MANAGEMENT

Detailed explanation-1: -A hotel revenue manager is the person in charge of leading pricing strategies in order to maximize a hotel’s profitability. They generate rate strategies that can be applied to a hotel’s sales and marketing efforts to better position the hotel for success.

Detailed explanation-2: -The discipline of revenue management combines data mining and operations research with strategy, understanding of customer behavior, and partnering with the sales force.

Detailed explanation-3: -Revenue per available room (RevPAR) is a performance measure used in the hospitality industry. RevPAR is calculated by multiplying a hotel’s average daily room rate by its occupancy rate. RevPAR is also calculated by dividing total room revenue by the total number of rooms available in the period being measured.

Detailed explanation-4: -A Block Booking refers to a group of rooms reserved for a specific customer-usually for a set period of time. Room blocks are commonly reserved for conventions and meetings or groups in general.