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GUEST SERVICES GUIDE (c) Marin Management, Inc. 1 1850. Revenue Management 1800. Guest Services Management Guide A. The Purpose of This Policy The management.

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Presentation on theme: "GUEST SERVICES GUIDE (c) Marin Management, Inc. 1 1850. Revenue Management 1800. Guest Services Management Guide A. The Purpose of This Policy The management."— Presentation transcript:

1 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide A. The Purpose of This Policy The management of room revenue is absolutely one of the most important responsibilities of every hotel general manager and guest services manager. The purpose of the policy is to explain the fundamentals of revenue management (see the definition on the next page). Continue

2 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide B. Definition of Revenue Management Here is our definition of hotel room revenue management: Continue Revenue management is the process of maximizing room revenue by frequently monitoring and altering the hotels guestroom rates, inventory availabilities and rental policies.

3 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide C. Revenue Management Fundamentals Effective revenue management for hotels requires mastering the following: 1. Knowledge of the revenue management policies of the brand and MMI 2. Knowledge of our competitors 3. Collection of frequently changing information 4. Knowledge of current reservation trends and historical trends 5. Establishment of revenue management policy 6. Implementation of revenue management policy Continue

4 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide C. Revenue Management Fundamentals (Cont.) 7. Delegation of authority 8. Monitoring of progress Each is described on the following pages. Continue

5 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide D. Brand and MMI Policies Before taking a leadership role in our hotels revenue management process, complete all brand training courses on the subject and read all related training and policy materials. Know the limitations of the central reservations system and the property management systems software program. Meet with Marin Managements regional manager to learn the Companys guidelines for best practices for revenue management. Talk with the managers (often called market managers) of the Internet channels (Expedia, Travelocity, etc.) to learn their policies, programs and procedures. Continue

6 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide E. Knowledge of Competitors Revenue management leadership requires detailed knowledge of our competitors. It is best if you have experienced each of our competitors first-hand as a guest, but that is not enough. You must know their revenue management policies and procedures. You can estimate some of these policies and procedures by regularly monitoring their rates and policies on their central reservation systems and on Internet channels. Also, see MMIs Competition Management Guide (available on MMI Team Site) for more information about what you need to know about competitors.MMI Team Site Continue

7 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide F. Collection of Frequently Changing Information The general manager and/or guest services manager are responsible for collecting information needed for good revenue management decisions. Typically this information includes the current availability and rates for our hotels guestrooms for all of the future dates being reviewed and the same for our competitors. Of course, the statistics about our room inventories are available on our various PMS reports. Knowing our room rates for future dates requires a little more detail, however. Continue

8 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide F. Collection of Frequently Changing Information (Cont.) Before making any changes in rates, availability or reservation policies (such as length-of-stay or closed-to- arrival) decisions, have on hand our current rates for all channels for all dates being reviewed. Channels include the central reservation system (CRS) and Internet channels. Know our current group room rates, volume-account rates and special rates, such as government, packages and discounts. Continue

9 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide F. Collection of Frequently Changing Information (Cont.) Next, you need to have on hand the same information about our competitors. Frequently check their rates as posted on the major Internet channels and their brands central reservations systems. Also, call other hotels directly to get rate quotes. Continue

10 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide G. Knowledge of Trends To make sound revenue-management decisions, you need to know reservation trends for our hotel and our competitors for the dates being reviewed, for example: The likely number of walk-in guests on each day of the week and season The likely number of reservation cancellations and no- shows The likely number of new reservations from each channel between now and the dates being reviewed The likely pick-ups for groups scheduled on those dates Continue

11 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide H. Establishing Revenue-management Policy Because revenue-management practices and policies can become complex, you need to record our practices and procedures in a written format accessible to everyone who works on revenue management. A hotel Revenue Management Guide includes: A list of our brands most noteworthy policies regarding rate management A list of those allowed to make changes to rates and reservation procedures in the absence of the general manager Continue

12 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide H. Establishing Revenue-management Policy (Cont.) A description of how often we check rates for possible changes A description of how far into the future we monitor rates and how we select the priority dates to monitor A description of when and how rates are changed on the central reservations system and the circumstances that cause us to change rates For each Internet channel, a description of the circumstances and procedures for changing rates, including user identification and pass codes. Continue

13 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide I. Implementing Revenue-management Policy Once policies and procedures have been established and documented for revenue management, you need to have a consistent and frequent implementation program. Usually this means scheduling the tasks described in the policy several times every day. Continue

14 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide J. Delegation of Authority You must delegate to others some revenue-management tasks for times when you are unavailable. In your revenue- management policy, identify who else can make rate, availability and policy decisions in your absence and the limits of those decisions. Continue

15 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide K. Monitor Others and Monitor Results When others are making revenue-management decisions, check on the quality of their work and make corrections when needed. Check often on the results of your revenue-management practices and decisions to continue to refine your performance to get the best results. Continue

16 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide L. Stay Current Unlike many other management responsibilities, the best practices for revenue management change daily. Stay up-to- date by doing the following: Read the revenue management articles on MMI Team Site.MMI Team Site Stay up-to-date on the brands latest guidelines and policies for revenue management. Check with Internet channels on their most current practices, programs and revenue opportunities. End

17 GUEST SERVICES GUIDE (c) Marin Management, Inc Revenue Management Guest Services Management Guide YOU HAVE REACHED THE END OF THIS SECTION. To return to a previous page: Press the Page Up key or To leave this section: Press the space bar End


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