IDEAS home Printed from https://ideas.repec.org/a/rom/rmcimn/v23y2022i2p256-263.html
   My bibliography  Save this article

Revenue Management Strategies in the Hotel Industry during a Crisis

Author

Listed:
  • Georgiana-Florina ILIE (POPA)

    (Bucharest University of Economic Studies)

  • Lucian STANCIU-GORUN

    (Bucharest University of Economic Studies)

Abstract

Strongly hit by the pandemic crisis, the hotel industry needs a comeback. After a long period of pandemic, hoteliers are forced to identify new ways to reinvent their business. Many hotels were put up against the wall, taking into account the fact that a serious component of income were the restaurants that were often included in the accommodation package, there was practically the meal supplement. As the return of tourism is still being questioned, hotel representatives need to understand that people need safety and hygiene, which requires increased attention to gain confidence. One way to recover can be Revenue Management strategies adapted to crisis or post-crisis situations. In the following we propose four types of Revenue Management strategies in order to diminish the effects of the pandemic crisis.

Suggested Citation

  • Georgiana-Florina ILIE (POPA) & Lucian STANCIU-GORUN, 2022. "Revenue Management Strategies in the Hotel Industry during a Crisis," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 23(2), pages 256-263, May.
    • Handle: RePEc:rom:rmcimn:v:23:y:2022:i:2:p:256-263
    as

    Download full text from publisher

    File URL: https://www.rmci.ase.ro/no23vol2/04.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lucian STANCIU-GORUN, 2019. "A Mathematical Approach To Revenue Management," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(1), pages 675-683, November.
    2. Marco Alderighi & Marcella Nicolini & Claudio A. Piga, 2015. "Combined Effects of Capacity and Time on Fares: Insights from the Yield Management of a Low-Cost Airline," The Review of Economics and Statistics, MIT Press, vol. 97(4), pages 900-915, October.
    3. Xuanming Su, 2007. "Intertemporal Pricing with Strategic Customer Behavior," Management Science, INFORMS, vol. 53(5), pages 726-741, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ibrahim Mohammed & Basak Denizci Guillet & Rob Law & Wassiuw Abdul Rahaman, 2021. "Predicting the direction of dynamic price adjustment in the Hong Kong hotel industry," Tourism Economics, , vol. 27(2), pages 346-364, March.
    2. Kevin R. Williams, 2017. "Dynamic Airline Pricing and Seat Availability," Cowles Foundation Discussion Papers 2103, Cowles Foundation for Research in Economics, Yale University.
    3. Guizzardi, Andrea & Ballestra, Luca Vincenzo & D'Innocenzo, Enzo, 2022. "Hotel dynamic pricing, stochastic demand and covid-19," Annals of Tourism Research, Elsevier, vol. 97(C).
    4. Alderighi, Marco & Gaggero, Alberto A. & Piga, Claudio A., 2022. "Hidden prices with fixed inventory: Evidence from the airline industry," Transportation Research Part B: Methodological, Elsevier, vol. 157(C), pages 42-61.
    5. Kevin R. Williams, 2017. "The Welfare Effects of Dynamic Pricing: Evidence from Airline Markets," Cowles Foundation Discussion Papers 2103R2, Cowles Foundation for Research in Economics, Yale University, revised Jun 2021.
    6. Masiero, Lorenzo & Viglia, Giampaolo & Nieto-Garcia, Marta, 2020. "Strategic consumer behavior in online hotel booking," Annals of Tourism Research, Elsevier, vol. 83(C).
    7. Yannis Kerkemezos & Bas Karreman, 2020. "On the Benefits of Being Alone: Scheduling Changes, Intensity of Competition and Dynamic Airline Pricing," Tinbergen Institute Discussion Papers 20-042/VII, Tinbergen Institute.
    8. Abrate, Graziano & Viglia, Giampaolo, 2016. "Strategic and tactical price decisions in hotel revenue management," Tourism Management, Elsevier, vol. 55(C), pages 123-132.
    9. Kevin R. Williams, 2022. "The Welfare Effects of Dynamic Pricing: Evidence From Airline Markets," Econometrica, Econometric Society, vol. 90(2), pages 831-858, March.
    10. Kevin R. Williams, 2017. "Dynamic Airline Pricing and Seat Availability," Cowles Foundation Discussion Papers 2103R, Cowles Foundation for Research in Economics, Yale University, revised May 2020.
    11. Vincent Mak & Amnon Rapoport & Eyran J. Gisches & Jiaojie Han, 2014. "Purchasing Scarce Products Under Dynamic Pricing: An Experimental Investigation," Manufacturing & Service Operations Management, INFORMS, vol. 16(3), pages 425-438, July.
    12. Morlotti, Chiara & Redondi, Renato, 2023. "The impact of COVID-19 on airlines’ price curves," Journal of Air Transport Management, Elsevier, vol. 107(C).
    13. Ying‐Ju Chen & Leon Yang Chu, 2020. "Synchronizing pricing and replenishment to serve forward‐looking customers," Naval Research Logistics (NRL), John Wiley & Sons, vol. 67(5), pages 321-333, August.
    14. Escobari, Diego, 2014. "Estimating dynamic demand for airlines," Economics Letters, Elsevier, vol. 124(1), pages 26-29.
    15. Tong Wang & Xiaofang Wang, 2017. "Intertemporal pricing strategies for fashion tech products with consumption externalities," Frontiers of Business Research in China, Springer, vol. 11(1), pages 1-14, December.
    16. Vincent Mak & Amnon Rapoport & Eyran J. Gisches, 2018. "Dynamic Pricing Decisions and Seller-Buyer Interactions under Capacity Constraints," Games, MDPI, vol. 9(1), pages 1-23, February.
    17. Ma, Jie & Tse, Ying Kei & Wang, Xiaojun & Zhang, Minhao, 2019. "Examining customer perception and behaviour through social media research – An empirical study of the United Airlines overbooking crisis," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 127(C), pages 192-205.
    18. Namin, Aidin & Soysal, Gonca P. & Ratchford, Brian T., 2022. "Alleviating demand uncertainty for seasonal goods: An analysis of attribute-based markdown policy for fashion retailers," Journal of Business Research, Elsevier, vol. 145(C), pages 671-681.
    19. Correia-da-Silva, João, 2021. "Optimal priority pricing by a durable goods monopolist," Games and Economic Behavior, Elsevier, vol. 129(C), pages 310-328.
    20. Javad Nasiry & Ioana Popescu, 2011. "Dynamic Pricing with Loss-Averse Consumers and Peak-End Anchoring," Operations Research, INFORMS, vol. 59(6), pages 1361-1368, December.

    More about this item

    Keywords

    Hotel Management; Revenue Management; Hospitality; Management strategies.;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rom:rmcimn:v:23:y:2022:i:2:p:256-263. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marian Nastase (email available below). General contact details of provider: https://edirc.repec.org/data/mnasero.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.