Cornell Hotel and Restaurant Administration Quarterly · 1992 · 50 citations · 0 references
ManagementHospitality ManagementPerformance ManagementDemand ForecastingHospitality MarketingHotel ManagementDemand GenerationHotel Human Resource ManagementYield AnalysisYield ForecastingYield ManagementYield MeasurementHotel ForecastingYield Management PricingYield Pattern Classification
This article proposes a seven-stage model for a yieldmanagement system, emphasizing the role that people have in making the system work: (1) Develop a yield culture; (2) Analyze overall demand; (3) Establish the pricevalue relationships; (4) Create appropriate market segments; (5) Analyze the pattern of demand; (6) Track declines and denials; and (7) Evaluate and revise the system. Yield management has to become an integral part of the daily work routine. A successful yield-management system depends on people as much as on sophisticated technology. Employees at all levels within the hotel property have something to offer. The quality of information, analysis, forecasting, and performance is greatly improved when as many people as possible are involved in the process.