Mladen MITROVIĆ, Faculty of Tourism Studies - Turistica, University of Primorska, firstname.lastname@example.org
Dejan KRIŽAJ, Faculty of Tourism Studies - Turistica,University of Primorska, email@example.com
Gordana IVANKOVIČ, Faculty of Tourism Studies - Turistica, University of Primorska, firstname.lastname@example.org
HOW TO CITE:
<insert-authors> (2019). <insert-abstract-title>. AIRTH 2019 Conference: Innovation and Entrepreneurship for Sustainable Success; 2019 Sep 12 - 14; Innsbruck, Austria. Retrieved: <insert-date>, from http://www.airth.global
Revenue (Yield) Management presents a very popular and successful pricing strategy in developed touristic countries. Revenue Management (RM) is also important for the benchmarking process, which shows the success of a hotel compared to its competition. The concept of benchmarking is now widely present in the hospitality practice, with the aim of recognizing and eliminating its own shortcomings and limitations, maintaining leverage and gaining a leading position while honouring the codes of ethics which require that one should reciprocate provided information, not abuse trust, or blackmail. Benchmarking can be internal and external. External benchmarking, which is essential for the concept of the idea, is based on the comparison of competitive objects that have some common characteristics which make them worth comparing and as such constitute a competitive set. The main purpose of the research in the first author's doctoral dissertation is to show that benchmarking in hotel industry can provide information for short-term revenue management and is an essential input for strategic and sustainable competitive market positioning. Through the research carried out within the framework of the doctoral dissertation, it became clear how the concept of RM could be further popularized inside the industry, and how it could facilitate the impact in the field for all interested parties.
The modern age in which we live, and do business, cannot be imagined without the use of informational technology. Nowadays, a competitive advantage in the world of business is mostly gained through technical literacy, which is given special attention during education and in human resource development. In the world where any piece of information is only ‘a click away’ and where smartphones are no longer luxury or a status symbol, it is crucial to use all the possibilities offered by the IT sector in the right way. Being aware of the time we live in, which is undoubtedly characterized by a faster life rhythm, the insufficiently exploited area of smartphones, tablets and applications intended for their operating systems can be used as a potential opportunity for popularizing this concept. The using of RM concept in the hotel industry has its prevalence, but at the same time is characterized by insufficient usage and understanding. A question that occurs is how to promote it further within both local and global limits. The development of an RM mobile application can be considered as a potential solution and an idea worth of deliberation. Such an app, having a narrowly focused field, could be useful and interesting to both academics and practitioners in getting familiar with RM or at least expanding their knowledge. One of the main purposes of the application is to provide a link to innovation and development in tourism. Such an application can (indirectly) assist in the operation and development of a new offer. Through the existence of such an application, which at the moment could potentially represent an innovative step in the field, as a fusion of the theoretical framework and a specialized data-base, with all the data for comparing (benchmarking) hotel performances, hoteliers could become motivated to be more involved in the whole process, as long as the advantages of the application are recognized. The basic concept of the idea will be presented, together with the conditions which have to be fulfilled for it to be successful. Furthermore, additional value of the idea will also be considered (from the perspective of all performers and users).
Cross, R. G., Higbie, J. A. and Cross, D. Q. (2009). Revenue Management’s Renaissance. Cornell Hospitality Quarterly, 50(1), 56–81.
Janković, S. and Poldrugovac, K. (2015). Benchmarking: potraga za najboljom praksom u hotelijerstvu, Praćenje i usporedba rezultata hrvatskih i slovenskih hotela, Koper, Založba Univerze na Primorskem, 121-142.
Noone, B. M., Enz, C. A. and Glassmire J. (2017). Total Hotel Revenue Management: A Strategic Profit Perspective, Cornell Hospitality Report, 17(8)