Revenue Management: Progress, Challenges, and Research Prospects

ABSTRACT

This paper evaluates the main developments of revenue management (RM) over the past decade and discusses RM challenges and research prospects. It examines nine notable emerging themes: total hotel RM, big data analytics, distribution, rate integrity, RM and marketing strategies alignment, social media impacts on RM, RM system, applications of RM in non-traditional service sectors, and RM education and training. We argue that these developments have far-reaching implications for real-world RM practice and anticipate that the topic areas will continue to be popular for hospitality and tourism research in the foreseeable future.

KEYWORDS:

• Total revenue management
• big data analytics
• distribution
• revenue integrity
• customer relationship management
• social media
• revenue management system
• education and training

Acknowledgments

We would like to thank all academic colleagues who have shared their critical views on RM developments over the past decade. We are also grateful to our industry partners who have offered their opinions on the progress of RM based on their invaluable experience as well as their thoughts on the future of RM practice. Lastly, we are thankful for the insightful information provided by the members of two organizations in particular: Revenue Management and Pricing International (formerly Revenue Management Society) in the United Kingdom and Revenue Management Club in France.

Additional information

Notes on contributors

Xuan Lorna Wang

Xuan Lorna Wang, Associate Professor, London School of Hospitality and Tourism, University of West London, St. Mary’s Road, Ealing, London W5 5RF, UK (E-mail: [email protected]).

Cindy Yoonjoung Heo

Cindy Yoonjoung Heo, Assistant Professor, Revenue Management, Ecole Hôtelière de Lausanne/HES-SO, Route de Cojonnex 18, 1000 Lausanne 25, Switzerland (E-mail: [email protected]).

Zvi Schwartz

Zvi Schwartz, Professor, Hotel Restaurant and Institutional Management, Alfred Lerner College of Business and Economics, University of Delaware, 14 W. Main Street, Raub Hall, Newark, DE 19716, USA (E-mail: [email protected]).

Patrick Legohérel

Patrick Legohérel, Professor, GRANEM-ESTHUA (Tourism Studies), University of Angers, 7 allée François Mitterrand, B.P. 40455, 49004 Angers cedex 01, France (E-mail: [email protected]).

Frédéric Specklin

Frédéric Specklin, Senior Manager, Disneyland Paris, 1 rue de la Galmy 77700 Chessy, France (E-mail: [email protected]).