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Investigation of the revenue
management practices of
accommodation establishments
in Turkey: An exploratory study
Stanislav Ivanov
and
Çağakan Ayas
The Authors
Çağakan Ayas • BA (Hons) International Hospitality Management
graduate, Varna University of Management, Bulgaria / Cardiff Metropolitan University, UK
2
The Authors
Stanislav Ivanov
• CEO of Zangador Ltd. (http://www.zangador.eu)
3
• Editor-in-chief of the European Journal of Tourism Research (http://ejtr.vumk.eu)
• Vice Rector for Academic Affairs and Research at VUM, Bulgaria(http://www.vumk.eu)
Content
• Introduction
• Brief review of related literature
• Methodology
• Discussion of results
• Conclusion
• References
4
IntroductionBackground
• Huge growth of RM research in the last 25 years, (Anderson and Xie, 2010; Cross et al., 2009; Hayes and Miller, 2011; Ingold et al., 2001; Kimes, 2011; Legoherel et al., 2013; Mauri, 2012; Tranter et al., 2008; Wang et al., 2015; Yeoman and McMahon-Beattie, 2004, 2011) mostly focused on hotel industries in developed economies.
• Research on the application of hotel RM in Central and Eastern Europe, Middle East, Latin America and Africa is scarce (Emeksiz et al., 2006; Gehrels and Blanar, 2012; Güler, 2012; Ivanov, 2014)
5
IntroductionAim
• This exploratory research paper aims at partially filling this gap by focusing on the application of various RM practices by the accommodation establishments in Turkey.
• It provides reality check by looking at whether the theoretical concepts in the field of hotel revenue management have found their ways into the actual business practices of the accommodation establishments in the country.
6
Brief review of related literatureHotel RM system
7
Booking request
RM process
Booking elements
Data and information
Revenue centres
RM software RM tools
Structural elements
Hotel revenue management system
Macroenvironment
Microenvironment
Impacts
Internal environment
Patronage intentions
Customer
RM team
Perceptions of RM fairness
Ivanov & Zhechev(2012)
Brief review of related literatureHotel RM centres
• The RM centres are those departments in the hotel that generate revenues.
• Usually research focuses on a single hotel RM centre or related hospitality industries like restaurants (Heo, 2013; Kimes & Thompson, 2004), casinos (Kuyumcu, 2002), function rooms (Orkin, 2003), golf courses (Rasekh & Li, 2011), spa centres (Kimes & Singh, 2009)
• Recent publications have advocated on total hotel revenue management (Buckhiester, 2012; Wang et al., 2015) that takes into consideration all the revenues generated from the customer, not only the revenues from the rooms.
8
Brief review of related literatureHotel RM tools
• The RM tools include a variety of instruments used by hoteliers to manage demand and supply.
• Pricing tools: price discrimination (Mauri, 2012; Shy, 2008; Tranter et al., 2008), dynamic pricing/early bird/last minute offers (Abrate et al., 2012; Chen and Schwartz, 2013; Schwartz, 2008), rate parity (Demirciftci et al., 2010; Haynes and Egan, 2015; Maier, 2011; 2013), lowest price guarantee (Carvell & Quan, 2008; Demirciftci et al., 2010) and price framing and discounting (Croes and Semrad,
2012).
9
Brief review of related literatureHotel RM tools
• Non-pricing tools: inventory management (overbooking and overcontracting: Hwang and Wen, 2009; Ivanov, 2006, 2015; Koide & Ishii, 2005; Netessine & Shumsky, 2002), room availability guarantee, length-of-stay control (Vinod, 2004), 100% satisfaction guarantee.
• Combined tools: channel management (Choi & Kimes, 2002; Hadjinicola & Panayi, 1997) and optimal room-rate allocation (El Gayar et al., 2011; Guadix et al., 2010).
• Proper channel management needed to avoid conflicts with the distributors (Ivanov et al., 2015) and channel cannibalisation (Ivanov, 2007).
• Non-pricing and combined RM tools are underresearched and provide numerous future research opportunities.
10
Brief review of related literatureHotel RM process
• The RM process is the set and sequences of actions undertaken by revenue managers on strategic, tactical and operational level in relation to managing the revenues of the hotel (Ivanov, 2014: 34).
• Emeksiz et al. (2006) stages: preparation, supply and demand analysis, implementation of RM strategies, evaluation of RM activities and monitoring and amendment of the RM strategy.
• Tranter et al. (2008) steps – customer knowledge, market segmentation and selection, internal assessment, competitive analysis, demand forecasting, channel analysis and selection, dynamic value-based pricing, and channel and inventory management.
