revenue management and branding

yr-project_0 additional_informationwhat_ive_been_done_and_faculty_feedcak_for_part_1_1 add_infor._2

my individual project outline is divided in 3 parts, and the first part, I already did but the faculty responsible said that was nor good, so I will upload in the additional materials all the information.

INDIVIDUALPROJECT OUTLINE

Assessment title:
Revenue Management and Branding

Programme:

Course name:
Revenue management

Course number:

Faculty responsible:

Hand out date:

Due date:

Weighting:

00%

Project Overview:
The student should research the importance and relation of revenue management and its impact on branding with a special focus on possible changes of brand image and values due the application of revenue management practices in the hotel industry. This task includes conceptualisation and the development of a model combining revenue management and brand equity.

Overall aim:
To enable students to demonstrate their understanding of the importance and function of revenue management.

Learning outcomes:

1. Identify the principles of revenue and yield management.

2. Discuss, demonstrate and apply demand management strategies, pricing, capacity management, discount allocation, forecasting and other associated procedures essential to successful Yield Management.

Organisation and methodology

1. Research revenue management and its relationship with branding. Part I, the research proposal including a conceptual framework is due week 6, the second part, a progress report is due week 10 and the final submission is week 17.

2. As part of this project you must contact your lecturer every second week with a written participating report, not exceeding 2 pages and indicating the progress and the planned action.

Word count: Not to exceed 5.000

Resources available:

Library, books, magazines, and Internet

Assessment tasks & weighting:

TASKS:
Written project, Part I, Proposal
20%

Written project, Part II, Progress Report
20%

Written project, Part II, Final version
30%

Participating Grade

10%

Appropriate Harvard/APA referencing
10%

Appropriate English

10%

Common skills: assessed (bold) or
developed (italics):

Common skills: assessed (bold) or
developed (italics):

MANAGING AND DEVELOPING SELF	1.Manages own role and responsibilities	2. Manages own time in achieving objectives.	3.Undertakes personal and career development	4. Transfers skills gained to new and changing situations and contexts.	5.Uses a range of thought processes
WORKING WITH AND RELATING TO OTHERS	6.Treats others’ values, beliefs and opinions with respect	7.Relates to and interacts objectively with individuals and groups	8.Works effectively as a member of a team
COMMUNICATING	9.Receives and responds to a variety of information	10.Presents information in a variety of visual forms	11.Communicates in writing	12.Participates in oral and non-verbal communication
MANAGING TASKS AND SOLVING PROBLEMS	13.Uses information sources	14. Deals with a combination of routine and non-routine tasks	15.Identifies and solves routine and non-routine problems
BECOMING NUMERATE AND USING TECHNOLOGY	16.Applies numerical skills and techniques	17.Uses a range of technological equipment and systems

Special instructions:

Ensure all tasks are complete by the deadlines indicated

Plagiarism

Plagiarism is the act of presenting another’s ideas or words as one’s own. Cheating includes, but is not limited to, the intentional falsification or fabrication of any academic activity, unauthorized copying of another person’s work, or aiding and abetting any such acts.

Particular care must be taken when presenting information that has been obtained from an internet site. Should this information not be correctly referenced then you are guilty of plagiarism and will be penalised accordingly.

Statement of authorship

Following the title page of your assignment there should be a page on which you sign a statement that the work included in the assignment is your own work except where appropriately referenced. The following statement should be used:

Statement of authorship

I certify that this assignment is my own work and contains no material which has been submitted as part of an assignment in any institute college or university. Moreover, to the best of my knowledge and belief, it contains no material previously published or written by another person, except where due reference is made in the text of the assignment.

Signed…………………………………………..

