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Copyright, ii
Preface, xi
Acknowledgements, xiv
Author Biographies, xv
Chapter 1. An Introduction, 2
To the Four Corners of the World: Defining Revenue Management, 8
Summary, 10
Key Terms and Concepts, 10
Discussion Questions, 10
Internet Exercises, 10
Reference, 11
Chapter 2. A History, 12
All Aboard!, 14
Riding the Rails, 15
See the U.S.A. in Your Chevrolet . . ., 16
No Vacancy, 17
Luck be a Lady Tonight, 18
The House the Animated Mouse Built, 18
Up, Up, and Away . . ., 19
Flying the Not-So-Friendly Skies . . ., 20
Revenue Management Moves Inn . . ., 23
Summary, 24
Key Terms and Concepts, 25
Discussion Questions, 25
References, 25
Chapter 3. Customer Knowledge and Consumer Behavior, 26
Today’s Prosumers, 28
Consumers and the e-Commerce Evolution, 29
Bundling and Pressing Time, 31
The Power of Branding, 32
The Price/Value Relationship, 32
Marketing Intelligence, 34
Summary, 38
Key Terms and Concepts, 39
Discussion Questions, 39
Internet Exercises, 39
References, 39
Chapter 4. Market Segmentation and Selection, 40
Market Segments and Subsegments, 42
Business (or Corporate) Transient Segment, 44
Leisure Transient Segment, 44
Government/Military Transient Segment, 44
Contracts, 44
Association Transient Segment, 45
Tour and Travel Segment, 45
Group Segment, 45
Wholesale Terminology, 46
Environmental Scanning, 48
Trend Analysis and Generational Targeting, 48
Displacement Analysis and Total Customer Worth, 51
Total Customer Worth and Total Customer Value, 53
Selection of the Optimal Mix of Business, 54
Summary, 56
Key Terms and Concepts, 56
Discussion Questions, 57
Internet Exercise, 57
Experiential Exercise, 57
References, 57
Chapter 5. Internal Assessment and Competitive Analysis, 58
Identifying the Competition, 60
Competitive Intelligence, 62
Competitive Advantage, 64
The SWOT Analysis, 64
Competitive SWOT Analyses, 67
Positioning, 69
Developing Strategies Based upon the SWOT Analysis, 70
Summary, 73
Key Terms and Concepts, 74
Discussion Questions, 74
Experiential Exercise, 74
Internet Exercise, 75
References, 75
Chapter 6. Economic Principles and Demand Forecasting, 76
Opportunity Costs, 77
All Things Being Equal . . ., 79
Supply and Demand, 79
Substitutes, Complements, and Inferior Goods, 83
Price Elasticity, 85
Calculating the Percentage Changes, 86
Revised Formula for Calculating Elasticity, 87
Factors Impacting the Elasticity of Demand, 88
The Impact of Price Elasticity on Consumer Spending, 89
The Impact of Price Elasticity on Revenue, 89
Managing Demand, 89
Demand Forecasting, 92
Summary, 95
Key Terms and Concepts, 95
Discussion Questions, 96
Internet Exercises, 96
References, 96
Chapter 7. Reservations and Channels of Distribution, 98
Reservation Evolution, 99
The Early Channels, 101
Global Distribution Systems (GDS), 103
Internet Distribution Systems (IDS), 105
Property Management Systems, 108
Distribution Cost, 108
Channel Selection, 110
Summary, 112
Key Terms and Concepts, 113
Discussion Questions, 113
Internet Exercises, 113
Reference, 113
Chapter 8. Dynamic Value-Based Pricing, 114
Price/Value Recap, 116
A Value-Based Approach to Pricing, 116
Product or Service Life Cycle, 119
Customer Loyalty and Brand Equity, 120
Internal Price/Value Assessment, 122
Price Transparency, 123
Price Positioning, 123
The Impact of Demand on Price, 127
Channel Pricing Strategies, 130
Discounting, 131
Best Available Rates, 132
Secret Pricing Formula Revealed!, 133
Pricing Alphabet Soup, 135
Summary, 136
Key Terms and Concepts, 137
Discussion Questions, 137
Internet Exercises, 137
Chapter 9. Channel and Inventory Management, 138
Hospitality Inventory Warehouse, 140
Nonelectronic Channel Management, 143
Electronic Channel Management, 144
Price Parity, Cross-Channel Behavior, and Customer Ownership, 147
Competitive Analysis of Price and Inventory, 147
Inventory Management Process Per Channel, 149
Summary, 152
Key Terms and Concepts, 152
Discussion Questions, 152
Internet Exercises, 153
Chapter 10. The Revenue Management Team, 154
Characteristics Needed to Be Successful, 160
Courses to Take, 160
Useful Experience, 161
Compensation: Salaries and Bonuses, 162
Roles and Responsibilities, 165
Revenue Management Meetings, 172
Summary, 176
Key Terms and Concepts, 176
Discussion Questions, 176
Internet Exercises, 177
References, 177
Chapter 11. Strategic Management and Following the RevMAP, 178
