Question HAT301A Revenue Management Q iThis assessment addresses the following learning outcomes: a) Analyse the evolution and function of the revenue management process. b) Identify the role and function of revenue management systems. c) Evaluate the various models, pricing and rate management strategies used by operators to maximise revenue. d) Examine how supply and demand forecasting drives revenue management and appraise its value as an operational tool across the hospitality industry. e) Evaluate revenue management's position in optimising distribution and pricing strategies f) Make appropriate pricing recommendation from trend analysis statistics You are the revenue manager for a Hotel based in middle-sized city. The hotel is rates 4* and have 3 major competitors in the area 1. Calculate the Business on the Books figure for this hotel for January – assuming today is January 5. Show your calculations a. Rooms revenue January 1: $7800 b. Rooms revenue January 2: $9500 c. Rooms revenue January 3: $12100 d. Rooms revenue January 4: $6000 e. Revenue on the books for the rest of the month (January 5-31) is $224,000 2. What revenue strategies would you put in place in order to maximize revenue in the restaurant? a. List and explain 3 strategies 3. One of your competitors has put up their prices significantly for one weekend in March. You are still on 10% occupancy that weekend b. What steps would you take? Explain your answer 4. You have discovered that one of your competitors who hold 20% of the market will close for refurbishment for the last 6 months of the year c. Would you change your rates for that period? (today is January 5) Explain your answer 5. How would you differentiate the product you sell on your direct channel and 3rd party channels? Give 5 examples 6. What emerging trends do you see happening within the hotel revenue area? List and explain two