“Accessibly written and thoughtfully edited, making it essential reading for those studying hospitality and embarking on a career in the industry.” - Peter Lugosi, Oxford School of Hospitality Management “This text is a fascinating read… Roy Wood has spent 25 years teaching, researching and writing on the hospitality industry - much of that learning is here in this book.” - Erwin Losekoot, Auckland University of Technology “All different aspects of the hospitality industry are elaborated on… All in all a wonderful course book for for our students!” - Claudia Rothwangl, ITM College This book covers the major concepts students are likely to encounter throughout their study within the hospitality management, giving a comprehensive and up-to-date overview as well as providing engaging everyday examples from around the world. A leading figure in the field, Roy Wood has successfully gathered international contributors with direct experience of hospitality management and the hospitality industry as a whole, ensuring the academic, geographical and practical integrity of the book. Key Concepts in Hospitality Management is written for undergraduate students and those studying short postgraduate or executive education courses in hospitality management, events management, tourism management and leisure management.
Chapter : Editor's Introduction
See also: Accommodation, lodging and facilities management; Front office management; Hotels and the internet; Information technology in hospitality; Marketing in hospitality
In the late 1980s the term revenue management, or yield management as it was called then, was first introduced in the hospitality industry by Marriott (Kimes, 2003). Revenue management can be defined as ‘the art and science of applying disciplined tactics that predict consumer behaviour at the micro market level and that optimize product availability and price to maximize revenue growth’ (Cross, 1997: 33). A simpler and more commonly used definition is to sell the right product, for the right price, to the right person, in the right period and in the right place.
The discipline of revenue management originated in the ...