Assignment:
You get to take control of your learning experience and select the assignment option that most interests you and that you would like to complete. Remember to select and complete only one of the following options.
Note: Given that you have the flexibility to take control of your learning and select the topic and assignment option that most interest you it is very important that you look for posts from your classmates that discuss a topic/pertain to an option other than the assignment option you selected to ensure you have the opportunity to think about and discuss a variety of topics from this module. So, for this module if you complete option one look to read and respond to one classmate that completed option two and one classmate that completed option three if possible. Additionally, you are expected to post thorough, thoughtful and very well developed response to the work of your classmates to ensure you thoroughly explore and discuss the topic in question. Make sure you challenge yourself and work diligently to learn all of the key information presented in this module, not just the information pertaining to your chosen option.
Option One: Forecasting and Forces Driving Change
Complete the following:
Select a hotel (this may be a local hotel, your favorite hotel, a hotel you would like to visit, a hotel you work for, etc.).
Look at what is going on in the environment outside this hotel and identify various forces driving change that may impact occupancy at this hotel. Locate one force driving change that may increase occupancy and one force driving change that may decrease occupancy. Note: this can be a force driving change that may affect occupancy on a particular day (i.e. a special event) or that may affect demand overall for the foreseeable future (i.e. drop in has prices resulting in more travel that may lead to higher occupancy during the upcoming summer travel months).
Share the force driving change you identified that you think will increase demand. Why did you select this as a force driving change? How do you think it will result increased demand at this hotel (and therefore higher occupancy that should be accounted for when forecasting)?
Share the force driving change you identified that you think will decrease demand. Why did you select this as a force driving change? How do you think it will result in decreased demand at this hotel (and therefore lower occupancy that should be accounted for when forecasting)?
Option Two: RevPar versus GoPar
Chapter nine discussed the importance of revenue management and the fact that "Revenue management is a daily activity" (Woods et al., 2007). RevPar and GoPar are also discussed. As a hospitality professional is crucial that you understand the importance of revenue management as well as these two very important measures of hotel performance. Let's take a moment to look at each.
Using the Internet please find out more about RevPar and GoPar. Research these two measures of effectiveness and find out more about each. There are also many interesting and relevant articles located in the folder titled "RevPar versus GoPar".
Which performance measure do you think is "best" and why? Please justify your choice and explain your reasoning using outside sources, the book, your own experience, etc. to support your argument.
Out of all of the articles and additional information you found when completing your research on this topic which article or additional information stood out to you and why? Share a brief summary of the article or additional information.
Please share you three key takeaways from your research (the three things you learned that most surprised you, stood out to you, interested you, you found most useful, etc.)
Option Three: Hotel Rooms: A Perishable Product
We know that hotels rooms are perishable. If they are not sold on a given day the revenue for that day is lost. They cannot be "saved" and sold later like a physical item such as a TV, an item of clothing, a car, a boat, etc. The perishability of hotel rooms means effective revenue management is critical to the success of a hotel. Revenue managers must they implement the correct pricing policies and revenue management techniques to ensure they set rates that will ensure they sell rooms and maximize revenue. Let's take a closer look at the perishability of hotel rooms as this is a crucial aspect of revenue management that you should understand as a hospitality professional!
Using the Internet please find out more about the perishability of hotel rooms. There are also many interesting and relevant articles located in the folder titled "Hotel Rooms: A Perishable Product".
How does the perishability of hotel rooms affect the pricing strategies that are used?
What are some strategies that can be used to ensure effective hotel room pricing given the perishable nature of hotel rooms? Discuss several strategies and the benefits of each strategy.
Out of all of the articles and additional information you found when completing your research on this topic which article or additional information stood out to you and why? Share a brief summary of the article or additional information.
Please share you three key takeaways from your research (the three things you learned that most surprised you, stood out to you, interested you, you found most useful, etc.)
Option Four: Find Your Own Resource
Find an article or video related to the module. You might consider some of the following possibilities: Occupancy forecasts, RevPar, GoPar, NRevPar, STR Reports, role of a revenue manager, room rate economics, yield management, etc.
Make sure you include a very thorough summary of the article or video to include why you selected it, how it relates to module three, what you learned overall, your three key takeaways (the three things you learned that most surprised you, stood out to you, interested you, you found most useful, etc.)