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The Spread of Yield Management Practices The Need for Systematic Approaches

:	Fabiola Sfodera
:	Fabiola Sfodera
:	The Spread of Yield Management Practices The Need for Systematic Approaches
:	Physica-Verlag
:	9783790816723
:	1
:	CHF 85.30
:

:	Management
:	English

:	154
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

Yield management has always been considered a teclinique for large companies, whether these be airlines, railroad, car rental or hotel companies. Its application to the small and medium sized businesses that characterise the tourism industry in many countries, Italy in the first place, has never been totally excluded, but its implementation and subsequent actuation has always been considered too expensive for this type of business. In recent years all this has been changing. Technology and research have opened up new possibilities for its application at costs, and following methods, that are acceptable even to those who cannot access sophisticated statistics or mathematics instruments. The evolution and the rapid changes in the reference scenarios both of the demand and the offer, have done the rest. It has become clear that to compete in a market as vast as the tourism one, one must apply the principles and techniques of marketing to produce and deliver a service that can satisfy the needs of the client better than the competition. In the same way, however, a deeper knowledge of the processes of the clientele's choice, acquisition and consumption permits the formulation of increasingly accurate forecasts of their behaviour and an understanding of the significance and importance that each client segment attaches to the purchase and consumption of a particular service. In this way the application of the yield management technique has assumed a new and more important position as well as a greater and constant spread.

Revenue management in the restaurant sector (S.101)

Charlotte R. Rassing
Institut for Konjunktur Analyse
Aaberaa 29
1124 Copenhagen
Denmark

Contents: 1 Background information. U Purpose and composition of the paper. 2 Introduction. 3 Literature review. 4 Implications for the use of revenue management. 5 Complexity of pricing in the restaurant sector. 6 Menu analysis. 7 Empirical study to be undertaken. References. Appendix. Questionnaire.

1 Background information

The beginning of 2000 a new tourism research centre in Denmark was founded Centre without walls (Center uden mure} The centre is a consortium of Roskilde University, Copenhagen, Business School (institute for management, politics and philosophy) and the Research Centre of Bomholm. The research program that has to take place during the next tliree years is partly founded by the Danish Social Science Research Council.

As part of this program a Ph.D. study at the Research Centi'e of Bomliolm has been offered under the title Revenue Management in the Restaurant Sector. The Ph.D. student will be registered in Bournemouth University, UK, but the daily work will take place at the Research centre of Bornliolm, Denmark.

The objectives of the Ph.D. project is (1) to extend the theory of revenue management into the area of food and beverage operations, so as to product new processes in pricing, menu analysis and budgeting, and (2) to work with HORESTA (the Danish Hotels, Restaurant and Tourist Businesses Association) and selected restaurants in Bomholm to develop applications which have immediate practical returns to the sector.

1.1 Purpose and composition of the paper

The puipose of this paper is to introduce the reader to the Ph. D research that has to be undertaken at the Research centre of Bornholm within the next tluee years. The first part of the paper will take a closer look at what literature already exists about revenue management and what has to be done to apply the theory to the restaurant sector.

In the second part of the paper the empirical research to be undertaken will be briefly presented both the ideas and the expected output. It is important to point out that the Ph. D project is still at its very beginning. Therefore most of this paper will deal with already existing research and ideas to research in the future.

2 Introduction

Within the food and beverages industry revenue management is defined by Farell, K. and Whelan-lyan, F. (1998) as"the allocation of fixed capacity to various segmented markets in such a way as to meet customer requirements and to provide maximum returns on available capacity by the application of discriminatory pricing".

Revenue management includes all kinds of price discrimination that can be used to maximise the revenue when the capacity is fixed (HOREST A, 1999} The theory was developed, coined for and refined by the airline industry following airline deregulation in the 1970s. Today the technique is widely accepted and extensively used tliroughout the world, mainly among large hotels (Baum, T and Mudambi, R., 1998, p. 68) but also among large cruise liners, tour operators, and car rental companies.

	Preface and introduction	5
	Table of contents	11
	Part I Some strategic aspects of a YMS implementation	18
	Yield management in advanced systems of hotel management	19
	1 Abstract	19
	3 The evolution of the organisational structure of the hospitality business	21
	4 The learning organisation: an objective to be reached	29
	References	32
	How to yield value: the Janus perspective	35
	1 Introduction	35
	2 Operational Y.M. issues	37
	3 Strategic Y.M. issues	41
	References	46
	Human issues and the introduction of a yield	46
	Human issues and the introduction of a yield	46
	51	46
	1 Introduction	51
	2 Methodology	52
	3 Literature review	53
	4 The case study	56
	5 Conclusions and recommendations	65
	References	67
	Yield Management and trust: the effect of variable pricing on consumer trust in a restaurant brand	71
	1 Introduction	72
	2 Reasons underlying variable pricing	73
	3 Individual pricing and relationship marketing	75
	4 Yield management	76
	5 Hypothesis of the research	76
	6 Conclusions and management implications	78
	References	79
	Controlling the yield management process in the hospitality business	81
	1 Introduction	81
	2 A general framework to control hotel YMS	82
	3 General considerations about demand forecasting	83
	4 General considerations about room inventory control	85
	5 The control process: tracking	86
	6 The control process: checking	89
	7 The control process: signalling	91
	8 The control process: controlling and updating	92
	References	94
	Part II Yield management: new applications	97
	Revenue management in visitor attractions: a ease study of the EcoTecli Centre, Swaffham, Norfolk	99
	1 Introduction	99
	2 Background	100
	3 The economics of visitor attractions	102
	4 Marketing and ideal markets	103
	5 Yield management	105
	6 Data gathering	107
	7 Results and discussion	108
	8 Conclusions	111
	References	114
	Revenue management in the restaurant sector	117
	1 Background information	117
	2 Introduction	118
	3 Literature review	119
	4 Implications for the use of revenue management	120
	5 Complexity of pricing in the restaurant sector	121
	6 Menu analysis	122
	7 Empirical study to be undertaken	123
	References	125
	Appendix	127
	Questionnaire	128
	Revenue management and food service businesses: the case of Italy	129
	1 The food service sector in Italy	129
	2 Revenue management and food service businesses	131
	Recent events, challenges and options in revenue management	137
	1 Introduction	137
	2 Yi	137
	138	137
	3 CRM vs. Y	137
	138	137
	4 The spreading fascination of RM	139
	5 Conclusions	140
	References	141
	Part III Information instruments for a YMS in the hospitality industry	143
	Microsoft Fidelio: Opus 2 overview	145
	1 Organisation	145
	145	145
	2 Supplier's description of goods and services	147
	3 RMS system versions	151
	4 Group management	154
	e-yield^^ technical brief	157
	1 e-yieldTM	157
	2 IDeaL/CARE	161
	3 IDeaL/RESULTS	164
	4 Are the results valid?	166
	5 Hotel management	167
	6 Decision integration	168