Yield Management in Hotels

Examination of the concept and procedure of yield management used in the hotel industry today Examination of the concept of yield management in the flourishing hotel industry is extremely essential in obtaining maximum yields from this industry. I will commence by explaining in much details what we mean by yield management especially in the hotel industry. To be precise, this term generally refers to an activity greatly used in the lodging and transportation industries in an attempt to maximize profit.Advertising We will write a custom report sample on Yield Management in Hotels specifically for you for only $16.05 $11/page Learn More It is generally a measure to skyrocket revenues and the profits. It refers to a procedure that deals with establishment of different prices for the services that are the same and then subsequent allocation of these services in a manner that increases the revenue. Within a hotel set up, there should be a preliminary way of r oom allocation for a given period. This measure will ensure that there are many alternatives in terms of pricing. This will result into accountability for all the rooms found in that particular hotel (Kumar 2010). Yield management concept has never been new to hoteliers. Both staff with much experience and those with little experience carry out this practice. They do this with a talent that is variable. They anticipate demand that is overall for given periods like days, weeks or even years. Revenue/yield management is normally a discipline that is economic in nature. It is normally relevant to a myriad of industries that offer service to clients. In this case, service segments in the market pricing are added to analyze statistics. This enhances expansion of the market for an increase in the revenue or yield per each unit of capacity. Forecasting of demand characterizes management of yields in hotels. It utilizes optimal procedures in the determination of requests on booking to compl y with the objective of maximizing profit. Nearly all main hotel chains like Hilton practice simple or compound yield management procedures. This is to ensure maintenance of control systems in the inventory. These hotels have come up with their own hardware and software measurements combined with corporate systems in screening of the market for profit maximization (Ismael 2002). Strategies used in hotels to maximize occupancy and maximum rate to achieve maximum revenue In order to maximize profits, serious hoteliers pay a lot of attention to the following key areas: Bookings, cash flow, and customers. In most cases, they are the top and key areas for the hotelier to ensure profit maximization. The hotelier should put the above items into reality in order to make them tangible and functional.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More They also require much effective strategies, which can work well on all aspects of operations in a hotel. These strategies can be applied in sales, profit management, and marketing. Therefore, the following are the strategies that hoteliers need to put into application to ensure maximum yields (Jagels 2006). One, they require to practice what we call revenue management strategy. It is very important for hoteliers to possess an effective and efficient profit management strategy. This is to ensure that the enterprise is imperative in the much competitive market of today. A good system also ensures that managers avoid controlling prices and other important variables in a manner that is proactive instead of a manner that is reactive. The second strategy is a strategy whereby hotel managers forget completely about the computer set system. They should in turn embrace the online set system. Forgetting the traditional computer set system completely is inevitable for them. The focus should be on the comparison of their price with that of all their competitors within a given destination. Through possession of the whole picture, there would be a rise in their capacity in terms of generation of bookings that are very high. The third strategy is the strategy called, â€Å"Go fourth and integrate†. Integration is important in increasing efficiencies of all operations in the hotel. Instead of using multiple systems or even tools that cannot coincide with each other, they should use a more consolidated system. Putting this system into place avoids that scenario. It should be very much user friendly and should give high optimization flexibility in terms of pricing. There should also be a distribution that is online and a webpage that is competitive in terms of positioning and control of the inventory (Jagels 2006). Another strategy put into use is having a booking channel that is new. This becomes possible through getting your mobile on. Hoteliers should consider coming up with a website called mobile Commerce. In this particular website, customers can hastily access the hotel and the information they require. They can directly book from their respective mobile phones. This saves on cost and time.Advertising We will write a custom report sample on Yield Management in Hotels specifically for you for only $16.05 $11/page Learn More There should also be proper management of different channels in the hotel. Hotels should ensure availability of room inventory that is present for buying in all channels. These channels are normally available. In order to seduce the customers to come to their respective hotels, the rates across all the available networks should be equal. The use and role of technology in yield management in hotels Systems of technology enhance hotel stakeholders with tactics to improve sales and revenue. Proper management of revenue normally ensures improvements in profit margins. Through subdivision of a particular meal into its constituent sections, a manag er may get to know exactly the particular systems to put into application at a given stage in order to provide the highest revenue margins in a given hotel. In technology adoption, it is always necessary for the managers to carry out analysis in finance. This will aid in determining whether the cost of technology will be greater than that during the period the business began. This is reflected in terms of improvements in revenue. Given that monetary mathematics is favourable, the hotel management should think of returns to both the hotel customers and employees. They must also factor in the issue of consumer and employees views. This should be in terms of utility in technology and their ease in terms of use. In devoid of these important articulations in place, technology will be at a point of having little success despite how much promising the financial benefit may be. â€Å"The latest eTRACK Full Year 2009 report on hotel bookings demonstrated that today, online channel is the so le channel of growth in the hospitality industry (Jagels 2006, p.39). This enhances shifting from offline to online bookings in the hotel industry because of reducing voice channels. Technology at Hilton Hotel Corporation Hilton Hotel Corporation runs a chain of hotels in almost all continents in the world. It is therefore a worldwide business venture in the hotel industry. In May 2003, it came up with an IT system that they called OnQ (Cuneo 2003) The Hilton considered that there was need to embrace technology as their future financial prosperity in terms of profit margins depended on it. The top management recognized the fact that to continue growing, technology was inevitable. OnQ was able to integrate all the office operations. There was an initiative to provide picture profiles of hotel customers to the hotel workers. The guest profile was an inclusion of customer’s recent stays and a writing of any difficulties the customer may have experienced.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Other technologies used at the Hilton include computers, mobile telephones and many others. Both customers and hotel staff make telephone calls when it comes to booking of rooms. Computers are normally used in data entry and recording. The hotel staff enters customer details into their database to monitor the customer stay at the hotel facility. It is also very important for the hotel management to ensure that there is security surveillance. This is to enhance customer safety during his or her stay within the hotel premises. Digital cameras installation within the rooms and at strategic points within the hotel building ensures observation of each activity that take place inside the hotel. In case of a crime being committed within the hotel premises, it will be easy for hotel staff to establish under which circumstances the crime occurred. In conclusion, without embracing technology with both hands, stakeholders in the hotel sub sector will continue to report a decrease in revenues. Technology is thus a thorny issue that hotel management has to be keen on to ensure yield management (Cross 1997). Reference List Cross, R., 1997. Revenue Management: Hard-Core Tactics for Market Domination. New York, NY: Broadway Books. Cuneo, E., 2003. Hilton’s $50 Million Answer. 2nd ed. Chicago: John Hopkins Publishers. Jagels, R., 2006. Hospitality Management Accounting. New York: John Wiley and Sons Ltd.. Ismael, A., 2002. Front Office Operators and Management. New York: Thomson Delmar. Kumar, E., 2010. Marketing Of Hospitality and Tourism. New York: Thomson Delmar. This report on Yield Management in Hotels was written and submitted by user Jaiden Hardy to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Life of the Adventurous Inventor Dean Kamen

