hotel Choosing the Right Career Travel is a growing industry that offers many exciting careers. Lodging is one of the largest employers in the travel industry and offers many educational, internship and certification opportunities for...read more
Tag : Management
Hotel Somerset It has always been true that students shall flock to institutes that offer job oriented courses. If the students are confident of finding suitable jobs, then their parents would be eager enough to send their children to institutes...read more
Hotel When we talk about hotel management what we start to imagine is 5 star, 7 star hotels, posh lobbies, grand entrances etc. We always dream of these luxuries that are related to this field. The hospitality industry in India has been evolving...read more
Hotel Chocolate To run a hotel successfully the hotel management plays very important role. It is important that the hotel management jobs must be good and world class. Hotel industry provides a large number of hotel management jobs opportunities...read more
Yield, or revenue management, is the process by which sales of a limited quantity of goods, such as hotel rooms, airline seats, apartment leasing, rental cars, or etc. are managed in order to maximize profits. Successful yield management focuses on selling the product in such a manner that is timely, price competitive, and directed towards the right subset of customers. An economic concept first posited by Dr. Matt H. Keller, and first used by the airline industries beginning in the 1970s, yield management has evolved in more recent years as an important tool especially for the airline and hotel industries for staying economically competitive in otherwise saturated business playing fields.
The basic concept of yield management is based in the economic principle of supply and demand: when supplies are short, prices go up; when supply is high, prices go down. Yield management is a studied, systematic method by which managers can logically place customers within the supply demand spectrum, and thus gain the highest yield for their products. For example, a customer who has very little flexibility in his or her travel plans is the customer who is most likely to pay a higher price for airline tickets and hotel rooms. The customer with a great deal of flexibility is not as inclined to pay a higher price.
Hotel Chains and Yield Management
Many hotels rate their success by their occupancy levels, but this isn’t necessarily the best measure of success. Another way to rate a hotel’s performance is by determining its REVPAR, or Revenue Per Available Room. REVPAR is calculated by dividing the total room revenue by the total number of rooms. For example, a hotel that makes $ 6,000 one night with a total number of 100 rooms has a REVPAR of $ 60.
The yield manager’s job is to maximize the revenue per available room by selling rooms to the right customers, at the right price, at the right time. How does the yield manager accomplish this somewhat nebulous task?
Successful yield management arises from several factors: an understanding of what the hotel hopes to achieve (whether that is room occupancy, REVPAR, or some other measurement); a clear understanding of what kind of hotel the manager is working with, which will lead to an understanding of what a customer visiting the hotel wants in his or her hotel experience, and why customers choose their hotel over another hotel; an ability to measure group sales against the overall goals of the hotel (for example, a hotel whose main goal is occupancy will be happy to host a large group at a lowered rate, but a hotel whose main goal is revenue may turn down a larger group in favor of a smaller group who can pay a higher rate); and a knowledge of what will cause the market to fluctuate (such as holidays, regular regional and local events, etc.). The yield manager will ideally consider all these factors when creating different rates for hotel guests.
Typical Yield Management Arrangements
A basic yield management price arrangement might look something like this:
Regular Rate: $ 89.00
Corporate or Business Rate: $ 79.00
Triple-A or Other Special Discount rate: $ 69.00
Other arrangements will take into account seasonal price changes. A mountain resort whose main business is serving winter vacationers, such as skiers and snowboarders, will have a lower supply and higher demand of rooms during winter months, whereas a hotel on the beach can charge more for rooms during the summer months than during the winter months. Hotels can create three seasonal rates: the highest rate for the months during which they expect to serve the most guests, a mid-season rate, and the lowest rate for months during which they have the lowest demand.
Seasonal arrangements do not necessarily need to be tied to the local geography not all hotels are in the mountains or on the beach. City hotel managers must take it upon themselves to learn about the corporations in their area and make personal connections with these corporate executives, learning their business cycles. Different businesses have annual events or conferences that they will be host on a regular basis; it’s up to the hotel sales managers to learn these business cycles and cater to these corporate clients.
In conclusion, to stay competitive in today’s market, any hotel that wishes to be successful must learn how to apply yield management techniques to their particular situation. Having determined how to gain the highest yield per room, any staff member who interacts with customer must be trained in how to clearly explain room rates to guests. The ability of staff to explain room rates to guests will determine whether customers are happy or unhappy. Their ability will stem from managements’ ability to clearly communicate the hotel’s goals and yield management principles.
Hotel It have been described by many economists Hotel Business‟ is unique and different from most of the other businesses. With continuous growth at their doorsteps the world hoteliers have to find easy and convenient solutions to adapt to their...read more
Our Hotel Property Management Software in the cloud helped hundreds of properties. Jinisys software was created for the needs of one hotel and carried on its development with the help of hospitality experts. You always need professional hotel management software to provide memorable guest service and to manage operations efficiently. Clock PMS is a powerful compilation of full range of useful features, intuitive interface and ultimate ease of use.