ASSESSMENT FEEDBACK MASTER

Assignment title:
RM and Branding

Programme:

Course name:

Course number:

Faculty responsible:

Hand out date:

Hand in date:

Equivalent to:

100% – 86%

85% – 76%

75% – 65%

64% – 0%

100% – 86%

85% – 76%

75% – 65%

64% – 0%

100% – 86%

85% – 76%

75% – 65%

64% – 0%

100% – 86%

85% – 76%

75% – 65%

64% – 0%

Assessment Tasks

(from Assessment Cover Sheet)

Excellent

Good

Average/ Pass

Fail

Weighting

Weighted total

Research Part I

100% – 86%

85% – 76%

75% – 65%

64% – 0%

Research Part II

Research Part III

Referencing (written part)

Appropriate English (written part)

TOTAL

100%

Over 91%

90% – 86%

85% – 81%

80% – 76%

75% – 71%

70% – 65%

64% – 60%

59% – 55%

Written work

Exceptional

Distinguished, extensive reading and authoritative grasp of concepts

Greater insight and originality

Sound understanding of concepts with analysis, wide range of sources, structured work

Greater analysis and insight with range of methods

Accurate with some analysis

70% Pass at Post Grad.

Basic Pass at HOIII and degree level

Basic Pass HOI, HOII

excellent

good

average

PAGE

21.08.2013
TIME \@ “HH:mm” 12:00

Please find in this paper everything I have been done for part 1 of the project, including the e mail that I sent to the faculty responsible and his feedback about my first part

1) Dear Mr
I have some questions about my project that I would like to ask you.
Part I, the research proposal including a conceptual framework, what should be the conceptual framework?All the terms essential for successful yield management such as pricing,capacity,discount allocation…?
Thank you and best regards,
Rafael Melo

Dear Rafael, (e mail from the faculty)
Regarding your enquiries I attach a model of a conceptual framework for RM.
Please check and then work on it.

Dear Mr ,
Please find attached the conceptual framework. I am already developing the project and I am sending to you as well. Please let me know what do you think.
Thank you and best regards,

Conceptual Framework

1-Introduction Yield & Revenue Management- I will explain the principals of revenue management such as: ‘selling the right seats to the right customers at the right price’, and the 3 main elements of revenue responsible to address price and availability: capacity, supply and demand.

2-Principals of hotel revenue management- why RM is commonly practiced in the hotel industry, the negative effect of an inaccurate prediction, the three types of forecasting methods and what each of them means.

3-Introduction about the multidimensional nature of demand,

How demand will depend on the type of product it intends to sell,

The type of consumers who want to achieve,

And time, for the utilization of the product and the time the product will be released

3.1-How the demand can be affected-After I will explain how demand may be affected such as, maximum capacity (physical facilities, investment, capital available, market saturation, etc. …), consumer characteristics (socioeconomic and cultural) and availability of information (egg, no point in open a hotel that makes reservation just by internet in a location where the access to the internet is low.

4-Introduction to Branding –The purpose here is to give a short introduction of branding and to demonstrate the possible changes of brand image and values due the application of revenue management practices in the hotel industry.

4.1 How branding can be used to increase revenue in hotel industry

Project- I started to develop the project as well and I sent to him with the conceptual framework above.

Individual Project Outline

Revenue Management and Branding

Rafael Milo

Student Number

Statement of Authorship

I certify that this assignment is my own work and contains no material which has been submitted as part of an assignment in any institute, college or university. Moreover, to the best of my knowledge and belief, it contains no material previously published or written by another person, except where due reference is made in the text of the assignment.

Signed…………………………………….

Name………………………………………

Student number………………………….

Part A

A.
Principles of Revenue and Yield Management.

B.
Principles of hotel revenue management.

Part B

C.
A conceptual Framework of RM

D.
Multidimensional Nature of Demand

Part A

A. Principles of Revenue Management.

According to Chen & Kachani (2007), Revenue management (RM), or Yield management, is known as ‘selling the right seats to the right customers at the right prices’. RM has been broadly used in the airline, hotel and car rental industries. Companies use RM strategies, such as discount allocation and pricing to satisfy as much demand as possible and maximize revenues while delivering the same service to customers.

