Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From Istanbul
In today’s competitive world, the primary goal of hotels is to generate sustainable profitability. In order to achieve this goal, businesses are required to develop well-designed strategies and policies. Every vacant hotel room leads to a direct loss for the company. Therefore, because of the fixed...
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| Format: | Article |
| Language: | English |
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Istanbul University Press
2023-12-01
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| Series: | Journal of Economy Culture and Society |
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| Online Access: | https://dergipark.org.tr/en/download/article-file/3244273 |
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| author | Tevfik Demirciftci Sahin Osmanoglu |
| author_facet | Tevfik Demirciftci Sahin Osmanoglu |
| author_sort | Tevfik Demirciftci |
| collection | DOAJ |
| description | In today’s competitive world, the primary goal of hotels is to generate sustainable profitability. In order to achieve this goal, businesses are required to develop well-designed strategies and policies. Every vacant hotel room leads to a direct loss for the company. Therefore, because of the fixed capacity, capacity utilization and pricing is extremely important for hotels. This study explains the competitive revenue management (RM) practices of 5-star hotels in Istanbul. It investigates how hotels track their competitors, their strategies to gain a competitive advantage, and what factors they consider when determining their prices. The research employed a questionnaire containing pre-prepared RM-related inquiries administered to hotel RM department managers. Additionally, a situation assessment was conducted, drawing insights from the information provided by these managers. This study discovered that every revenue manager involved takes the competition seriously. Revenue managers consider competition to be obtaining the largest share of the available market share. This research anticipates that revenue management will extend its influence beyond room revenue and evolve into a more strategic department. The study underscores the importance of enhancing education and raising awareness about RM to address this gap effectively. |
| format | Article |
| id | doaj-art-f5bb71a0ef49422995a6b4e53f9faf18 |
| institution | Kabale University |
| issn | 2645-8772 |
| language | English |
| publishDate | 2023-12-01 |
| publisher | Istanbul University Press |
| record_format | Article |
| series | Journal of Economy Culture and Society |
| spelling | doaj-art-f5bb71a0ef49422995a6b4e53f9faf182025-02-04T10:17:23ZengIstanbul University PressJournal of Economy Culture and Society2645-87722023-12-0168748410.26650/JECS2023-13227844Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From IstanbulTevfik Demirciftci0https://orcid.org/0000-0002-3706-2147Sahin Osmanoglu1https://orcid.org/0009-0006-7363-4014Colorado Mesa University, Davis School of BusinessCVK Park Bosphorous HotelIn today’s competitive world, the primary goal of hotels is to generate sustainable profitability. In order to achieve this goal, businesses are required to develop well-designed strategies and policies. Every vacant hotel room leads to a direct loss for the company. Therefore, because of the fixed capacity, capacity utilization and pricing is extremely important for hotels. This study explains the competitive revenue management (RM) practices of 5-star hotels in Istanbul. It investigates how hotels track their competitors, their strategies to gain a competitive advantage, and what factors they consider when determining their prices. The research employed a questionnaire containing pre-prepared RM-related inquiries administered to hotel RM department managers. Additionally, a situation assessment was conducted, drawing insights from the information provided by these managers. This study discovered that every revenue manager involved takes the competition seriously. Revenue managers consider competition to be obtaining the largest share of the available market share. This research anticipates that revenue management will extend its influence beyond room revenue and evolve into a more strategic department. The study underscores the importance of enhancing education and raising awareness about RM to address this gap effectively.https://dergipark.org.tr/en/download/article-file/3244273competitionstrategyrevenue managementhotelsistanbul |
| spellingShingle | Tevfik Demirciftci Sahin Osmanoglu Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From Istanbul Journal of Economy Culture and Society competition strategy revenue management hotels istanbul |
| title | Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From Istanbul |
| title_full | Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From Istanbul |
| title_fullStr | Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From Istanbul |
| title_full_unstemmed | Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From Istanbul |
| title_short | Competitive Revenue Management (Rm.) Strategies of Five Star Hotels: A Case From Istanbul |
| title_sort | competitive revenue management rm strategies of five star hotels a case from istanbul |
| topic | competition strategy revenue management hotels istanbul |
| url | https://dergipark.org.tr/en/download/article-file/3244273 |
| work_keys_str_mv | AT tevfikdemirciftci competitiverevenuemanagementrmstrategiesoffivestarhotelsacasefromistanbul AT sahinosmanoglu competitiverevenuemanagementrmstrategiesoffivestarhotelsacasefromistanbul |