Revenue Management: Progress, Challenges, and Research Prospects

REFERENCES

• Anderson, C. K. (2012). The impact of social media on lodging performance. Cornell Hospitality Report, 12(15), 4–11.
   Google Scholar
• Aubke, F., Wöber, K., Scott, N., & Baggio, R. (2014). Knowledge sharing in revenue management teams: Antecedents and consequences of group cohesion. International Journal of Hospitality Management, 41, 149–157. doi:10.1016/j.ijhm.2014.05.010
   Web of Science ®Google Scholar
• Aula, P. (2010). Social media, reputation risk and ambient publicity management. Strategy and Leadership, 38(6), 43–49. doi:10.1108/10878571011088069
   Google Scholar
• Biehn, N. (2006). A cruise ship is not a floating hotel. Journal of Revenue & Pricing Management, 5, 135–142. doi:10.1057/palgrave.rpm.5160034
   Google Scholar
• Boyd, E. A., & Kallesen, R. (2004). The science of revenue management when passengers purchase the lowest available fare. Journal of Revenue and Pricing Management, 3(2), 171–177. doi:10.1057/palgrave.rpm.5170104
   Google Scholar
• Buckheister, B. (2013). Total revenue management in the year 2020: A futuristic view of optimal profitability. Hospitality Upgrade, Summer, 36–37.
   Google Scholar
• Chan, W. W., & Chan, L. C. (2008). Revenue management strategies under the lunar–solar calendar: Evidence of Chinese restaurant operations. International Journal of Hospitality Management, 27, 381–390. doi:10.1016/j.ijhm.2007.10.001
   Web of Science ®Google Scholar
• Chiang, W.-C., Chen, J. C. H., & Xu, X. (2007). An overview of research on revenue management: Current issues and future research. International Journal of Revenue Management, 1(1), 97–128. doi:10.1504/IJRM.2007.011196
   Google Scholar
• Chen, M., Tsai, H., & Chen McCain, S. (2012). A revenue management model for casino table games. Cornell Hospitality Quarterly, 53(2), 144–153.
   Web of Science ®Google Scholar
• Coleman, T. (2013, June 20). Look out revenue managers, here comes big data. Hospitality Upgrade, Summer, 36–37.
   Google Scholar
• Court, D., Elzinga, D., Mulder, S., & Vetvik, O. J. (2009). The consumer decision journey. Retrieved November 22, 2014, from http://www.mckinsey.com/insights/marketing_sales/the_consumer_decision_journey
   Google Scholar
• Cross, R. G., Higbie, J. A., & Cross, D. Q. (2009). Revenue management’s renaissance: A rebirth of the art and science of profitable revenue generation. Cornell Hospitality Quarterly, 50(1), 56–81. doi:10.1177/1938965508328716
   Web of Science ®Google Scholar
• Dana, J. D. (2008). New directions in revenue management research. Production and Operations Management, 17(4), 399–401. doi:10.3401/poms.1080.0040
   Web of Science ®Google Scholar
• Eccless, R. G., Newquist, S. C., & Schatz, R. (2007). Reputation and its risks. Harvard Business Review, 85(2), 104–114.
   Web of Science ®Google Scholar
• Farley, T. (2011). The future of revenue management is now. Retrieved November 24, 2014, from http://www.hotelnewsnow.com/Article/7162/The-future-of-revenue-management-is-now
   Google Scholar
• Farley, T. (2013). Take it further… Total hotel revenue management. Retrieved November 4, 2014, from http://www.hsmai.org/knowledge/summary.cfm?ItemNumber=10367
   Google Scholar
• Fiig, T., Isler, K., Hopperstad, C., & Belobaba, P. (2010). Optimization of mixed fare structures: Theory and applications. Journal of Revenue and Pricing Management, 9(1–2), 152–170. doi:10.1057/rpm.2009.18
   Google Scholar
• Forgacs, G. (2010). Revenue management, maximizing revenue in hospitality operations. Orlando, FL: American Hotel & Lodging Educational Institute.
