Sample interview questions: Can you explain what revenue management means in the context of hotel management?
Sample answer:
Revenue management in hotel management involves optimizing hotel revenue by managing room and inventory availability, pricing, and distribution channels to maximize occupancy and profitability. It entails:
- Demand Forecasting: Predicting future demand patterns based on historical data, market trends, and events.
- Pricing Optimization: Setting room rates that balance occupancy, demand, and profit targets.
- Inventory Management: Monitoring and controlling room availability, including overbooking and no-shows.
- Channel Management: Managing distribution channels (e.g., OTAs, GDS, hotel website) to optimize visibility and revenue.
- Yield Management: Adjust… Read full answer