Paper Title
To what extent does the evolving adaptation of innovative revenue management strategies aid with the long-term success and profitability of hotels?
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Authors
Naavya Sharma
Keywords
Abstract
One of the most important decisions for hotels is the pricing of their rooms and other services. The fact, however, remains that pricing decisions are influenced by myriad factors ranging from the political and economic state of the country the hotel operates in through to the pricing adopted by the competitors and the bargaining power of buyers and suppliers. Ultimately, pricing influences revenue generated which has a direct influence on the profit of a hotel. It thus becomes imperative for hotels to continuously adopt innovative revenue management strategies if they wish to work towards their long-term success and profitability. In light of the aforementioned, this research paper conducts a thorough analysis of the factors influencing the pricing decision of hotels through the application of frameworks such as PESTLE and Porter’s five forces. The paper then progresses to detail different innovations which may be made to the product, process and business models of hotels to improve revenue management. The same is evidenced through the case study of Marriott.
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Naavya Sharma (June-2024). To what extent does the evolving adaptation of innovative revenue management strategies aid with the long-term success and profitability of hotels?. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(6), a564-a576. https://ijnrd.org/papers/IJNRD2406053.pdf
Issue
Volume 9 Issue 6, June-2024
Pages : a564-a576
Other Publication Details
Paper Reg. ID: IJNRD_223086
Published Paper Id: IJNRD2406053
Downloads: 000121979
Research Area: Commerce
Country: Saidullahjab, Delhi, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2406053.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2406053
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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