yield forcast
Post on 30-May-2018
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YIELD MANAGEMENT
DAY 3
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YIELD MANAGEMENT IS ...
KNOWING THE HOTEL S BUSINESS AND
CONTROLLING IT TO MAXIMIZE
REVENUE AND PROFITS.
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THIS SALES TECHNIQUE ...
CAN BE APPLIED TO A PROPERTYOF FIXED CAPACITY
WHOSE DEMAND IS CLEARLY
SEGMENTED WHOSE DEMAND IS VARIABLE
WHOSE PRODUCT IS PERISHABLE
WHOSE PRODUCT IS SOLD WELL INADVANCE
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BUT YIELD MANAGEMENT IS
ALSO ACCURATELY FORECASTING THE
DEMAND FOR A HOTEL TO KNOW : HOW MANY ROOMS TO OFFER
AT WHAT PRICE IN WHICH MARKET SEGMENT
ON WHAT DAY
IN ORDER TO MAXIMISE REVENUEAND PROFIT
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5 STEPS TO YIELD
MANAGEMENT
GATHER INFORMATION
ANALYZE DEMAND
FORECAST TAKE ACTION,
REFORECAST
EVALUATE ACTIONS
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1 : GATHER INFORMATION
ABOUT : CURRENT STATUS
HISTORICAL DATA
COMMUNITY HAPPENINGS COMPETITION
PACE
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STEP 2 : ANALYZE DEMAND
MEANS :
SORTING THROUGH INFORMATION
WHICH
HAS BEEN GATHERED!
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THE DEMAND ANALYSIS MEETING
SHOULD BE ATTENDED BY ...
GENERAL MANAGER
SALES DIRECTOR (AND STAFF) FRONT OFFICE MANAGER (AND STAFF)
RESERVATIONS MANAGER (AND STAFF)
FOOD AND BEVERAGE MANAGER
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WHY IS IT IMPORTANT TO
ANALYZE EACH DAY ? Everyday must be examined for its own
potential
To highlight critical dates of high and low
demand At each meeting a new month is reviewed
Yield is most effective when it is done before
any business is confirmed
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SO REMEMBER !!!
Yield Management involves everyone
The demand analysis team meets once a
day or once a week or at least once a
month
It is important to look at each day
individually and the effect of each high
demand day upon the day before and
after
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The 4Cs Strategy for YM
CALENDAR
CLOCK CAPACITY
COST
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STEP 3 : FORECAST
Forecasting can be defined as the process
of analysing the number of rooms which
are actually reserved in terms of all thefactors which might change that number in
order to predict the actual occupancy.
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WHEN DO WE HAVE TO
FORECAST ? FORECASTS ARE PRODUCED :
Daily for the next 4 days
weekly for the next week to 10 days
Monthly for the next 90 days
Monthly for the next 365 days
THIS CAN CHANGE FROM ONE HOTEL
TO THE OTHER!!! OF COURSE!
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FORECASTING TRANSIENT
OCCUPANCY ...
Understanding the behaviour of the
transient segment is crucial to
forecast with accuracy
WHAT ARE TRANSIENT
CUSTOMERS ?
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FORECASTING GROUPS
It is important to look at the group
business separately as they have trends
and pick up patterns of their own
WHAT ABOUT CUT-OFF DATES?
WHAT ARE CUT-OFF DATES?
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PREPARING A FORECAST
IT IS IMPORTANT TO
ANALYZE THE ACTUAL
RESERVATIONS WHICHARE ON THE BOOKS
THE SAME NUMBER OF
DAYS IN ADVANCE
EACH TIME !
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STEP 4 : TAKING ACTION
BUSINESS MUST BE CREATED:
HOW ?- BRAINSTORMING
- MAKING AN ACTION PLAN
- GIVING RESPONSABILITIES TO EACH
DEPARTEMENT
- ENSURE THAT EACH EMPLOYEE IS
AWARE OF THE PLAN AND THE
GOALS
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