What is it about?
The revenue management (RM) discipline is built on the principle of demand-based pricing. This study aims to examine how and to what extent RM can be implemented in the hotel industry during low-demand periods, particularly during the novel coronavirus disease 2019 (COVID-19) crisis. The findings show that core RM processes are still relevant during the COVID-19 crisis; however, not all components are equally important. Business analysis, pricing strategy, and demand modeling and forecasting are among the most critical RM processes. Inventory and price optimization and setting booking controls are not as important at this time; along with distribution channel management, these processes will become more relevant as demand picks up.
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Why is it important?
Apart from a few studies that touched on RM-related strategies during economic downturns, to our knowledge, this is the first study to systematically examine the extent to which RM can be implemented during a crisis.
Read the Original
This page is a summary of: Managing hotel revenue amid the COVID-19 crisis, International Journal of Contemporary Hospitality Management, January 2021, Emerald, DOI: 10.1108/ijchm-06-2020-0623.
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