Most revenue management experts agree that in order to continue to drive revenue and profits in a changing marketplace, the hotel revenue management discipline must evolve from revenue management to price optimization. As hotels make this important shift, it is crucial that executives understand what price optimization is, how it relates to revenue management, and what advantages will be gained from this approach. In this article, I’ll briefly describe how pricing in hospitality and travel has evolved over the past few decades, then I’ll define price optimization and describe why it is important for hotels to leverage this approach.
Demystifying Price Optimization
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