Hotel Owner

APRIL 29, 2024

Whether it’s to pursue new opportunities, consolidate assets, or respond to market shifts, the sale process demands careful consideration and strategic planning. You must also stay vigilant and monitor market dynamics throughout the sale process to adapt your strategy and pricing accordingly.

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Document Pricing Strategic Planning Information 97

Revenue Hub

DECEMBER 13, 2023

Enhancing pricing flexibility and profitability as guests are willing to pay more for bespoke services. Key technological strategies include: Booking Engine Integration : Incorporating a booking engine with your pricing and availability management system allows for direct online bookings and dynamic pricing based on demand.

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Pricing Book Strategic Planning Information 99

Revenue Hub

JULY 19, 2023

Subscribe to our weekly newsletter and stay up to date Leverage Dynamic Pricing Strategies Dynamic pricing involves adjusting room rates in real time based on factors such as demand, competition, local events, and historical data. Continue reading to discover them all!

Pricing 92

Pricing Article Strategic Planning Guest Satisfaction 92

Revenue Hub

OCTOBER 23, 2023

NB: This is an article from Amadeus Revenue managers are tasked with maximizing revenue and profitability, balancing occupancy and pricing, developing effective competitive demand strategies, understanding evolving guest needs, and more.

Pricing 90

Pricing Book Cost Reduction Strategic Planning 90

Revenue Hub

NOVEMBER 29, 2023

If revenue management is about selling at the right price at the right time, then understanding the booking window is key to identifying that opportune moment. During this time, as demand surges and room availability decreases, prices naturally rise. Download your free copy now!

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Book Pricing Strategic Planning Download 85

Hotel Business

APRIL 18, 2023

Cloud-based hospitality platform HotelKey has partnered with OTA Insight to give hotels access to rate data and actionable insights to make more effective pricing decisions. The collaboration also offers hotels parity, demand, search, review, and ranking APIs, with on-the-books (OTB) and benchmark APIs launching soon. “We

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Strategic Planning Pricing Book Back of House 52

Revenue Hub

OCTOBER 11, 2023

Automation: Routine tasks can be automated, freeing up time for strategic planning. AI & Machine Learning: Advanced algorithms can predict trends and optimize pricing strategies. Technological Efforts in Hotel Revenue Management Strengths: Data Analysis: Technology can process and analyze vast amounts of data quickly.

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Training Strategic Planning Pricing Information 87

Hotel Owner

JUNE 30, 2023

As it stands, the hospitality industry is facing a multitude of operational challenges that require careful navigation and strategic planning to overcome. Energy prices, inventory management, and employee productivity all play critical roles in the profitability of a hotel.

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Travel and Tourism Strategic Planning Procurement Concierge 105

Hotelogix

DECEMBER 7, 2023

These platforms work like magic to spread the word about property, inventory, prices, offers, etc. Choosing the right OTAs to partner with requires research and strategic planning. OTAs are now a great marketing resource for hotel owners, allowing them to reach a wider audience and optimize revenue.

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Book Budgeting Catering Strategic Planning 269

Modern Restaurant Management

JULY 24, 2020

Food prices fluctuate with changes in the supply chain. Absorb the cost increase or increase their prices. Increased prices can negatively impact sales. Having a revised business model and an effective strategic plan could even lead to higher margins and increased returns long-term.

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Cost Reduction Strategic Planning Pricing Definition 214

Revenue Hub

DECEMBER 1, 2022

In a competitive operating environment, where every pricing decision counts, all hotels need to ensure that they are pricing themselves correctly in the market, minimising operational costs, and attracting the right guests at the right rates. NB: This is an article from IDeaS. Subscribe to our weekly newsletter and stay up to date.

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Pricing Marketing Information Strategic Planning 83

Revenue Hub

JULY 10, 2023

Moreover, this short-term focus can divert attention and resources from strategic planning and future-oriented decision-making – which is crucial for long-term success. But without a strategic approach, these efforts can become disjointed and less effective, leading to missed opportunities and suboptimal results.

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Revenue Hub

JANUARY 31, 2023

A SWOT analysis (or SWOT matrix) is a strategic planning tool that allows hoteliers to identify and understand internal and external factors that may impact their business and support decision-making. A SWOT analysis is one of the best tools to help you make better decisions. This category considers your strengths and weaknesses.