Tranter, Stuart-Hill & Parker (2009) state that revenue is dependent upon three main elements which address price and availability: capacity (the amount of space that can be filled), supply (amount of a good or service that a seller is willing and able to sell for any given price at any given time) and demand (amount of a good or service that a purchaser is willing and able to buy for any given price at any given time).

The authors will conclude that “RM is the act of skillfully, carefully, and tactfully managing, controlling, and directing capacity and sources of income, given the constraints of supply and demand” (Tranter, Stuart-Hill & Parker, 2009, pg.9)

B. Principles of Hotel Revenue Management

According to Zakhary, Gayar & Atiya (2005), hotel revenue management is commonly practiced in the hotel industry to help hotels decide on room rates and allocation. Detailed and accurate forecasts are crucial to good RM.

Inaccurate predictions lead to suboptimal decisions about the rate and availability recommendations produced by the RM system, which in turn have a negative effect on hotel revenue. Accurate forecasting can also help hotels in better staffing, purchasing and budgeting decisions.

RM forecasting methods fall into one of three types: historical booking models (consider only the final number of rooms or arrivals on a particular stay night), advanced booking models (include only the buildup of reservations over time for a particular stay night) or combined models (use either regression or a weighted average of historical models and advanced booking models to develop forecasts).

Still consistent with Zakhary, Gayar & Atiya (2005), bookings in hotels occur over an extended period of time. Hotels may take reservations for rooms days, weeks or even months in advance. This so called partial booking data, while incomplete, can be very useful in forecasting. Particularly, partial booking data are recent data that can reflect demand shifts.

Part B

C. A conceptual Framework

According to Venkitachalan (2004), revenue management globally speaking is a set of principles that can be placed across businesses where management of demand is very important. This study will analyze the multidimensional Nature of Demand in order to understand the demand management process, where a strong management culture is extremely important to guarantee the success of this implementation.

D. Multidimensional Nature of Demand

According to Venkitachalan(2004) a firm demand can be characterized for a multidimensional nature such as: different products (the product it sells), types of customers (nature of the customers it serves) and the time.

A value in this three dimensional space indicates a particular customer valuation for the product at a point time. What revenue management essentially does is that, it addresses the structural, price, timing and quantity decisions to explore the potential in this multi dimensional demand landscape.

For instance, some revenue management problems situations fix the product and the time dimension, and exploit the customer valuations for a single product at one point of time. In this way try to optimize the customer dimension of a problem. This is essentially what happens in auctions. The next group of problem deals with dynamic pricing of products to different type of customers over times, which is fixing the product dimensions and vary the customer and time dimensions.

There are problem situation which involve demand decision of muiti product over multiple time periods where the customer dimension is not explicitly considered. The key thing is to methodologically reduce the problem to implementable situations.(Talluri & Van Ryzin,2004).

To operationalize the science, the importance of information systems infrastructure cannot be over emphasized. We need computer systems to collect, store, and monitor and implement the real time decisions involved in the process.

-Faculty feedback about the first part(part 1) very important****

Dear Rafael,
Thanks for the submission of your proposal.
My feedback is the following one:
I miss the model or conceptualization as requested, part B is not sufficient enough..
Sources for a conceptualization of brand equity might be Keller and for RM Tallzuri and Van Ryzin.
Pt 4.1. is the other way around, how RM impact branding.
Referencing is very weak.
You should write more academically, principles of RM to broad and to much.
I miss the flow within your proposal; where is the link from RM to brand equity, and the impact;?
Who has done some research on this? etc
May I kindly ask you to focus on theses points and re-submit.

-There is no limits for the number of sources but for a project like this at least 10 or 12.

-please send me part 1, 2 and 3 separated and not together, because I need to send each part separate.

2. As part of this project you must contact your lecturer every second week with a written participating report, not exceeding 2 pages and indicating the progress and the planned action.

Please add 3 additional pages for the written participation report, just 1 page for each part, don’t need more than 1 page per each part.

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