With this cloud hotel software system you can do everything but it is hard to do something wrong. The unique architectural design of our hotel management software will fulfill your IT Team’s wildest dreams. Our functionality is exactly what you’re marketing and Operational Teams have been promised for years. Our architectural design offers unparalleled integration possibilities through multiple data sources, and ensures infinite scalability and global reach.
For inn industry, we have acquainted simple with utilization lodging programming, known concerning inn industry; we have acquainted simple with utilization inn programming, known as jinisyssoftware. A flawless programming answer for accommodation industry, this far reaching programming suite comes incorporated with modules for some parts of lodging administration.
Often referred as Property Management System in the hospitality industry, this special class of software is ideally suited for use at hotels, military guest houses, motels, resorts, inns, lodges, hostel, suites, ranch, apartments, medical centers and bed and breakfast operations. A few of the important modules that come built-in the PM Software is. Hotel Management Software, Hotel Booking & Billing Software, Hotel Reception Software and Hotel accounting software.
Hotel Booking System is broad-ranging software suite comprise of consolidated modules for various operations of hotel management. Hotel Booking System is loaded with all features desired to run your hotel, property management, motel, and guest house
Jinisys software products are one of the easiest and cost effective billing software solutions which can be used for any type of billing requirements. A perfect software solution for hospitality industry, this comprehensive software suite comes integrated with modules for many aspects of hotel management.
Often referred as Property Management System in the hospitality industry, this special class of software is ideally suited for use at hotels, military guest houses, motels, resorts, inns, lodges, hostel, suites, ranch, apartments, medical centers and bed and breakfast operations. A few of the important modules that come built-in the PM Software are: Hotel Management Software, Hotel Booking & Billing Software, Hotel Reception Software and Hotel accounting software.
Hotel Booking System is broad-ranging software suite comprise of consolidated modules for various operations of hotel management. Hotel Booking System is loaded with all features desired to run your hotel, property management, motel, and guest house. Jinisys software products are one of the easiest and cost effective billing software solutions which can be used for any type of billing requirements. Our solutions are built on some of the most robust, stable, and advanced technologies available. By utilizing industry standard systems architecture, our solutions offer the maximum benefits of stability and cost-effectiveness. Our professionals are dedicated, well trained, and focused. You can depend on first-rate training and support. Our in-house developers are both responsive and proactive. You won’t find a better team anywhere. For more information visit the site http://jinisyssoftware.com/ .
Focusing on dealing with the methodologies that create or convey products and administrations, Hotel management and operations is at the heart of gainful and productive convenience organizations. With operations administration influencing the whole Hotel, including the size, amount, quality, value, gainfulness and rate of the conveyance of administrations, it is a key that industry heading administration techniques are installed inside Hotel Management System. As a capacity, Hotel operations administration has changed essentially lately, in light of progressing advances; a considerable lot of which are center to the knowledge of visitors and guests. Also, new ideas, for example, Total Quality Management and the fulfillment of national and worldwide honors which serve as benchmarks for the nature of Hotel offerings, have enormously influenced the administration and operations of Hotels.
One of the key contrasts between the Hotel business and different commercial ventures is that the operation frameworks have a quick and immediate effect upon the client. Subsequently, Hotel operations need to be designed, actualized and oversaw in a methodology which puts the client at the middle of managerial deliberations; all the frameworks and activities must be intended to give products and administrations where the client obliges them and because of client needs.
As noted prior, Symphony HMS in both equipment and software development, have furnished Hotel administration with precious instruments that streamline the operations of the Hotel, and additionally empower to better fulfill the needs of their clients. Data Management has turned into a fundamental part of about all business and different undertakings. Giving an extensive variety of profits to a Hotel, over an extensive variety of exercises, data correspondence advances have affected upon the territory of Hotel administration and operations in the accompanying territories:Information stockpiling limit Processing of vast measure of data Immediate accesses to information with cutting edge look usefulness Instant reaction to client questions Real time data on stock, clients, reservations and Hotel execution Access to information from a mixed bag of on location and offsite areas Reduced staff and organization costs At the inside of any business, and its execution, are the managerial and operational methodology and arrangements which are set up. The more mobile and systemized these frameworks are in the business environment, the better the undertaking has the capacity fulfill buyer interest, react to patterns in the operational environment and build their primary concern benefit results. Notwithstanding, in the same way as all organizations inside the neighborliness and tourism commercial enterprises, the methodology to operations and administration are special to the business; obliging master who have experience and information of actualizing attempted and tried methodologies and inventive Hotel administration and operation frameworks that can create quick and positive results for your Hotel.
Hotel Congratulations if you have chosen hotel management as your career path. It offers splendid career opportunities in the rapidly growing hotel and hospitality industry. If hospitality is your passion, choosing it as your career is even more...read more
Hotel Hotel management, if looked upon in a broader perspective, includes a lot to understand and know about. It can be clearly stated that hotel managment is similar to any other business that involves risk. But, as the hotel management directly...read more