The Life of the Adventurous Inventor Dean Kamen Dean Kamen is an American businessman and inventor. Kamen is best known for the invention of the electric-powered Segway personal human transporter, best described as a stand-up scooter (see photo). The Segway was much publicized before its initial unveiling to the public with conspiracy level intrigue as an invention that was going to change the world. Nothing was known about it except its original name of Ginger and that Dean Kamen was the inventor, however, the speculation about Ginger had folks thinking it might even have been a revolutionary type of free energy device. Inventions Other than the Segway, Dean Kamen has had an interesting career as an inventor and together with his company Deka has produced several inventions in the fields of medicine and engine design. Below is a partial listing of his accomplishments, Kamen holds 440 U.S. and foreign patents. the first wearable infusion pumpthe first wearable insulin pump for diabeticsHomeChoice peritoneal dialysis systemimproved slide preparation for the ThinPrep Pap Testan advanced prosthetic armimproved Stirling engine designsthe iBot electric wheelchair that is an all terraina nonpolluting, low-power water-purifying systeminventions related to solar energy and power Biography Dean Kamen was born April 5, 1951, in Rockville Center, Long Island, New York. His father, Jack Kamen was a comic book illustrator for Mad Magazine, Weird Science, and other EC Comics publications. Evelyn Kamen was a school teacher. Biographers have compared Dean Kamens early years to those of Thomas Edisons. Both inventors did not do well in public school, both had teachers that thought they were dull and would not amount to much. However, the real truth is that both men were too smart and bored by their early educations, and both were avid readers who constantly educated themselves about what interested them. Dean Kamen was always an inventor, he tells a story about his first invention at the age of five, a device that helped him make his bed in the morning. By the time he reached high school Kamen was making money from his inventions which he built in the basement of his home and was designing and installing light and sound systems. Kamen was even hired to set up a system to automate the fall of the Times Square New Years Eve ball. By the time Kamen graduated from high school, he was making a living as an inventor and made more money per year than the combined income of his parents. Kamen attended Worcester Polytechnic Institute but dropped out before graduating to founded his first company, called AutoSyringe, to sell his medical invention (a drug infusion pump) that he invented during college. Dean Kamen eventually sold AutoSyringe to another health company, Baxter International, in 1982, in a deal that made Kamen a multimillionaire. Kamen used the profits from the sale of AutoSyringe, to found a new company, DEKA Research Development, named after the inventor DEan KAmen. In 1989, Dean Kamen founded his non-profit called FIRST (For Inspiration and Recognition of Science and Technology) designed to expose high schools to the marvels of science and technology. FIRST holds an annual robotic competition for high school teams. Quotes You have teenagers thinking theyre going to make millions as NBA stars when thats not realistic for even 1 percent of them. Becoming a scientist or engineer is. An innovation is one of those things that society looks at and says, if we make this part of the way we live and work, it will change the way we live and work. There is just so much stuff in the world that, to me, is devoid of any real substance, value, and content that I just try to make sure that I am working on things that matter. I think an education is not only important, it is the most important thing you can do with your life. If you start to do things youve never done before, youre probably going to fail at least some of the time. And I say thats OK. Videos Dean Kamens profile on TED includes three videos: Dean Kamen on  inventing  and giving, Dean Kamen previews a new prosthetic arm, and Dean Kamen: The emotion behind  invention.Dean Kamen demonstrates his prosthetic arm on the Steve Colbert Show. Awards National Medal of Technology in 2000Lemelson-MIT Prize in 2002Inducted into the National Inventors Hall of Fame in May 2005

