Journal of Revenue and Pricing Management

Question: Discuss about the Journal of Revenue and Pricing Management. Answer: Back Ground Information The London NYC is located at the heart of Manhattan and is moments away from the New York City Center. The posh location of the restaurant attracts consumers across the globe. The design exhibits a residential sense of privacy along with the collection of best suites offering tremendous relaxation and ease to the consumers. There are more than 700 rooms available in the hotel. The price of the hotel rooms range from $249 to $399 . However, the hotel industry offers the best rates to the consumers on direct booking. The cosmopolitan environment of the hotel is a treat to watch and it aligns with the changing demands of new generation travelers(McKenna). Some of the unique facilities that mesmerize its consumer are as follows: WIFI service London Bar Quality Security Services Stylish interior Decorations Super Facilitative Health Cub Talented Culinary Department 24 Hour Room Service The London NYC Gift Card Scheme Corporate arrangement for conducting office meetings and business dealings Implementation of the Idea Inclusion of departmental revenue managers would help the organization to gain supremacy in the competitive market. The implementations of the ideas are as follows: Testing Bar Pricing While monitoring the bar prices, the revenue manager would keep an eye on the booking changes. Depending on the response, one would get an idea regarding the willing of the market to pay for a particular room. Special Offer outside Booking Window The management should offer deals outside the Booking window. For example, if the hotel comprises of a 12 day booking window, then there should be a lucrative option of 12-day advance purchase offer. Value Added Offers Along with seasonal offers of discounted Room Prices, the revenue manager would also consider the value adds. The value ads may include some complimentary dishes, drinks or free work out sessions at the health club. Impact of the Idea on enhancement of revenue and consumer attraction The inclusion of value ads would exceed their perceived expectations and enhance their purchasing behavior in a successful manner. Furthermore, Testing Bar Pricing would contribute towards organizational productivity by understanding the particular need of a market in a particular scenario (Yeoman). Proposing deals outside the booking window would draw huge attention from the consumers due to its money saving offer approach. References McKenna, Robert. "Revenue Management For Hospitality Tourism". Journal of Revenue and Pricing Management 13.1 (2014): 74-76. Web. Yeoman, Ian. "Technical To Operations: The Diversity Of Revenue Management". Journal of Revenue and Pricing Management 13.4 (2014): 271-272. Web.