revenue management strategies essay

revenue management strategies essay assignment

revenue management strategies essay

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Instructions/Descriptions

Our hotel/company: Four seasons Hotel/ Toronto Downtown

Our 2 competitors: Shangri-la and Ritz-Carlton/ Toronto Downtown

Assignment:

The Revenue Manager’s job has become even more complex today with the increased use of the internet by consumers to search for vacation packages, hotel rooms and of course the best value in rates. This also requires the revenue team to ensure it’s rates are up to date based on supply and demand in the marketplace, forecasts, their hotel’s position in their competitive set, changing economic variables, marketplace conditions and what the competition is doing in response to all of this as well.

Introduction – 5 marks Why this revenue management analysis is important to the revenue management program of your chosen hotel. How you conducted your research and any limitations to your research that would affect the results.

Part 1 – The Research (35 marks)

1. Pick a hotel which is part of a hotel chain (your “selected hotel”) and two primary competitors (6 marks). This must be submitted in Week 9 for approval as well as being part of your report.
2. What is the competitive advantage for your “selected” hotel over its competitors. (2 marks)
3. Design a SWOT analysis (4 main points under each of S,W,O,T) for each of the 3 hotels above. (12 marks)
4. Check rates for each of the 3 hotels for a leisure customer traveling on: (15 marks)

• A weekend (Friday and Saturday night stay)
• 2 consecutive nights – weekdays (Dec. 2019)
• 2 consecutive nights during March 2019 (if applicable to the demand in your market. You need to determine when March break is for your market). Or another high demand period

*your leisure customer may be a family, group of students, a couple – your choice. It must be the same customer profile for each hotel. Ask for the best available rate.

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• Rates must be checked at the same time for each hotel for comparison purposes. Record the date and time when you checked the rates. This should be reflected on your spreadsheet of results.

i.e. Rates were checked on Nov. 5th for a possible booking for the dates of November 25th and 26th.

• The rates should be checked in a minimum of the following FIVE distribution channels.
• Call hotel reservation number. This may be the hotel directly or the 800 number for a chain. Make sure you identify which one.
• Check the hotel website.
• Check Three (3) applicable 3rd party booking sites (i.e. expedia, booking.com etc.)
• You will need to print a screen shot of each rate that you find on the internet for each time period.
• *Present your rate findings in a chart. Each date period that you check should have its own chart. Put Dates on one Axis and Channels of Distribution on the other Axis. See sample on blackboard.

Part 2 – Analysis (23 marks)

Based on the rates and SWOT analysis what do you think is your “selected hotel’s” revenue management strategy on each of the dates is in the marketplace. Support your analysis with your research and what you have learned about the marketplace on each of the dates. *Rates should be presented in a chart/spreadsheet that is easy to follow and compare. Written analysis should refer to specific details on the chart.

1. a) Considerations (5 marks)

• Find out if there are any major events in the marketplace during the selected time periods.
• Determine if any new competitors are entering or leaving the marketplace during the time periods.
• Identify high and low demand days for each of the 3 time periods from Part 1.

1. b) Discuss “your selected” hotel’s revenue management strategies? Do you think they have a strategy? Why or why not? (5 marks)
2. c) Offer recommendations for your “selected” hotel to improve their revenue management process and ensure they are optimizing their revenue. (5 marks)
3. d) Describe and assess the “service” you received at each hotel you called? Would it impact your decision to book there? Why or why not? (3 marks)
4. e) Describe and asses “your” hotel’s social media strategy as it relates to revenue management. Mobile marketing and booking strategy? (5 marks)

Conclusion: (7 marks)

Conclude your findings in this report, including analysis and recommendations. This is a summary of what you found, learned and what you think “your” hotel should do going forward to improve their results.

Overall Organization and Presentation of report – (10 marks)

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Report should be professionally presented. It should include: a title page with course name and number, my name and all full student names and student numbers. Include a title for your report: ie. “Revenue Management report for ______(company)”. Professional pictures about your project may also be included.

The report must follow a logical sequence as outlined. A table of contents and page numbers are to be included with headings for appropriate sections.

The report should have the same font and style. It should not appear as if several people typed different sections and just put it together. Hand written sections are not graded.

Marks will be deducted for spelling and grammatical errors, after 2 errors. Proof read!

HOTL 216 – Fall 2019

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revenue management strategies essay

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