The financial aspect of revenue management at the hospitality business
The article analyzes the process, approaches and methods of revenue management in the hospitality business, changes in management and the prospects of using new approaches in revenue management in the hotel business. It is noted that the industry has a high level of services individualization, which...
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| Format: | Article |
| Language: | English |
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Odessa National Maritime University
2019-12-01
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| Series: | Розвиток методів управління та господарювання на транспорті |
| Subjects: | |
| Online Access: | https://www.daemmt.odesa.ua/index.php/daemmt/article/view/289 |
| _version_ | 1818116661977284608 |
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| author | Maryna Matviienko |
| author_facet | Maryna Matviienko |
| author_sort | Maryna Matviienko |
| collection | DOAJ |
| description | The article analyzes the process, approaches and methods of revenue management in the hospitality business, changes in management and the prospects of using new approaches in revenue management in the hotel business. It is noted that the industry has a high level of services individualization, which complicates the process of data collection and processing, as well as the complexity of building an effective pricing policy. The role of pricing policy in the process of revenue management is determined, the main elements and levers of influence are defined, and the range of ethical problems in pricing for hotel services related to price discrimination is outlined. The role of enterprise income in this field as a major factor is substantiated, which influences the further possibilities of functioning and development and other indicators of efficiency. The role of revenue management policy in determining the efficiency of the activity and the possibility of its further functioning are shown. For the hospitality business to function effectively, it is important to create a revenue management system that maximizes them in the short, medium and long term, without losing customers and reputation, and tightly cont-rols timeliness and revenue. The following stages of revenue management have been noted and management decisions and consequences system identified: analysis of pre-vious periods data, taking into account past mistakes and peculiarities of the environment; development of pricing policies, taking into account segmentation and pricing discrimination; marketing decisions affecting financial and operating performance; finding ways to increase revenue; budgeting and the possibility of operational change; control over revenues; adjustment and revenue impact; comparing the values obtained with the target values. The analysis concludes that an effective revenue management system using IT technologies allows solving complex multifactor problems and to make timely decisions of managerial, organizational and financial character that directly or indirectly affect the efficiency of the hospitality business. |
| first_indexed | 2024-12-11T04:26:04Z |
| format | Article |
| id | doaj.art-d3939eedfdc84a0eb6c00ee2a0b172c4 |
| institution | Directory Open Access Journal |
| issn | 2226-1915 2415-3893 |
| language | English |
| last_indexed | 2024-12-11T04:26:04Z |
| publishDate | 2019-12-01 |
| publisher | Odessa National Maritime University |
| record_format | Article |
| series | Розвиток методів управління та господарювання на транспорті |
| spelling | doaj.art-d3939eedfdc84a0eb6c00ee2a0b172c42022-12-22T01:20:58ZengOdessa National Maritime UniversityРозвиток методів управління та господарювання на транспорті2226-19152415-38932019-12-0169(4)11913010.31375/2226-1915-2019-4-119-130289The financial aspect of revenue management at the hospitality businessMaryna Matviienko0Odessa National Maritime UniversityThe article analyzes the process, approaches and methods of revenue management in the hospitality business, changes in management and the prospects of using new approaches in revenue management in the hotel business. It is noted that the industry has a high level of services individualization, which complicates the process of data collection and processing, as well as the complexity of building an effective pricing policy. The role of pricing policy in the process of revenue management is determined, the main elements and levers of influence are defined, and the range of ethical problems in pricing for hotel services related to price discrimination is outlined. The role of enterprise income in this field as a major factor is substantiated, which influences the further possibilities of functioning and development and other indicators of efficiency. The role of revenue management policy in determining the efficiency of the activity and the possibility of its further functioning are shown. For the hospitality business to function effectively, it is important to create a revenue management system that maximizes them in the short, medium and long term, without losing customers and reputation, and tightly cont-rols timeliness and revenue. The following stages of revenue management have been noted and management decisions and consequences system identified: analysis of pre-vious periods data, taking into account past mistakes and peculiarities of the environment; development of pricing policies, taking into account segmentation and pricing discrimination; marketing decisions affecting financial and operating performance; finding ways to increase revenue; budgeting and the possibility of operational change; control over revenues; adjustment and revenue impact; comparing the values obtained with the target values. The analysis concludes that an effective revenue management system using IT technologies allows solving complex multifactor problems and to make timely decisions of managerial, organizational and financial character that directly or indirectly affect the efficiency of the hospitality business.https://www.daemmt.odesa.ua/index.php/daemmt/article/view/289income, revenue management, finance, enterprise, methods of revenue adjustment |
| spellingShingle | Maryna Matviienko The financial aspect of revenue management at the hospitality business Розвиток методів управління та господарювання на транспорті income, revenue management, finance, enterprise, methods of revenue adjustment |
| title | The financial aspect of revenue management at the hospitality business |
| title_full | The financial aspect of revenue management at the hospitality business |
| title_fullStr | The financial aspect of revenue management at the hospitality business |
| title_full_unstemmed | The financial aspect of revenue management at the hospitality business |
| title_short | The financial aspect of revenue management at the hospitality business |
| title_sort | financial aspect of revenue management at the hospitality business |
| topic | income, revenue management, finance, enterprise, methods of revenue adjustment |
| url | https://www.daemmt.odesa.ua/index.php/daemmt/article/view/289 |
| work_keys_str_mv | AT marynamatviienko thefinancialaspectofrevenuemanagementatthehospitalitybusiness AT marynamatviienko financialaspectofrevenuemanagementatthehospitalitybusiness |