11
Brief review of related literatureHotel RM process
12
Ivanov & Zhechev(2012)
Goals
Monitoring
Implementation
Forecasting
Analysis
Information
Stage Content
RM metrics – RevPAR, ADR, occupancy, GOPPARStrategic, tactical and operational goals
Operational data and information provided by company’s marketing information system
Analysis of demand and supply in the destination/segmentAnalysis of operational data and information
Forecasting demand and supply in the destination/segmentForecasting RM metrics on a daily basisForecasting methods
Pricing and non pricing RM toolsOptimization processApproaches for solving RM mathematical problems
Performance evaluation of taken decisions and the RM system as a whole
Decision
Sales techniquesHuman resource training
Brief review of related literatureHotel RM process
• Data on various statistics and performance metrics (occupancy, ADR, RevPAR, GOPPAR, etc.). Big data analytics is one of the major challenges faced by revenue management because it allows better forecasting and thus better managerial decision (Wang et al., 2015).
• Forecasting is essential for the proper managerial decisions and various historical (time series), advance booking (additive and multiplicative pick up) models, combined (regression, neural networks) and qualitative (Delphi) methods are used (Chen and Kachani; 2007; Frechtling, 2001; Ivanov, 2014; Lim et al., 2009; Phumchusri & Mongkolkul, 2012; Weatherford & Kimes, 2003).
13
Brief review of related literatureHotel RM team and software
• Human resources are an essential factor in the planning and design of the RM system and the proper implementation of the RM process (Aubke et al., 2014; Beck et al., 2011; Selmi & Dornier, 2011; Zarraga-Oberty & Bonache, 2007).
• Their actions actually determine whether the RM system in the hotel is successful and contributes positively to the bottom line of the property.
• Although currently the RM software (Emeksiz et al., 2006; Okumus, 2004) allows the automation of many decisions in the RM process, especially related to pricing and overbooking, it is actually the revenue managers who often need to confirm these decisions and take the responsibility for them.
14
Empirical setting
• In 2014 Turkey had 3131 accommodation establishments with 807316 beds that generated over 130 mln. overnights (Ministry of Culture and Tourism, 2015a, b);
• 2430 (77.61%) of them with 671280 beds (83.15%) were classified as hotels.
• High category establishments prevail: 1270 establishments (constituting 49.30% of the categorised properties (hotels, holiday villages, thermal hotels and thermal holiday villages) or 40.56% of all properties) and 612940 of the beds (81.05% of the beds in categorised properties or 75.92% of all beds) were categorised with 4 or 5 stars.
• In 2014 the 4- and 5-star hotels generated 69.28% of all overnights in accommodation establishments in Turkey.
15
MethodologyResearch questions (1)
RQ1: Revenue centres in the hotels
• RQ1.1: Which are the revenue centres of hotels in Turkey?
• RQ1.2: Which revenue centres have greatest potential for development?
RQ2: Pricing and non-pricing revenue management tools and sales techniques
• RQ2.1: What is the level of application of the revenue management tools by hoteliers in Turkey?
• RQ2.2: What is the perceived level of importance of the revenue management tools by hoteliers in Turkey?
• RQ2.3: What is the impact of the revenue management tools on hotels’ sales?
16
MethodologyResearch questions (2)
RQ3: Channel management
• RQ3.1: What is the importance of the distribution channels used by hotels in Turkey?
• RQ3.2: Which types of contract do hotels in Turkey mostly use in their relationships with distributors?
RQ4: Revenue management team
• RQ4: Who is in charge of revenue management implementation in hotels in Turkey?
RQ5: Revenue management software
• RQ5: What are hotel managers’ perceptions about the specialised revenue management software?
17
MethodologyResearch questions (3)
RQ6: Revenue management process
• RQ6.1: How do hoteliers in Turkey measure the performance of their properties?
• RQ6.2: How do hoteliers in Turkey forecast the future sales, revenues, occupancy?
• RQ6.3: To what degree do hoteliers in Turkey consider customers’ characteristics and preferences when applying various revenue management tools?
• RQ6.4: How do hoteliers in Turkey react to competitor moves in prices?
18
MethodologyResearch questions (4)
RQ7: Factors, influencing the application of revenue management by hotels in Turkey
• RQ7.1: Does the size of the hotel influence the application of specific revenue management practices by its managers?
• RQ7.2: Does the category of the hotel influence the application of specific revenue management practices by its managers?
• RQ7.3: Does the location of the hotel influence the application of specific revenue management practices by its managers?
• RQ7.4: Does the affiliation to a hotel chains influence the application of specific revenue management practices by its managers?
19
MethodologyResearch approach and data collection
• Survey > online questionnaire
• The managers of 2080 properties were contacted (that is 66.43% of all 3131 licenced accommodation establishments in Turkey in 2014).
• Respondents were offered a complimentary e-book for completing the questionnaire.
• Two reminders sent 4 and 8 weeks after initial invitation.
