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Approaches for increasing the similarity of resource schedules in public transport Procedia - Social and Behavioral Sciences , Vol. Wiese, J. Kliewer, N. Cleophas, C. Ten myths of revenue management - A practitioner's view. Journal of Revenue and Pricing Management , 10, pp. Yeoman I. Steinzen I. Mathematical models and solution methods for optimal container terminal yard layouts In: OR Spectrum , Volume 32 No. Bunte, S.

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Revenue Management Terms and Metrics

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Andreas Erich Wald

Theoretische Grundlagen und empirische Anwendungsfelder. In: Gleich R. Evidence from German Astrophysics. While the revenue department remains focused on inventory allocation, the profit optimization function is responsible for demand management working out pricing policies in coordination with the other relevant departments. Besides the common databases and analytical processes guaranteed by the Central Profit Command Centre CPCC , Pinchuk found goal alignment and measurement as well as common skill sets to be crucial for true Revenue Management Integration.

A visualization of the departmental and functional integration of all relevant departments is shown in the figure below Figure 6. The quote above shows what organizational difficulties and challenges lay in the realization of an integrated revenue management approach.

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The integration has to be seen as an organizational reengineering and cultural shift that requires a well structured and executed change management process, complemented by extensive training programs. Depending on the state of integration of the various departments within a company and the ambition of the Integration effort, a minor continuous change may already have results in terms of financial performance. A major change that spans the entire organization may mean a derivation from the status quo and many employees, in particular in the affected departments, may not be comfortable with it.

Therefore to ensure largest possible success of the effort, the major change should be conducted by following the eight steps of John P. The eight steps are displayed below Figure 7 :. With respect to the first step, urgency must be displayed why the company should move toward Revenue Management Integration RMI. According to Kotter , many organizations already fail at this first stage because employees resist to be forced out of their comfort zone of how things are done and display complacency.

General sources of complacency are for example too many visible resources, low overall performance standards that give a false sense of success, measurement systems that focus on the wrong metrics, organizational structure that focus people on narrow functional goals without anybody looking at the overall end-to-end processes, or lack of feedback from external sources Kotter, Given the second step of forming a powerful guiding coalition, Kotter argued that major change efforts need the approval and support of senior management and, to have best chances for success, the coalition should include people of high power, expertise, and leadership skills, thereby the coalition is not necessarily limited to senior management, department managers, and employees but may include other interest groups and stakeholders.

For building a effective coalition, it is particularly important to initially rise high sense of urgency among the managers of the affected departments, thus in the case of Revenue Management Integration, Revenue Management, Marketing, Sales, and E-commerce and jointly asses their opportunities for the integration and establish trust among them Kotter, In addition, a vision should be developed that illustrates how the company may be able to better serve the customers and optimize profits at the same time by the implementation of Revenue Management Integration.

According to Kotter , the vision has to illustrate a picture of how the future should look, which is attractive to customers, stockholders and employees, thereby establishes a direction in which the organization is intended to move Kotter, Then the vision must be communicated through the organization, and employees should be empowered to act on the vision.

Therefore, the Balanced Scorecard may be used to communicate and control Revenue Management Integration and align all employees and managers to it. In this respect, it may be argued that the Balanced Scorecard is particular attractive as a tool to communicate and measure Revenue Management Integration since it follows a similar rational. The integrated revenue management process aims at customer-centric revenue management, particularly due to the integration of Marketing, Customer Relationship Management and Sales.

Consequently, an important objective is, to balance company profits and customer interests by being innovative in product development and pricing strategies and create lasting relationships with customers.

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Due to the balanced approach to revenue management that the integration aims at, there is a parallel to the Balanced Scorecard that renders it a useful tool to communicate Revenue Management Integration through the organization and to set out the specific initiatives and key performance indicators KPIs for the execution of the integrated revenue management process.

The key performance indicators, thereby, should be chosen in a way to guarantee goal alignment among the departments and functions that are integrated.

revenue management am beispiel von airline revenue management german edition Manual

Another crucial area for communicating the new vision and empowering employees are effective training programs. Skugge identified as a key issue that current revenue management systems have to be used to their potential by educating employees. Often the system is unnecessarily overridden because employees do not fully understand the underlying algorithms or mathematical assumptions on which the decisions rest. For companies, it will be crucial to have employees that hold or are able to develop skills to meet the changing market conditions and use the computer systems effectively.

Beck, Knutson, Cha, and Kim identified skills such as communicating effectively, leading the revenue team, and managing daily activity as highly important. However, skills like developing effective revenue management strategies and analyzing trends were found to be most important and also to be those that require most training and are trained too little in most organizations.

In addition, Pinchuk identified unified skill levels as crucial for an integrated revenue management process since it requires employees to work together and understand each others way of thinking and integrate action across different fields. Consequently, training needs to be aimed at creating skill sets that help people to become all-rounder and have at least some understanding of what is happening in other departments and functions. The next step in a change process is the creation of short term wins.

Kotter argued that even people that were formerly convinced about the transformation may become resisters to change if there are no wins to be observed within the first 12 to 24 months. Therefore, management should actively create wins by setting up clear short term goals, look for ways to improve performance and reward the employees involved with recognition, promotions, and incentives. When creating the reward systems, it has to be considered that they should be structured in a way to support the integration that is pursued.