   Google Scholar
• Guerriero, F., Miglionico, G., & Olivito, F. (2014). Strategic and operational decisions in restaurant revenue management. European Journal of Operational Research, 237, 1119–1132. doi:10.1016/j.ejor.2014.02.048
   Web of Science ®Google Scholar
• Hendler, R., & Hendler, F. (2004). Revenue management in fabulous Las Vegas: Combining customer relationship management and revenue management to maximise profitability. Journal of Revenue and Pricing Management, 3(1), 73–79. doi:10.1057/palgrave.rpm.5170095
   Google Scholar
• Heo, C. Y., & Lee, S. (2009). Application of revenue management practices to the theme park industry. International Journal of Hospitality Management, 28(3), 446–453. doi:10.1016/j.ijhm.2009.02.001
   Web of Science ®Google Scholar
• Heo, C. Y., Lee, S., Mattila, A., & Hu, C. (2013). Restaurant revenue management: Do perceived capacity scarcity and price differences matter? International Journal of Hospitality Management, 35, 316–326. doi:10.1016/j.ijhm.2013.05.007
   Web of Science ®Google Scholar
• Holloway, S. (2008). Straight and level: Practical airlines economics (3rd ed.). Surrey: Ashgate Publishing.
   Google Scholar
• HSMAI Revenue Management Advisory Board. (2010). Total revenue management is critical in the new normal. Retrieved from www.revmanagement.org
   Google Scholar
• Hudson, S., & Thal, K. (2013). The impact of social media on the consumer decision process: Implications for tourism marketing. Journal of Travel and Tourism Marketing, 30(1–2), 156–160. doi:10.1080/10548408.2013.751276
   Web of Science ®Google Scholar
• IDeaS. (2014a, July 15). The future is here: IDeaS launches advanced revenue management system. Business Wire, New York.
   Google Scholar
• IDeaS. (2014b). The new frontier in revenue management: Optimizing your function space for higher revenue and profits. White Paper. Retrieved November 4, 2014, from http://www.ideas.com/files/white-papers/IDeaS%20FSRM%20White%20Paper_The%20New%20Frontier%20in%20Revenue%20Management_Function%20Space.pdf
   Google Scholar
• Ji, L., & Mazzarella, J. (2007). Application of modified nested and dynamic class allocation models for cruise line revenue management. Journal of Revenue & Pricing Management, 6, 19–32. doi:10.1057/palgrave.rpm.5160065
   Google Scholar
• Kimes, S. (2010). The future of hotel revenue management. Cornell Hospitality Report, 10(14), 4–15.
   Google Scholar
• Kimes, S. E. (2008a). Hotel revenue management: Today and tomorrow. Cornell Hospitality Report, 8, 4–14.
   Google Scholar
• Kimes, S. E. (2008b). The role of technology in restaurant revenue management. Cornell Hospitality Quarterly, 49(3), 297–309. doi:10.1177/1938965508322768
   Web of Science ®Google Scholar
• Kimes, S. E. (2011). The future of hotel revenue management. Journal of Revenue and Pricing Management, 10(1), 62–72. doi:10.1057/rpm.2010.47
   Google Scholar
• Kimes, S. E., & McGuire, K. A. (2001). Function-space revenue management: A case study from Singapore. Cornell Hotel and Restaurant Administration Quarterly, 42(6), 33–46.
   Google Scholar
• Kimes, S. E., & Singh, S. (2008). Spa revenue management. Cornell Hospitality Quarterly, 50(1), 82–95. doi:10.1177/1938965508324868
   Web of Science ®Google Scholar
• Legohérel, P., Poutier, E., & Fyall, A. (2013). Revenue management for hospitality and tourism. Oxford: Goodfellow.
   Google Scholar
• Legohérel, P., & Schwartz, Z. E. (2004). Yield management in tourism industry. Journal of Travel and Tourism Marketing, Special Issue 16, 4.
   Google Scholar
• Licata, J. W., & Tiger, A. W. (2010). Revenue management in the golf industry: Focus on throughput and consumer benefits. Journal of Hospitality Marketing & Management, 19(5), 480–502. doi:10.1080/19368623.2010.482837
   Google Scholar
• Lieberman, W. H. (2003). Getting the most from revenue management. Journal of Revenue and Pricing Management, 2(2), 103–115. doi:10.1057/palgrave.rpm.5170055
   Google Scholar
• Mainzer, B. W. (2004). Future of revenue management: Fast forward for hospitality revenue management. Journal of Revenue and Pricing Management, 3(3), 285–289. doi:10.1057/palgrave.rpm.5170115
   Google Scholar
• Mathies, C., & Gudergan, S. (2007). Revenue management and customer centric marketing - how do they influence travellers’ choices? Journal of Revenue and Pricing Management, 6(4), 331–346. doi:10.1057/palgrave.rpm.5160109
   Google Scholar
• Mauri, A. G. (2013). Hotel revenue management: Principles and practices. Milan: Pearson.
