The critical issues and trends revenue managers face today is the focus of a study to be released at the upcoming Hospitality Sales & Marketing Association International (HSMAI) Revenue Management…
The critical issues and trends revenue managers face today is the focus of a study to be released at the upcoming Hospitality Sales & Marketing Association International (HSMAI) Revenue Management Strategy Conference in Orlando on June 25, 2007.
“Lodging revenue management has evolved to the point where the major brands, management companies and vendors are committing a great deal of resources to this important function,” states Robert A. Gilbert, CHME, CHA, president and CEO of HSMAI.
The intent of this comprehensive study was to develop a profile of revenue managers and identify trends and issues that they face. The questions focus on certain characteristics of revenue managers such as creativity, communication skills, and problem solving abilities.
“The overwhelming response to this second annual survey is an indication of the importance of the revenue management position to the hospitality industry,” notes Gilbert, adding that “HSMAI is fully committed to support that movement by being the lead provider of education and information to further the industry and those engaged in the practice.”
Dr. Jeffrey Beck, professor, Michigan State University, who will present the findings, adds: “Based on responses, it’s not just hotels, but resorts that are also embracing revenue management for golf, spas and other recreational amenities such as theme parks. The study will help inform leaders as to what the revenue manager candidate ‘looks like.’”
Among the questions asked in the survey were: what software is used and level of satisfaction; what career path respondents see themselves taking in the next two years; their commitment to the organization they work for; how the revenue manager allocated their time; and what activities were important to their success.
This study was conducted by researchers from The School of Hospitality Business at Michigan State University. Nearly 400 professionals engaged in revenue management responded.
A session at the upcoming HSMAI Revenue Management Strategy Conference, now in its fourth year, will be dedicated to releasing and discussing the findings.
Held in conjunction with HITEC and presented by HSMAI’s Revenue Management Advisory Board, the HSMAI Revenue Management Strategy Conference will feature a keynote address from Dr. Garrett van Ryzin, Professor of Business, Columbia University Graduate School of Business, on “The Future of Demand Modeling.”
The breakout sessions will include Primer Sessions featuring overviews of “Condo Hotel Revenue Management” and “Casino Hotel Revenue Management,” as well as Technical Sessions on “Advanced Group Revenue Management” and “Incorporating CRM in the Revenue Management Process.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