Lawler found that reward systems can reinforce and define organizational structure, particularly in terms of integration or differentiation. Thus, employees unite when they are rewarded in the same way or divide when they are paid differently. As a result, the reward systems have to be structured in a way that all employees of the various functions involved in Revenue Management Integration perceive to be rewarded the same way, since otherwise the integration may be hindered even if there are overall positive results. The last two steps are crucial to make sure that the change effort will have persisting effect in how things are done in the organization.

However, management has to remain keeping an eye on the subjects under change and, in fact, should use the credibility achieved to tackle even bigger problems that are not yet consistent with the overall vision or transformation. That also leads to performance measurement of integrated revenue management. According to Skugge , in the future it will be more important to identify proper metrics and track them to determine the contribution of the integrated revenue management activities to revenue and profit, and identify weaknesses in the process.

Moreover, meetings should be hold with employees from all departments or functions that may be used to exchange best practice andjointly identify areas for improvement. The model shows strategy, structure, and systems as hard elements which may be found in strategic statements or corporate plans and are therefore feasible and comparatively easy to influence and plan for.

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However, the soft elements such as shared values, skills, staff and style are under the surface, difficult to influence but may have great impact on the hard structures anyway Recklies, Sheryl E. Buhalis and O'Connor described revenue management as the coordination of 5Cs: calendar, clock, capacity, cost, and customer. According to them, levels of yield management are geared to match service timing and pricing to customers willingness to pay in relation to its timing and demand from other customers. However, also in practice it starts being recognized that costs have to be considered to move to total profit instead of only revenue optimization, particularly in scope of integrated revenue management.

Revenue Management experts in the profit optimization PO function overtake pricing responsibilities to set the right prices according to the net effects analyzed in the interface of the Central Profit Command Centre CPCC and in coordination with the other relevant departments Pinchuk, The definitions highlight some of the prerequisites that must be given to successfully apply revenue management.

For revenue management to be implemented the product and the industry need to display certain characteristics that allow for the use of revenue management. According to IDeaS the following seven characteristics are necessary for an appropriate use of revenue management. The EMSR Method was originally designed for airlines and the allocation of airline seats but may just as well be applied to hotel rooms.

The method reflects what revenue management does to manage and match capacity and demand.

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A basic assumption is that customers have different booking patterns and pace combined with different willingness-to-pay based on their value perceptions. For example, according to Tranter et al. On the other hand, business travelers put more value on flexibility and book at short notice. However, business travelers have a much higher willingness-to-pay because the company is paying, while leisure travelers pay out of their own pocket and are more price-sensitive. As Netessine and Shumsky explained, from this relationship a trade-off develops for companies that may sell all rooms to early booking lower paying leisure travelers to secure revenue well in advance but then additional revenue from higher paying business travelers, who book later, is lost.

However, if revenue management decides to arbitrarily keep rooms open for later booking business customer, it runs the risk to have rooms unoccupied at the end of the booking horizon and revenue from those rooms would completely be lost. Therefore, as Tranter et al. The information is then combined with statistical methods, such as exponential smoothing, moving averages or multivariate regression analysis to generate demand forecasts for allocation optimization.

The demand forecasts in combination with the EMSR method are used to create booking limits i. The underlying theory is, basically, the core of revenue management and, therefore, it will be illustrated in an example derived from Netessine and Shumsky For a simplified problem a hotel with rooms that takes reservations for a particular day is assumed. Further, two segments are considered with different willingness-to-pay and different value perception. Leisure travelers are more price- sensitive and book earlier while business travelers book later at higher prices. In the diagram below Figure 9 the possible decisions along the booking period are displayed.

It is considered that the protection level is at the level Q. However, at the same time the chance to sell that room to a higher paying business traveler is forfeited. However, if no business traveler books a room anymore the room will go completely unsold F Q and no revenue at all could be secured. On the contrary, to protect the room has the expected value as follows:. Consequently, the protection level should be lowered to Q as long as the value of protecting is expected to be higher than the value of opening as shown below:.

When screening through the demand table Figure 10 , which represents the demand forecast for high rate demand, we find that the smallest Q with a cumulative probability greater or equal to our finding is 0. While the example of Netessine and Shumsky above illustrates in a simplified example how the capacity allocation of demand to different price classes on the basis of demand forecasting data works, in reality this is much more complex. Add to cart. Sampling Method 2. Industry Analysis along the Five Competitive Forces 3. Pricing and Price Elasticities 5.

Willingness-to-pay for Customized Pricing 6. Sales and Marketing 7. Active Channel Management 8. Additional Control Variables Multiple Regression with OPM Research Questions This thesis is designed to evaluate whether an integrated revenue management process provides benefits in terms of financial performance to tourism companies selling perishable inventory such as hotel chains, in particular in a changed and more competitive tourism environment. Consequently, the following research questions guide this thesis: a. Research Contribution The research is useful since the topic of integrating revenue management achieved increasing interest in the academic field as well as in the practical application in recent years Tranter et al.

Hypotheses The following working hypotheses are derived for the thesis: 1. Research Design The research design sets out the framework in which data is collected and analyzed for the purpose of testing the hypotheses. Research Methodology Several research methods are used in the study.