The purpose of this assignment is to enable students to demonstrate an understanding of the key factors associated with revenue management.

Approach:

You are required to undertake a comprehensive discussion and critical analysis of Revenue Management.

For the purpose of this assessment, you are a newly appointed revenue advisor of a fine dining restaurant. (You are allowed to represent any fine dining restaurant)
The restaurant is experiencing a significant decline in profits over the last eighteen months.

As the revenue advisor, you have been asked to prepare a researched report including the followings:

The brief for your assessment is to:

1. Describe revenue management and explore the application of revenue management techniques in a fine dining restaurant.

2. How does the restaurant industry compare/constrast with airlines and hotels in terms of capacity and price management? Explore the issues and challenges of this restaurant and explain why this restaurant is experiencing a significant decline in profts over the last eighteen months.

3. What are some potential courses of action and application of other sales and marketing techniques that the owner of this restaurant could take to to turn around the restaurant’s financial performance.

4. Analyse and discuss the opportunities and threats for this fine dining restaurant and how they can be manipulated to increase revenue

5. Recommend new price tiers, packages available and selection of distributional channels to remedy the current revenue shortfalls.

This report I’m doing about The Thyme² Restaurant in Sofitel Brisbane Central

NOTE:

Your reference list must contain references from the essential text and a minimum of 12 related journal articles. In text references must be applied.

Hayes, DK & Miller, AA 2011, Revenue for the hospitality industry, Wiley, Hoboken, NJ. *This is the main textbook use to study in classroom.

recommend : Yield Management strategies for the service industries, Second edition, edited by Anthony Ingold, Una McMhon – Beattie and Ian Yeoman.

*** Make sure can you please explain by easy! easy! words because my english is my second language.
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Read the following article and find way and techniques of yield/revenue management applied in the airline industry. one example from the article is explained to you for your understanding.

http://commons.erau.edu/cgi/viewcontent.cgi?article=1522&context=jaaer

example of yield management in the airline industry from the attached article:

The second strategy associated with yield management is discount seat allocation. Simply stated, discount allocation is the practice of limiting the number of discounted airfares in order to reserve seats for higher- revenue customers on the same flight (DePew & Stripling,

1). Full fares for last minute bookings, and discounted fares for bookings made well in advance are determined through pricing strategy. On the other hand, yield management determines the number of seats that will be offered for each fare category, in order to maximize revenue (DePew & Stripling, 1). Vigorous yield management systems have the ability to monitor reservation activity on each flight for each type of customer, allowing for accurate demand forecasting (DePew & Stripling, 1). These changes in forecasted demand will further allow the yield management system to adjust discount allocations, overbooking rates, and the availabilityof the different types of airfares.

if you read the previous and following paragraph around this one you will find all the yield management applied in the airline industry easily. if you have another source and want to add more reference, go ahead but make sure they are correct.

Read the following article and find way and techniques of yield/revenue management applied in the airline industry. one example from the article is explained to you for your understanding.

http://commons.erau.edu/cgi/viewcontent.cgi?article=1522&context=jaaer

example of yield management in the airline industry from the attached article:

The second strategy associated with yield management is discount seat allocation. Simply stated, discount allocation is the practice of limiting the number of discounted airfares in order to reserve seats for higher- revenue customers on the same flight (DePew & Stripling,

1). Full fares for last minute bookings, and discounted fares for bookings made well in advance are determined through pricing strategy. On the other hand, yield management determines the number of seats that will be offered for each fare category, in order to maximize revenue (DePew & Stripling, 1). Vigorous yield management systems have the ability to monitor reservation activity on each flight for each type of customer, allowing for accurate demand forecasting (DePew & Stripling, 1). These changes in forecasted demand will further allow the yield management system to adjust discount allocations, overbooking rates, and the availabilityof the different types of airfares.

if you read the previous and following paragraph around this one you will find all the yield management applied in the airline industry easily. if you have another source and want to add more reference, go ahead but make sure they are correct.