ORIGINAL ARTICLE
Pricing strategies in the revenue management system of hotel enterprises
,
 
 
 
More details
Hide details
1
Department of tourism and hotel&restaurant business, Lviv University of Trade and Economics, Ukraine
 
 
Submission date: 2022-07-29
 
 
Final revision date: 2022-09-07
 
 
Acceptance date: 2022-09-08
 
 
Online publication date: 2022-09-28
 
 
Publication date: 2022-09-28
 
 
Corresponding author
Iryna Melnyk   

Department of tourism and hotel&restaurant business, Lviv University of Trade and Economics, Samchuka 9, 79005, Lviv, Ukraine
 
 
Economic and Regional Studies 2022;15(3):383-396
 
KEYWORDS
TOPICS
ABSTRACT
Subject and purpose of work: Substantiation of the principles of formation of the pricing policy of hotel enterprises while considering the segmentation of the client base, existing patterns and pricing strategies according to revenue management system. Materials and methods: The material of the article is based on the study of theoretical and practical aspects of the pricing strategy in the system of management of hotel enterprises. Scientific articles and practical recommendations of revenue managers were used, on the basis of which the principles of pricing hotel services were summarized, depending on the preferences and requirements of various consumer segments. Results: It has been established that when using certain strategies, it is necessary to systematize how and when hotel services are booked by representatives of the main market segments, as well as to correctly assess the elasticity of their demand. Conclusions: : Revenue management from the sale of hotel services involves the use of flexible prices for the same type of revenue, the value of prices are determined depending on the period of sale of this product until the product becomes unusable. This premise implies the need to develop an appropriate tariff policy and define certain volumes of these services.
 
REFERENCES (25)
1.
Abrate, G., Fraquelli, G., & Viglia, G. (2012). Dynamic pricing strategies: Evidence from European hotels. International Journal of Hospitality Management, 31(1), 160-168. https://doi.org/10.1016/j.ijhm....
 
2.
Adhikari, A., Basu, A., & Raj, S. P. (2013). Pricing of experience products under consumer heterogeneity. International Journal of Hospitality Management, 33, 6-18. https://doi.org/10.1016/j.ijhm....
 
3.
Altexsoft (2021). Hotel Revenue Management: Solutions, Best Practices, Revenue Manager's Role. Downloaded from: https://www.altexsoft.com/blog... (access: 05.07.2022).
 
4.
Avinal, E.A. (2005). Revenue management in hotels. Journal of Foodservice Business Research, 7(4), 51-57. https://doi.org/10.1300/J369v0....
 
5.
Beck, J., Knutson, B., Cha, J., & Kim, S. (2011). Developing Revenue Managers for the Lodging Industry. Journal of Human Resources in Hospitality & Tourism, 10(2), 182-194. https://doi.org/10.1080/153328....
 
6.
Burgess, C., & Bryant, K. (2001). Revenue management - the contribution of the finance function to profitability. International Journal of Contemporary Hospitality Management, 13(3), 144-150. https://doi.org/10.1108/095961....
 
7.
Camilleri, M. A. (2018). Pricing and Revenue Management. Downloaded from: https://www.um.edu.mt/library/... (access: 19.06.2022).
 
8.
Collins, M., & Parsa, H. G. (2006). Pricing strategies to maximize revenues in the lodging industry. International Journal of Hospitality Management, 25(1), 91-107. https://doi.org/10.1016/j.ijhm....
 
9.
Denizci Guillet, B., & Mohammed, I. (2015). Revenue management research in hospitality and tourism. International Journal of Contemporary Hospitality Management, 27(4), 526-560. doi:10.1108/ijchm-06-2014-0295.
 
10.
Hotel Tech Report (2022). Hotel Revenue Management: Strategies, Tools, Definitions. Downloaded from: https://hoteltechreport.com/ne... (access: 19.06.2022).
 
11.
IRIS Pricing Solutions (2022). Value-Based Pricing & Revenue Management. Downloaded from: https://www.pricingsolutions.c... (access: 15.06.2022).
 
12.
Lacalle E. (2021). 10 best hotel revenue management strategies you should adopt. Downloaded from: https://www.mews.com/en/blog/h... (access: 20.06.2022).
 
13.
McCormick M. (2017). Here Are Effective Revenue Management Strategies You Can Use Today. Downloaded from: https://blog.blackcurve.com/he... (access: 19.06.2022).
 
14.
Noone, B. M., & Mattila, A. S. (2009). Hotel revenue management and the Internet: The effect of price presentation strategies on customers' willingness to book. International Journal of Hospitality Management, 28(2), 272-279. https://doi.org/10.1016/j.ijhm....
 
15.
Okumus, F. (2004. Implementation of yield management practices in service organisations: empirical findings from a major hotel group. The Service Industries Journal, 24(6), 65-89. https://doi.org/10.1080/026420....
 
16.
Queenan, C.C., Ferguson, M.E. and Stratman, J.K. (2011). Revenue management performance drivers: an exploratory analysis within the hotel industry. Journal of Revenue and Pricing Management, 10(2), 172-188. https://doi.org/doi:10.1057/rp....
 
17.
Revfine (2022). Open Pricing: Why Is It the Next Hotel Revenue Management Strategy. Downloaded from: https://www.revfine.com/open-p... (access: 15.07.2022).
 
18.
Ropero, M.A. (2011). Dynamic pricing policies of hotel establishments in an online travel agency. Tourism Economics, 17(5), 1087-1102. https://doi.org/10.5367/te.201....
 
19.
Sahli, M. (2010). An introduction to revenue management for the hospitality industry: Principles and practices for the real world. Journal of Revenue and Pricing Management, 9(1-2), 192-193. https://doi.org/10.1057/rpm.20....
 
20.
Saud D. (2021). What is Yield Management? Yield Management Pricing Guide. Benefits and Advantages, History, Formulas Definition, Strategies, and Examples. Downloaded from: https://dynamics.folio3.com/bl... (access: 19.06.2022).
 
21.
Talluri, K., Van Ryzin, G., 2004. The theory and practice of revenue management. Kluwer Academic Publishers, Norwell, MA. https://doi.org/10.1007/b13900....
 
22.
Talón-Ballestero P., Nieto-García M., González-Serrano L. (2022) The wheel of dynamic pricing: Towards open pricing and one to one pricing in hotel revenue management. International Journal of Hospitality Management, V. 102. https://doi.org/10.1016/j.ijhm....
 
23.
Tranter, K.A., Stuart-Hill, T. and Parker, J. (2009). An Introduction to Revenue Management for the Hospitality Industry: Principles and Practices for the Real World. Pearson Prentice Hall.
 
24.
Varki, S. and Colgate, M. (2001) The role of price perceptions in an integrated model of behavioral intentions. Journal of Service Research, 3(3): 232-240. https://doi.org/10.1177/109467....
 
25.
YieldPlanet (2018). Strategic pricing. Downloaded from: https://www.yieldplanet.com/re... (access: 15.07.2022).
 
eISSN:2451-182X
ISSN:2083-3725
Journals System - logo
Scroll to top