Find Out What Happened to the Mayan People

Find Out What Happened to the Mayan People The fall of the Maya is one of history’s great mysteries. One of the mightiest civilizations in the ancient Americas simply fell into ruin in a very short time, leaving many wondering what happened to the ancient Maya. Mighty cities like Tikal were abandoned and Maya stonemasons stopped making temples and stelae. The dates are not in doubt: deciphered glyphs at several sites indicate a thriving culture in the ninth century A.D., but the record goes eerily silent after the last recorded date on a Maya stela, 904 A.D. Many theories exist as to what happened to the Maya, but experts display little consensus. The Disaster Theory Early Maya researchers believed that some catastrophic event may have doomed the Maya. An earthquake, volcanic eruption, or sudden epidemic disease could have destroyed cities and killed or displaced tens of thousands of people, bringing the Maya civilization crashing down. These theories have been discarded today, however, largely because of the fact that the decline of the Maya took about 200 years; some cities fell while others thrived, at least for a while longer. An earthquake, disease, or another widespread calamity would have snuffed out the great Maya cities more or less simultaneously. The Warfare Theory The Maya were once thought to have been a peaceful, Pacific culture. This image has been shattered by the historical record; new discoveries and newly deciphered stone carvings clearly indicate that the Maya battled frequently and viciously among themselves. City-states such as Dos Pilas, Tikal, Copn, and Quirigua went to war with one another often, and Dos Pilas was invaded and destroyed in 760 A.D. Some experts wonder if they went to war with one another enough to cause the collapse of their civilization, which is quite possible. War often brings with it an economic disaster and collateral damage that could have caused a domino effect in the Maya cities. Civil Strife Theory Staying with a theory of unrest, some researchers believe civil war may have been a cause. As the populations in the large cities boomed, a great strain was placed on the working class to produce food, build temples, clear rainforests, mine obsidian and jade, and do other labor-intensive tasks. At the same time, food was becoming more and more scarce. The idea that a hungry, overworked working class might overthrow the ruling elite is not too far-fetched, especially if warfare between city-states was as endemic as researchers believe. The Famine Theory Preclassic Maya (1000 B.C.–300 A.D.) practiced basic subsistence agriculture: slash-and-burn cultivation on small family plots. They planted mostly corn, beans, and squash. On the coast and lakes, there was some basic fishing as well. As the Maya civilization advanced, the cities grew, their population growing much larger than could be fed by local production. Improved agricultural techniques such as draining wetlands for planting or terracing hills picked up some of the slack, and increased trade also helped, but the large population in the cities must have put great strain on the food production. A famine or other agricultural calamity affecting these basic and vital crops could certainly have caused the downfall of the ancient Maya. Environmental Change Theory Climate change may also have done in the ancient Maya. As the Maya were dependent on the most basic agriculture and a handful of crops, supplemented by hunting and fishing, they were extremely vulnerable to droughts, floods, or any change in the conditions that affected their food and water supply. Some researchers have identified some climatic change that occurred around that time: for example, the coastal water levels rose toward the end of the Classic period. As coastal villages flooded, people would have moved to the large inland cities, placing added strain upon their resources while losing food from farms and fishing. So...What Happened to the Ancient Maya? Experts in the field simply do not have enough solid information to state with clear-cut certainty how the Maya civilization ended. The downfall of the ancient Maya was likely caused by some combination of the factors above. The question seems to be which factors were most important and if they were linked somehow. For example, did a famine lead to starvation, which in turn led to civil strife and warring upon neighbors? Investigations havent ceased. Archaeological digs are ongoing at many sites, and new technology is being used to re-examine previously excavated sites. For example, recent research, using chemical analysis of soil samples, indicates that a certain area at the Chunchucmil archaeological site in Yucatan was used for a food market, as had been long suspected. Mayan glyphs, long a mystery to researchers, have now mostly been deciphered. Sources: McKillop, Heather. The Ancient Maya: New Perspectives. New York: Norton, 2004. National Geographic Online: The Maya: Glory and Ruin. 2007. NY Times Online: Ancient Yucatn Soils Point to Maya Market, and Market Economy. 2008.

