Hotel Revenue Management Essay

963 Words4 Pages
Factors Affecting Relationship Management in Business Institution
Customer satisfaction is important in hospitality corporations because they are selling a service that is why they continually seek to implement strategies that enhance customer service and loyalty. One potential strategy that contributes to increased customer’s satisfaction and loyalty is training both associates and managers in technique to recognized guests ' faces and names. Based on psychological research, face recognition and name recall can be applied in hospitality situations, in particular to create pseudo relationships with guests and can be as the loyal customers.
Seminars and trainings can help the employees and managers in teaching techniques in providing and creating in order to satisfy the guests (Magnini,
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Hotel revenue management defined by Landman (2011) as the “Selling the Right Room to the Right Client at the Right Moment at the Right Price on the Right Distribution Channel with the best commission efficiency". Hotel revenue management is about becoming the architect of one’s own fortune because one can control the guests who will check-in. Hotel rooms are perishable product because of limited number of rooms. As a result, customer satisfaction and pricing remain the most important dynamic variables, which are subject and part of hotel revenue management. It is all about balancing the demand and capacity by forecasting prices for the purpose of maximizing the effectiveness of hotels’ resources (Marriot, B. Jr. 2011). In the whole segment of selling the product, attracting the customers, providing the needs and satisfaction achievement, the whole company will benefit of it. High occupancy of hotel, fully booked of rooms, selling the function rooms, and satisfaction from the guest are the goals of hotel industry. When these are already achieved, the revenue of the company will follow
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