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Strategic Planning Article Marketing Pricing 80

Les Roches

JANUARY 11, 2024

Pricing strategies Inverse Couple Images/ Moment via Getty Images Did you know that, on average, large retailers change prices every three minutes ? To achieve­ revenue growth, imple­menting effective­ pricing strategies is fundamental and a discipline in itself.

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Definition Pricing Training Marketing 52

Hotel Owner

JUNE 18, 2023

The importance of KPIs in the hotel industry cannot be overstated—they facilitate decision-making, inform strategic planning, and ultimately drive business growth. ADR helps hoteliers understand the potential and actual revenue per room, enabling informed pricing decisions.

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Strategic Planning Guest Satisfaction Book Housekeeping 105

Xotels

APRIL 3, 2024

Revenue Strategies & Tactics Market Segmentation Hotel Pricing Strategies Forecasting & Budgeting Properly How to Distribute Effectively? Many define revenue management as: “Selling the Right Room to the Right Client at the Right Moment at the Right Price.” IKEA (offering lower prices at times when it is least busy).

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Pricing Book Budgeting Marketing 52

Modern Restaurant Management

AUGUST 31, 2021

Operators also continue to grapple with higher input costs, with wholesale food prices increasing at their fastest rate in seven years. Menu prices have increased nearly four percent through June 2021. Technology, Outdoor Dining, and Alcohol To-Go Are Here to Stay.

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Strategic Planning Download Pricing Events 180

Synergy Suite

DECEMBER 7, 2023

Here we will delve deep into the concept of revenue per seat, exploring what it is, why it’s important, and how you can strategically increase it to drive higher profits for your restaurant. It helps you identify trends, measure the impact of pricing changes, and assess the success of marketing initiatives.

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POS Systems Pricing Training Reservations 52

Revenue Hub

JUNE 28, 2023

And while hospitality professionals have built up enough know-how to drastically cut back on the need to ask why for most subjects, tapping into that childlike curiosity when working with data and developing strategic plans is actually an important skill to refine. Using “why?”

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Strategic Planning Housekeeping Article Book 84

Hotel Business

MARCH 7, 2023

high fuel costs have led to increased airline ticket prices, and we have seen an impact on long-haul travel—which at least partially, has been off by domestic or close-to-home travel spending. It’s also critical for hotels to maintain pricing power in the face of micro/macro-economic pressures. As in the U.S.,

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Strategic Planning Pricing Definition Marketing 52

Synergy Suite

DECEMBER 5, 2023

Understanding this critical number can help you make informed decisions about pricing, menu offerings, and cost control, ultimately leading to the financial success of your restaurant. Informed Pricing Strategies Setting the right prices for your menu items can be a delicate balancing act.

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Pricing Budgeting Information Marketing 52

Les Roches

JANUARY 25, 2024

Hotel industry players who can leverage data effectively gain valuable insights that can influence their strategic decisions, from setting room prices to designing hotel marketing strategies. You can also use data to improve price-setting and see quiet times, where you can target offers to improve revenue.

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Competitive Analysis Information Pricing Marketing 52

STAAH

MAY 16, 2023

Setting the right price for your hotel rooms is crucial for driving revenue and maximizing profitability. However, there are many factors that can influence your hotel’s pricing strategies. What is Hotel room pricing? What is Hotel room pricing? Hotel room pricing is a critical element of revenue management for hotels.

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Pricing Book Strategic Planning Blog 85

STAAH

MAY 11, 2023

9) Affordable Prices Kerala offers a plethora of affordable accommodation options, making it an ideal destination for budget travellers seeking value for money without compromising on the beauty and hospitality of the state. Althaf leads revenue growth initiatives for accommodation providers across the country.

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Travel and Tourism Budgeting Business Development Strategic Planning 94

Xotels Hotel Revenue Management

MARCH 4, 2020

Apply Unconventional Pricing Strategies. While lowering your prices may come to mind, you could first consider the following: Packages and Promotions. Large price differences between room types help to yield strong results in high demand periods, but can produce contrasting results in low season. Supplements. Room Rates.