   Google Scholar
• Milla, S., & Shoemaker, S. (2008). Three decades of revenue management: What’s next? Journal of Revenue and Pricing Management, 7(1), 110–114. doi:10.1057/palgrave.rpm.5160127
   Google Scholar
• Noone, B., & Hultberg, T. (2011). The role of the revenue management and sales functions in group revenue management: Insights from the field. Cornell Hospitality Quarterly, 52(4), 407–420.
   Web of Science ®Google Scholar
• Noone, B. M., McGuire, K. A., & Rohlfs, V. (2011). Social media meets hotel revenue management: Opportunities, issues and unanswered questions. Journal of Revenue and Pricing Management, 10(4), 293–305. doi:10.1057/rpm.2011.12
   Google Scholar
• Origin World Lab. (2014). Tackling the tall tale of total revenue management. Retrieved November 4, 2014, from http://www.forsmarthotels.com/2014/07/16/total-revenue-management-still/
   Google Scholar
• Peister, C. (2007). Table-games revenue management: Applying survival analysis. Cornell Hotel and Restaurant Administration Quarterly, 48(1), 70–87.
   Google Scholar
• Phillips, R. L. (2005). Pricing and revenue optimization. Stanford, CA: Stanford University Press.
   Google Scholar
• Queenan, C., Ferguson, M., & Stratman, J. (2011). Revenue Management performance drivers: An exploratory analysis within the hotel industry. Journal of Revenue and Pricing Management, 10(2), 172–188. doi:10.1057/rpm.2009.31
   Google Scholar
• Rannou, B., & Melli, D. (2003). Measuring the impact of revenue management. Journal of Revenue and Pricing Management, 2(3), 261–270. doi:10.1057/palgrave.rpm.5170073
   Google Scholar
• Rasekh, L., & Li, Y. (2011). Golf course revenue management. Journal of Revenue and Pricing Management, 10(2), 105–111. doi:10.1057/rpm.2009.44
   Google Scholar
• Reinartz, W. J., & Kumar, V. (2002). The mismanagement of customer loyalty. Harvard Business Review, 80(7), 4–12.
   Web of Science ®Google Scholar
• Rose, P. (2007). Revenue integrity: Delivering revenue and cost reduction benefits to airlines. Journal of Revenue and Pricing Management, 6, 71–76. doi:10.1057/palgrave.rpm.5160075
   Google Scholar
• Rothstein, M., & Stone, A. (1967). Passenger booking levels. Proceedings of the second AGIFORS symposium, American Airline, New York, NY.
   Google Scholar
• Schwartz, Z., Altin, M., & Singal, M. (2014). Performance measures for strategic revenue management: RevPAR vs. GOPPAR. Working paper.
   Google Scholar
• Schwartz, Z., & Cohen, E. (2004a). Hotel revenue-management forecasting: Evidence of expert-judgment bias. The Cornell Hotel and Restaurant Administration Quarterly, 45(1), 85–98. doi:10.1177/0010880403260110
   Google Scholar
• Schwartz, Z., & Cohen, E. (2004b). Subjective estimates of occupancy forecast uncertainty by hotel revenue managers. Journal of Travel & Tourism Marketing, 16(4), 59–66. doi:10.1300/J073v16n04_08
   Google Scholar
• Smith, B., Leimkuhler, J., & Darrow, R. (1992). Yield management at American airlines. Interfaces, 22, 8–31. doi:10.1287/inte.22.1.8
   Web of Science ®Google Scholar
• Steinhardt, C., & Gönsch, J. (2012). Integrated revenue management approaches for capacity control with planned upgrades. European Journal of Operational Research, 223, 380–391. doi:10.1016/j.ejor.2012.05.047
   Web of Science ®Google Scholar
• Sun, X., Gauri, D. K., & Webster, S. (2011). Forecasting for cruise line revenue management. Journal of Revenue & Pricing Management, 10, 306–324. doi:10.1057/rpm.2009.55
   Google Scholar
• Sun, X., Jiao, Y., & Tian, P. (2011). Marketing research and revenue optimization for the cruise industry: A concise review. International Journal of Hospitality Management, 30(3), 746–755. doi:10.1016/j.ijhm.2010.11.007
   Web of Science ®Google Scholar
• Talluri, K. T., & Van Rysin, G. J. (2005). The theory and practice of revenue management. New York, NY: Springer.
