Sample interview questions: Can you provide an example of a time when you had to make a revenue management decision that didn’t go as planned? How did you handle it?
Sample answer:
One example of a revenue management decision that didn’t go as planned was when we implemented a new pricing strategy during a low-demand period. Our goal was to attract more guests by offering discounted rates, but unfortunately, the response was not as anticipated. Despite the lower rates, our occupancy did not increase significantly, resulting in a decline in revenue.
To handle the situation, I immediately analyzed the market conditions and competitors’ pricing strategies. It became evident that our discounted rates were still higher than those offered by our competitors. Recognizing this discrepancy, I quickly adjusted our rates to align with the market, ensuring that we maintained a competitive edge.
Additionally, I collaborated with the sales and marketing teams to develop targeted promotional campaigns to increase awareness about our revised pricing strategy. We focused on highlighting the value-added services and amenities that set us apart from our competitors, emphasizing the benefits of choosing our hotel.
To track the effectiveness of these initiatives, I closely monitored key performance indicators such as occupancy, average daily rate, and revenue per available room. By conducting regular analysis and generating detailed reports, I was able to identify any shortcomings and adjust our revenue management approach accordingly.
Furthermore, I proactively sought feedback from our guests through surveys and… Read full answer