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Blog Pricing Training Accounting 52

SiteMinder

OCTOBER 11, 2022

Using innovative pricing tools that allow you to create a flexible room pricing strategy , you can maximise revenue per room at any given moment. Pricing your rooms right is the key to succeeding in this competitive industry, and having these tools available can help your hotel’s revenue management strategy significantly.

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Housekeeping Property Management Book Reservations 52

Les Roches

MARCH 6, 2024

This could include factors such as product features, quality, pricing, customer service, brand values or innovation. Consider pursuing a bachelor’s degree or additional education to gain relevant knowledge and skills in areas such as branding, consumer behavior, market research and strategic planning.

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Marketing Communication Brand Management Information 52

SiteMinder

FEBRUARY 14, 2024

Meanwhile, understanding demand trends allows for dynamic pricing strategies, maximising occupancy and revenue during peak periods and stimulating demand when needed. Understanding emerging trends helps in strategic planning, ensuring that investments in marketing, renovations, or expansions are aligned with future market demands.

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Travel and Tourism Marketing Catering Book 59

Xotels Hotel Revenue Management

APRIL 3, 2024

Many define itt as: “Selling the Right Room to the Right Client at the Right Moment at the Right Price.” Take full advantage of the available demand: of course, we know that flat pricing is not how hotels can maximize their revenue, but what lies at the other end of the spectrum?

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Pricing Book Marketing Information 76

Les Roches

JANUARY 19, 2024

Why do you need a hotel business plan? Similar to how architects create blueprints before constructing a building, it’s essential to have a strategic plan when starting a hotel business. This addresses operating costs and initial expenses such as purchase prices if you’re thinking of buying a hotel.

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Marketing Book Accounting Procurement 52

Lithos POS

DECEMBER 19, 2023

Like all the business the business model also needs strategic planning to succeed. The kitchen manager is involved in decisions related to ingredient costs, menu pricing, and kitchen budgeting. The fast food industry is going through a boom period. Management has a crucial role in the success of a business.

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Front of House Scheduling Communication Bookkeeping 52

Les Roches

OCTOBER 23, 2023

They also research strategies and analyze the success of previous sales and marketing programs to make new strategic plans. They also research strategies and analyze the success of previous sales and marketing programs to make new strategic plans. What does a sales and marketing director do?

Marketing 52

Marketing Strategic Planning Travel and Tourism Guest Satisfaction 52

Modern Restaurant Management

FEBRUARY 7, 2023

The modern restaurant ecosystem demands that businesses of all shapes and styles, from full-service fine dining to quick-serve fast-casual, incorporate third-party delivery systems into their business models, strategic planning, Front and Back of House training and physical design.

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POS Systems Training Strategic Planning Back of House 196

Revenue Hub

MARCH 19, 2024

From this position a BI solution can slice and dice your wide variety of data for actionable analysis and insights, for more informed decision making and strategic planning. In time Lighthouse BI will also be able to integrate further with other financial BI and digital marketing management tools to create further efficiencies.

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Strategic Planning Information Article Budgeting 96

Synergy Suite

JANUARY 12, 2024

By examining sales data, cost of goods sold (COGS), and other financial metrics, restaurant managers can identify trends, predict future revenue, and make informed decisions about pricing, cost control, and capital investment. Competitive Advantage In today’s data-driven world, leveraging analytics can provide a significant competitive edge.

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POS Systems Information Pricing Accounting 52

Xotels

NOVEMBER 23, 2023

Hotel management oversees menu planning, food quality, pricing, and service standards to guarantee a delightful dining experience. A hotel revenue manager plays a crucial role in steering pricing strategies to optimize the financial performance of a hotel. Interested in working at Xotels?

Housekeeping 40

Housekeeping Maintenance Article Concierge 40

Xotels

NOVEMBER 23, 2023

Hotel management oversees menu planning, food quality, pricing, and service standards to guarantee a delightful dining experience. A hotel revenue manager plays a crucial role in steering pricing strategies to optimize the financial performance of a hotel. Interested in working at Xotels?

Housekeeping 40

Housekeeping Maintenance Article Concierge 40