   Google Scholar
• Thompson, G. M. (2009). (Mythical) Revenue benefits of reducing dining duration in restaurants. Cornell Hospitality Quarterly, 50(1), 96–112. doi:10.1177/1938965508328422
   Web of Science ®Google Scholar
• Thompson, G. M. (2010). Restaurant profitability management: The evolution of restaurant revenue management. Cornell Hospitality Report, 51(3), 308–322. doi:10.1177/1938965510368653
   Web of Science ®Google Scholar
• Thompson, G. M., & Sohn, H. J. (2009). Time- and capacity-based measurement of restaurant revenue. Cornell Hospitality Quarterly, 50(4), 520–539. doi:10.1177/1938965509349217
   Web of Science ®Google Scholar
• Toh, R. S., Raven, P., & DeKay, F. (2011). Selling rooms: Hotels vs. third-party websites. Cornell Hospitality Quarterly, 52(2), 181–189. doi:10.1177/1938965511400409
   Web of Science ®Google Scholar
• Toh, R. S., Rivers, M. J., & Ling, T. W. (2005). Room occupancies: Cruise lines out-do the hotels. International Journal of Hospitality Management, 24(1), 121–135. doi:10.1016/j.ijhm.2004.05.005
   Google Scholar
• Venkat, R. (2009). The era of convergence in revenue management. In I. Yeoman & U. McMahon-Beattie (Eds.), Revenue management, a practical pricing perspective. London: Palgrave Macmillan.
   Google Scholar
• Vinod, B. (2004). Unlocking the value of revenue management in the hotel industry. Journal of Revenue and Pricing Management, 3(2), 178–190. doi:10.1057/palgrave.rpm.5170105
   Google Scholar
• Vinod, B. (2008). The continuing evolution: Customer centric revenue management. Journal of Revenue and Pricing Management, 7, 27–39. doi:10.1057/palgrave.rpm.5160117
   Google Scholar
• Vinod, B. (2009). The future of airline distribution and revenue management. In I. Yeoman & U. McMahon-Beattie (Eds.), Revenue management, a practical pricing perspective. London: Palgrave Macmillan.
   Google Scholar
• Von Martens, T., & Hilbert, A. (2011). Customer-value-based revenue management. Journal of Revenue and Pricing Management, 10(1), 87–98. doi:10.1057/rpm.2009.15
   Google Scholar
• Walczak, D., Mardan, S., & Kallesen, R. (2010). Customer choice, fare adjustments and the marginal expected revenue data transformation: A note on using old yield management techniques in the brave new world of pricing. Journal of Revenue and Pricing Management, 9(1–2), 94–109. doi:10.1057/rpm.2009.38
   Google Scholar
• Wang, X. L. (2012). Relationship or revenue: Potential management conflicts between customer relationship management and hotel revenue management. International Journal of Hospitality Management, 31(3), 864–874. doi:10.1016/j.ijhm.2011.10.005
   Web of Science ®Google Scholar
• Wang, X. L., & Bowie, D. (2009). Revenue management: The impact on business-to-business relationships. Journal of Services Marketing, 23(1), 31–41. doi:10.1108/08876040910933075
   Web of Science ®Google Scholar
• Wang, X. L., & Brennan, R. (2014). A framework for key account management and revenue management integration. Industrial Marketing Management, 43(7), 1172–1181. doi:10.1016/j.indmarman.2014.06.006
   Web of Science ®Google Scholar
• Wishlinski, B. (2006). Extracting the most benefit from a revenue management solution implementation. Journal of Revenue and Pricing Management, 5, 109–117. doi:10.1057/palgrave.rpm.5160028
   Google Scholar