Sample interview questions: How do you analyze market trends and competitor data to make revenue management decisions?
Sample answer:
Market Trend Analysis
- Track industry reports and market intelligence to identify emerging trends in travel patterns, demographics, and economic conditions.
- Utilize data analytics tools to analyze booking data, Occupancy rates, and ADR to pinpoint areas of growth and weakness.
- Monitor consumer sentiment through online reviews, social media feedback, and guest surveys to understand preferences and demand.
Competitor Data Analysis
- Regularly review competitor websites, brochures, and social media platforms to gather information about their pricing, packaging, and promotions.
- Utilize industry benchmarking tools to compare key performance indicators against competitors in terms of Occupancy, RevPAR, and market share.
- Analyze competitor advertising campaigns to identify target market segments and value propositions.
Decision-Making Process
- Based on market and competitor insights, develop detailed revenue foreca… Read full answer