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About this document
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- 11 pages
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- $11 one-time, yours to keep
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- Subject
- Business Management, Business Strategy, Hotel Management
This case study explores how hotels can apply revenue-management systems to their function spaces, using the Raffles City Convention Center in Singapore as an example. It explains the concept of contribution per available space for a given time (ConPAST) and how to maximize revenue from function spaces. It is useful for understanding practical applications of revenue management in the hotel industry.
What's inside
- Introduction to function-space revenue management
- Concept of contribution per available space for a given time (ConPAST)
- Revenue-management strategy for Raffles City Convention Center
- Options for managing meeting-space duration, revenue, and demand
- Duration control methods for function spaces
Who it is for: Students of hotel management, revenue management, and business strategy. (Postgraduate)
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Summary
Revenue management is a way to boost hotel function-space income. Students learn how to apply it to function spaces in hotels, using a Singapore case study.
Revenue management basics
Revenue management aims to match customers with services at the right time and price. It is usually applied to guest rooms. Hotels can use it for function spaces too.
Contribution per available space-time
Contribution per available space-time (ConPAST) measures the revenue contribution of each function space. Managers can adjust price and event duration to affect this measure.
Revenue management program
Developing a revenue-management program involves several steps. Managers must establish performance baselines, understand performance drivers, develop and implement a strategy, and monitor outcomes.
Raffles City Convention Center
The Raffles City Convention Center in Singapore is used as a case study. It has 18 function rooms of varying sizes. The center's performance is analyzed to show how revenue management can be applied.
Key terms
- Revenue management
- The application of information systems and pricing strategies to match customers with services at an appropriate time and price.
- Function spaces
- Hotel spaces used for events, such as conference rooms, ballrooms, and dining rooms.
- Contribution per available space-time
- A measure of the revenue contribution of each function space for each time period.
- ConPAST
- Contribution per available space for a given time.
- Raffles City Convention Center
- A convention center in Singapore used as a case study for applying revenue management to function spaces.
- HotelRevMax
- A system that provides information on the competitive performance of hotel function spaces.
Questions this document helps with
- How can revenue management boost hotel function-space income?
- What is contribution per available space-time?
- How can hotels apply revenue management to their function spaces?
Summary written with AI from the document's text.
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