This revised and updated second edition of Revenue Management for the Hospitality Industry explains pricing and revenue management strategies using realistic and practical industry examples from hotels, restaurants, and many other hospitality industry segments that utilize differential pricing as a major revenue management tool. The book explains, in detail, what hospitality professionals must know and do to become effective revenue managers.

A new chapter on data analysis addresses the dramatic rise in the importance of big-data collection and management, as well as the importance of revenue management-related data increasingly posted on social media and social network accounts. A running case throughout the book helps students discover how to incorporate revenue management principles and strategies address in the text’s 14 chapters.

The book is intended for students with prior knowledge and understanding of the hospitality industry. 

David K. Hayes has over 35 years of experience in hospitality management and education.He is the former Vice President of the Educational Institute of the American Hotel & Lodging Association (AHLEI) and is the author of several textbooks and dozens of articles in the field of hospitality management.

Joshua D. Hayes has advanced degrees from Stanford and U.C. Davis and works as a data scientist in Silicon Valley specializing in applying advanced data management and analytics to drive business outcomes.

Peggy A. Hayes has served as a Project Manager at Panda Professionals Hospitality Management and Training (Panda Pros) for over 25 years. She is also Panda Pros’ Project Design and Copy Editor.

Part I: Revenue Management Principles

Part I introduces readers to the foundations of revenue management and contains the following chapters:

1.            Introduction to Revenue Management

2.            Strategic Pricing

3.            Value

4.            Differential Pricing

5.            The Revenue Manager’s Role

Part II: Revenue Management for Hoteliers

Part II of the text addresses the principles and practices applied by revenue managers working in the lodging segment of the hospitality industry. It includes the following chapters.

6.            Forecasting Demand

7.            Inventory and Price Management

8.            Distribution Channel Management

9.            Data Analysis and Revenue Management

10.         Evaluation of Revenue Management Efforts in Lodging

Part III: Revenue Management for Foodservice Operators

Part III of the text addresses the principles and practices applied by revenue managers working in the food and beverage segment of the hospitality industry. It includes the following chapters.

11.         Revenue Management for Food and Beverage Services

12.         Evaluation of Revenue Management Efforts in Food and Beverage Services

Part IV: Revenue Management in Action

In the concluding section of the text readers will learn how they can apply what they have learned in a variety of professional settings and under varying economic conditions. The section consists of the following two chapters.

13.         Specialized Applications of Revenue Management in Hospitality-Related Organizations

14.         Building Better Business