Strategic Management Assignment Example | Topics and Well Written Essays - 3000 words - 1

Strategic Management - Assignment Example 4.3 billion (Argos website, n.d.). In order to achieve this result the company has employed about 33,000 people across the business (Argos website, n.d.). While the company has not presented its mission as a separately identified statement, its strategic vision and mission could be derived from the information given on the website; it follows that: â€Å"we are extending our product range to help you make more responsible choices, conserve resources and save money† (Argos website, n.d.). Additionally, the company is concerned about the environmental issues and is striving to run the business in a sustainable way. Therefore, it is possible to say the main organization’s purpose is based on three key organizational values, which include not only supply of the customer with an extensive assortment but also conserving of the buyer’s resources and saving their money in sustainable way (Argos website, n.d.). While reviewing the official information presented at the Arg os’ and Home Retail Group’s website, it is possible to summarize the key strategic issues and objectives which the company faces. These include (Home Retail Group, n.d.). Leadership in multi-channel retailing The company’s strategy is based on the idea of becoming the market leader in multi-channel retailing and maintaining of this status (Home Retail Group, n.d.). In order to achieve these heights, Argos, being a part of the Home Retail Group is working under the development of highly successful mobile and internet channels to reach its customers and meet their demand (Home Retail Group, n.d.). In future, the company’s management is planning to introduce such developments as: mobile apps for the iPad and Android, and TV shopping channel apps (Home Retail Group, n.d.). However, an integral part of the Argos strategic model is continuous investment in its stores (Home Retail Group, n.d.). Differentiated and market leading formats The company strives to dif ferentiate its form from other retailers. In order to achieve this goal, Argo refreshes its brand and refurbishes its stores (Home Retail Group, n.d.). Product ranges and related services Expansion of the product range enables the company to grow its market share and to drive the leadership in its core markets (Home Retail Group, n.d.). Therefore, Argos is keen on the development of the ways of choice expansion. Delivering value to the customer As a part of its strategy, Argos is aimed at maintenance of highly competitive price position by comparing the price levels, organizing regular promotions to attract more consumers, and designed (and continues to work on) sourcing opportunities through direct sourcing and importing (Home Retail Group, n.d.). By introducing special lines, as â€Å"WOW† and â€Å"Argos Value†, Argos continues to deliver the best value to the customer. Leveraging scale and infrastructure Efficient cost base The Company seeks the opportunities of bo th cost reduction and business flexibility (Home Retail Group, n.d.). Financial strength Financial strength of the company is the vital characteristics which is necessary for the further growth and development of business. Thus, for example, the company plans to open about 20 stores during this financial year (Argos

