Revenue Management in Australia Samples †MyAssignmenthelp.com

Question: Discuss about theRevenue Management in Australia. Answer: The Australian city that has been selected for this assessment is Brisbane. It is one of the most prominent cities of the country. It has large variety of hotels that comes in different price ranges and services. It will help in having a broader outlook and better approach to the objectives of the assessment(Mayntz, 2017). It will also help in analyzing the demands of the people and even tourists, as people all around the world visit Brisbane, for its scenic beauty. It is also the financial capital of the country, with a great culture that attracts thousands of tourists every year. Hence there is large variety of hotels in that area. The hotels that have been selected as a part of the competitor set are Four Points by Sheraton Brisbane, Hotel Grand Chancellor Brisbane and The Great Southern Hotel Brisbane.These are prime hotels that are functioning in that area and are popular four five stars functioning in that area. They have great infrastructure and provide multiple services to the customers. The most common factor that they are having with the chosen hotel is that all are high rated hotels and the rates are also more or less similar. These hotels are world famous and provide multiple services to its customers. The book figures and occupancy rates have been selected on conducting the market survey and considering the overall situations that might affect the overall situations in the area. The rates have been decided on the basis of the tourist fall and the number of people who are approaching the hotels. The rates have also been decided considering the past performance of the hotel and the future prospects have been decided on the basis of the same(Elimam, 2017). The past data have been collected and analyzed to reach a common rate for the hotels, and an analysis is done on the basis of the same. Taking into consideration the volume of competitors the hotel will be able to perform quite good if it is able to provide the best of services at a little less rate then the competitors in the market. The hotel must do proper market research and analysis so that the hotel management has good knowledge about the hotels that are functioning in that area and then decide it approach to attract as many tourists as possible. It will help in boasting the overall business of the hotel and help it in having an upper hand over its competitors. The main target area for the hotel is the tourists that visit the country every year. These tourists accounts for the maximum business of the hotel and will help in boasting the overall revenue of the same. Thus that will be the target audience for the hotel and the services must be defined according to the taste of the tourists and get the best results during the on-season(Trieu, 2017). If the demand is slower than what is expected then reasons for the same should be ascertained and then necessary steps must be taken so that the revenue can be increased. Prices should be slashed to improve the foot fall of the customers during dry periods and also necessary steps for branding and promotion must be done. These are the few ways in which the overall revenue can be increased in situations it less then what was anticipated by the management of the hotel. If the demand is higher than what was anticipated then reasons for the same should be ascertained by the management. The management should make sure that the needs of the customer should be met, and prices should be increased to tap in more revenue. Expert advice can also be taken if the management needs the same(Anginer Kunt, 2014). These are the few steps that the management of the company so that the increased demand for the hotel is met and important steps should be taken for the coming seasons also so that the increased level of revenue is maintained by the hotel. References Anginer, D. Kunt, A., 2014. Has the global banking system become more fragile over time?. Journal of Financial Stability, Volume 13, pp. 202-213. Elimam, H., 2017. The Role of Small Businesses (Small Scale Economic Projects) in Alleviating the Acuity of Unemployment. International Business Research, 10(3). Mayntz, R., 2017. Networked Governance. s.l.:Springer. Trieu, V., 2017. Getting value from Business Intelligence systems: A review and research agenda. Decision Support Systems, Volume 93, pp. 111-124.