Revenue Management includes the use of performance data & analytics, which help hoteliers predict more accurately demand and other consumer attitudes. This, in turn, allows them to make more rational decisions about pricing and distribution in order to maximize revenues and thus profit.
For an effective Revenue Management, an enterprise must also have some way of anticipating the demand and consumption habits to make up-to- date adjustments. For example, hotels can use previous data, existing bookings, weather forecasts, and other industry data to update their Revenue Management Strategy.
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