Fashion Theory And Fashion Practice Literature review

Fashion Theory And Fashion Practice - Literature review Example This paper focuses on the fashion industry. Fashion practice wholly depends on the ability to establish brands that meet the fashion needs of a particular target market during a particular era. For this reason, companies such as Coco Chanel and Yves Saint-Laurent keep a close tab on the changing preferences of the clients with time, hence are able to provide what the clients exactly need (Myers et al. 2011). Some of the towns that have been known for their fashion and have well-established international fashion houses include Paris, Milan, London and New York (Scaraboto & Fischer 2014). These cities house some of the greatest fashion companies in the world; the residents in these cities demonstrate a culture that appreciates fashion and art, hence the reason for the flourishing fashion wear industry. Fashion weeks are usually organized for the designers to display new fashion collections. This has forced the designers to go an extra mile in as far as creativity and innovation in the fashion industry is concerned. In conclusion, fashion is a habitual trend or popular practice that is time-bound and keeps changing depending on age, gender, race, culture, and religion, among other influential factors within the target market. this is the reason that makes the fashion industry a very expansive and dynamic sector that requires a very talented and creative labor force that has the ability to think beyond the obvious and design unique styles that will keep customers coming for more as is sufficiently exhibited by in the blooms bury journals.

Definition Essay - Defining Art -- Expository Definition Essays

Definition Essay – Defining Art What is art? Art and perception are deeply interrelated, since our ability to experience and comprehend artistic works is strongly biased by our own perceptions. Accordingly, any definition of art should emphasize the importance of perception in creating and experiencing art. Yet, each person has his or her own opinion of every artistic work, biased by his or her own perceptions, causing each person to define art as a whole in his or her own subjective manner. Hence, in my opinion it is impossible to create an objective definition of art, if art is something that each person perceives and experiences in a wholly subjective manner. In my view, art is the representation and transmission of thought. It is the representation of the thoughts or experiences of an artist, created to transmit and subsequently evoke the same thoughts or experiences vicariously in an audience, via the artist’s creation. I believe art is based on the fact that people, through their own perceptions, can experience the same thoughts or feelings as the artist. I...

Week 1 Eco 365

Oil ECO/365 – Principles of Microeconomics Oil In today’s economy many trends in consumption patterns can determine where the supply and demands are needed. In the article â€Å"East Bay Oil Exports Have Become Huge Business,† by Glantz (2012), it touches on the subject of trends and consumption of oil. Many people are aware; however forget that there is a whole lot of oil around us that can be used.This paper will discuss and address the utilities derived, the change that demand for the product or service of market and equilibrium prices, what has occurred to change the demand and supply of the oil, and is demand for oil product or service price elastic or inelastic. According to Glantz (2012), the utilities derived from the article have to do with the way the community consumes the oil that is being used. When the gas prices are up there is a necessity for the oil or fuel and it will most likely cause the prices to go down.In contrast, when the prices of the oi l go down, there will be more of a demand and a possible shortage of oil because the demand would have been great. According to Glantz (2012), the increased of oil export from the East Bay was linked to the economic changes and the way individuals are consuming in the United States. Also, in the West Coast they also saw the same increase in demand for oils as the demand for domestic used was lowered.For example: higher gas prices, manufactures vehicle that are fuel efficient and fewer individuals commuting to and from work have all contributed to the changes in the demand for such oils consumption. Additionally, the economy and individuals losing their job also changed the demand because they no longer needed to commute to work. Therefore, the demand for oils was no longer needed causing the prices of the gasoline to increase. * According to Colander  (2010), the market and equilibrium changes that have occurred to the supply (oil) by assuming that the demand stayed the same.It re vealed that it did cause a big change to the price. The fewer consumers used the product the more the price rose causing a change in the market. When the prices changed and began to rise, the consumers used other methods of getting to places they needed to go without using oil or their vehicles. * It is my opinion that oil supply can either be elastic or inelastic. According to Colander  (2010), elastic is when the supply or demand percentage changes in quantity is much larger than the percentage change in the price.On the other hand, inelastic is when the percentage changes in the quantity are much lower than the percentage change in the price. The oil supply can be elastic because at times when the prices rise individual will try to preserve and us other alternative to not have to pay the bigger price causing the supply of oil to be increased. Vice versa, the oil supply can also be inelastic because individual are always going to need fuel for their vehicle in order to get from point A to point B. In conclusion, no matter the cost or shortage of the supply, some individuals or consumers will always pay what is needed in order to get where they need to go. Oil is one supply that will always be needed for either our vehicles, our food, or for exportation to other companies. Reference Glantz, A. (2012, March  8). East Bay Oil Exports Have Become Huge Business. THe New York Times. Retrieved from http://www. nytimes. com/2012/03/09/us/oil-exports-have-become- huge-business-in-the-san-francisco-bay-area. html? _r=0 Colander, D. C. (2010). Economics (8th ed. ). New York, NY: McGraw-Hill. * *