project will be cautiously developed to fulfil all university requirements as
well as general guidelines on ethics. First of all, fair means of data collection will be
incorporated, along with strict abidance of university policies on plagiarism.
Fabrication of information or duplication of results will be strictly and cautiously
addressed. Besides, respondents will be assured of privacy and confidentiality of
information they provide and the evidences delivered by them will not be disclosed
except for using academic purpose.
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4. Research plan
In order to cover this research study, following research plan has been developed:
Mar Apr
No Activity 24
26
28
30
1 3 5 7 9 11
13
15
18
2
1 Designing semi-structured interview guide
2 Sending interview request letters tocorresponding hotels and initiating secondarydata collection procedure
3 Wait for the response and completing secondary
literature review
4 Initiating interview process, gathering informationgenerated from participants, using quantitativetools to sum up results and presentation by graph
5 Drawing inferences from primary and secondary
literature.
6 Final Submission
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5. References
Andrews, S. (2009). Hotel Front Office Trng Mnl 2E, Tata McGraw-Hill Education
Bardi, J. A. (2010). Hotel Front Office Management, John Wiley and Sons
Barrio, M. D. (2010). New York City For Dummies, John Wiley and Sons
Bryman, A. (2012). Social Research Methods, Oxford University Press
Chapman, P. C. (2005). Research Methods, Routledge
Cowther, D., and Lancaster, G. (2012) Research Methods, Routledge
Enz, C. A. (2010). The Cornell School of Hotel Administration Handbook of Applied
Hospitality Strategy, SAGE
Fyall, A., and Garrod, A. F. (2005). Tourism Marketing: A Collaborative Approach,
Channel View Publications
Hayes, D. K. and Miller, A. (2010). Revenue Management for the Hospitality
Industry, John Wiley and Sons
Huenfer, R. (2011). Revenue Management: A Path to Increased Profits, Business
Expert Press
Hutchison, B. (2011). Revenue management for independent hotels [Online]
Available from: http://www.hotelnewsnow.com/Articles.aspx/5388/Revenue-
management-for-the-independent-hotel [Accessed: 15 Nov. 2012]
Ismael, A. (2002). Front Office: Operations and Management, Cengage Learning
Jackson, S. L. (2010). Research Methods: A Modular Approach, Cengage
Learning
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Jerenz, A. (2008). Revenue Management and Survival Analysis in the Automobile
Industry, Springer
Jones, P. and Lockwood, A. (2002). The management of hotel operations: ( an
innovative approach to the study of hotel management ), Cengage Learning
EMEA
Kumar, R. (2011). Research Methodology, APH Publishing
McBurney, D. H. and White, T. H. (2009). Research Methods, Cengage Learning
Rucker, M. (2012). Revenue Management Integration: The Financial Performance
Contribution of an Integrated Revenue Management Process for the
Service Industry on the Example of Hotel Chains, GRIN Verlag
Sfodera, F. (2005). The Spread of Yield Management Practices: The Need for
Systematic Approaches, Springer
Shah, J. (2009). Supply Chain Management: Text and Cases, Pearson Education
India
Sharpley, R. (2006). Travel and Tourism, SAGE
Tevis, P. (2009). San Francisco For Dummies, John Wiley and Sons
Tranter, K. A. (2009). An Introduction to Revenue Management for the Hospitality
Industry: Principles and Practices for the Real World, Pearson Education
India
Yeoman, I. and McMahon-Bettie, U. (2004). Revenue Management and Pricing:
Case Studies and Applications, Cengage Learning EMEA
Zeni, R. H. (2001). Improved Forecast Accuracy in Airline Revenue Management
by Unconstraining Demand Estimates from Cen, Universal-Publishers
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