Sample interview questions: How do you handle pricing and revenue decisions for revenue management in different hotel sizes, such as small boutique hotels versus large chains?
Sample answer:
Small Boutique Hotels:
- Flexibility and Agility: Take a hands-on approach, monitoring daily occupancy, demand, and competition. Adjust rates frequently based on real-time data.
- Personalized Pricing: Offer customized pricing and packages tailored to niche segments and individual preferences. Leverage guest profiles and market research to determine optimal rates.
- Value-Based Pricing: Emphasize the unique amenities, experiences, and personalized services that justify premium pricing. Create bundles and seasonal promotions to enhance perceived value.
- Distribution Channel Management: Focus on building strong relationships with OTAs and other distribution partners to maximize reach and visibility. Negotiate exclusive rates and promotions.
Large Hotel Chains:
- Centralized Revenue Management System: Utilize advanced revenue management software to optimize pricing and inventory across multiple properties. Centralized data analysis provides insights into demand patterns and competitive dynamics.
- Market Segmentation and Rate Optimization: Implement segmentation strategies based on geographic location, guest type, and purpose of stay. Optimize rates based on h… Read full answer