The Process, 180
Identify the Goals and Objectives, 181
The External Environmental Assessment, 181
The Internal Assessment, 184
Goals and Objectives, 184
Execution of Strategies and Tactics, 188
Analysis, Evaluation, and Adjustment, 189
The Strategic Revenue Management Process and Our RevMAP, 190
Analysis, Evaluation, and Adjustment, 193
Summary, 196
Key Terms and Concepts, 196
Discussion Questions, 196
Internet Exercises, 197
Chapter 12. Tools, Tactics, and Resources, 198
Step One: Customer Knowledge, 199
Strategies and Tactics to Consider for Acquiring and Retaining Customers, 201
Step Two: Market Segmentation and Selection, 202
Strategies and Tactics to Consider in Selecting Market Segments and Subsegments, 203
Step Three: Internal Assessment, 203
Strategies and Tactics to Consider Regarding the Organization’s Internal Assessment, 205
Step Four: Competitive Analysis, 206
Strategies and Tactics to Consider in Regard to Competitors, 208
Step Five: Demand Forecasting, 208
Strategies and Tactics to Consider in Demand Forecasting, 209
Step Six: Channel Analysis and Selection, 209
Step Seven: Dynamic Value-Based Pricing, 211
Strategies and Tactics to Consider with Dynamic Value-Based Pricing, 212
Step Eight: Channel and Inventory Management, 212
Strategies and Tactics to Consider for Channel and Inventory Management, 214
Electronic Resources, 215
Summary, 219
Key Terms and Concepts, 219
Discussion Questions, 219
Internet Exercises, 219
Chapter 13. Legal and Ethical Issues and Potential Bumps in the Road, 220
The Issue of Price, 221
Revisiting the Price/Value Relationship, 222
What Is Considered to Be Fair?, 223
How to Increase Prices . . ., 225
Pricing Laws to Protect Consumers, 225
Potential Bumps in the Road, 226
Summary, 231
Key Terms and Concepts, 231
Discussion Questions, 231
Internet Exercises, 231
References, 231
Chapter 14. Crystal Ball, 232
A Brief Look Back . . ., 234
Searching the Internet, 234
Summary, 242
Key Terms and Concepts, 242
Discussion Questions, 243
Internet Exercise, 243
Reference, 243
Chapter 15. Applications in Lodging and Food and Beverage, 244
The Lofty Pines Lodge and Ski Resort, 245
Abbreviated SWOT Analysis for the Lofty Pines Lodge, 247
Overview, 247
Possible Results, 248
Chic B’tique, 251
Abbreviated SWOT Analysis for the Chic B’tique, 253
Overview, 254
Possible Results, 255
Scrumptious!, 259
Abbreviated SWOT Analysis for Scrumptious!, 260
Overview, 261
Possible Results, 262
Summary, 265
Key Terms and Concepts, 265
Discussion Questions, 265
Experiential Exercise, 265
Internet Exercises, 265
Chapter 16. Applications in Sports, Entertainment, and Event Management, 266
Granite Palace, 267
Abbreviated SWOT Analysis for the Granite Palace, 269
Overview, 270
Possible Results, 271
Tunes, A Lyrical Bowl, 273
Abbreviated SWOT Analysis for Tunes, A Lyrical Bowl, 274
Overview, 275
Possible Results, 275
Metropolis Convention Center, 277
Abbreviated SWOT Analysis for the Metropolis Convention Center, 278
Overview, 278
Possible Results, 279
Summary, 280
Key Terms and Concepts, 281
Discussion Questions, 281
Experiential Exercise, 281
Internet Exercises, 281
Chapter 17. Applications in Cruise, Spa, and Luxury RV Resorts, 282
Skimmer Cruises, 283
Abbreviated SWOT Analysis for the Skimmer Sea Lion, 285
Overview, 285
Possible Results, 286
Coachman’s Seaside Paradise, 289
Abbreviated SWOT Analysis for Coachman’s Seaside Paradise, 290
Overview, 291
Possible Results, 292
Quiescence Spa Retreat, 294
Abbreviated SWOT Analysis for Quiescence Spa Retreat, 295
Overview, 296
Possible Results, 297
Summary, 298
Key Terms and Concepts, 298
Discussion Questions, 298
Experiential Exercise, 298
Internet Exercises, 299
Chapter 18. Applications in Golf, Gaming, and Theme Parks, 300
The Crags Oceanside Golf Resort and Spa, 301
Abbreviated SWOT Analysis for the Crags Oceanside Golf Resort and Spa, 302
Overview, 303
Possible Results, 305
The Desert Snow Castle Resort Casino, 308
Abbreviated SWOT Analysis for the Desert Snow Castle, 309
Overview, 309
Possible Results, 311
Childhood Classics Theme Park, 312
Abbreviated SWOT Analysis for Childhood Classics Theme Park, 313
Overview, 314
Possible Results, 315
Summary, 316
Key Terms and Concepts, 317
Discussion Questions, 317
Experiential Exercise, 317
Internet Exercises, 317
References, 317
Glossary of Terms, 318
Index, 329

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