• 105 completed questionnaires (5.05% response rate or 3.35% of all accommodation establishments in Turkey).
20
MethodologySample characteristics
21
Number of respondents Percent
Category 1 star 5 4.8
2 stars 14 13.3
3 stars 18 17.1
4 stars 16 15.2
5 stars 52 49.5
Size Up to 50 rooms 31 29.5
51-100 rooms 13 12.4
101-150 rooms 14 13.3
Over 150 rooms 47 44.8
Location Urban 61 58.1
Seaside 30 28.6
Mountain 9 8.6
Countryside 5 4.8
Chain affiliation Chain member 58 55.2
Independent 47 44.8
Total 105
MethodologyQuestionnaire
• Section 1: Characteristics of the accommodation establishment
• Section 2: Revenue centres
• Section 3: RM tools – frequency of application, importance, impact on revenues
• Section 4: RM team – RM responsibilities, intentions to hire
• Section 5: RM software – impact on RM
• Section 6: Channel management – channels, importance, contracts
• Section 7: RM metrics
• Section 8: Agreement with various statements
22
MethodologyData analysis
• Mann-Whitney U-test
• Kruskal-Wallis χ2 test
• Paired samples t-test
23
Discussion of resultsRevenue centres
24
0
20
40
60
80
100
120
• Application
Discussion of resultsRevenue centres
25
0
1
2
3
4
5
6
• Potential for development
Discussion of resultsPricing and non-pricing tools and sales techniques
• Application, importance and impact
26
0
0,5
1
1,5
2
2,5
3
3,5
Frequency of application Importance for the industry Impact on property sales
Discussion of resultsChannel management
• Channel importance
27
0
0,5
1
1,5
2
2,5
3
3,5
4
4,5
5
GDSs OTAs Tour operators Travel agents Group buyingwebsites
Direct sales via thewebsite
Other direct sales(email, phone)
Discussion of resultsChannel management
• Types of contracts: frequency of application
28
0
0,5
1
1,5
2
2,5
3
3,5
Commitment Allotment Free sale Upon-request
Discussion of resultsRM team
Revenue management responsibility
RM department Revenue
manager
Marketing
manager
Front office
manager
General
managers
Chain affiliation (Pearson χ2=30.795, df=4, p<0.01)
Independent hotels 0 5 5 14 23
Affiliated hotels 4 31 7 5 11
Category (Pearson χ2=54.787, df=16, p<0.01)
1 star 0 0 0 0 5
2 stars 0 0 0 5 9
3 stars 0 2 3 8 5
4 stars 1 5 5 2 3
5 stars 3 29 4 4 12
Location (Pearson χ2=24.285, df=12, p<0.05)
Urban 3 15 7 15 21
Seaside 1 13 5 3 8
Mountain 0 8 0 0 1
Rural 0 0 0 1 4
Size (Pearson χ2=78.510, df=12, p<0.01)
Up to 50 rooms 0 3 1 8 19
51-100 rooms 0 0 5 7 1
101-150 rooms 0 5 6 0 3
Over 150 rooms 4 28 0 4 11
Total 4 36 12 19 34
29
Discussion of resultsRM team
• Most of the respondents (48 out of 65 or 73.8%) that report not having a revenue manager or a department do not intend to hire a revenue manager, probably because of their small size and low category which make such position economically not viable.
30
Discussion of resultsRM software
Software Frequency
Opera 4
Delphi 4
Trust 3
Elektra 2
Rategain 2
Reseliva 2
Erbasoft 1
Hotelrunner 1
Ideas 1
Amadeus RMS 1
Other 6
31
• The respondents were not keen on using specialised revenue management software (m=2.59) and only 38 show willingness to pay for it.
Discussion of resultsRM process
• RM metrics: the most frequently used statistics include occupancy (104 respondents, or 99%), ADR (97, or 92.4%), and RevPAR (74, or 70.5%). GOPPAR is reported by only 20 (19%) of the managers.
• Forecasting: 74 of the respondents (70.47%) indicate that they use historical methods for forecasting their future sales, revenues and occupancy, while 31 (29.53%) mentioned statistical methods (regression analysis)
32
Discussion of resultsRM process
Mean
If occupancy is low it is best to lower the prices 4.43
Each customer is equally important for the hotel 4.03
We try to attract every potential customer 4.49
If competitor decrease prices we decrease our prices too 3.52
If competitor increase prices we increase our prices too 4.21
Customers prefer lower prices than higher quality 2.64
Maintaining good relations with the distributors is important for
property’s revenues
4.13
Selling additional services is important for property’s revenues 3.69
When we set the prices and booking terms we consider customers’
perception of these
3.71
In general the application of the RM tools contributes positively to the
revenues of our property
3.94
33
• Level of agreement with various statements
ConclusionSummary answers to research questions
34
Research question Answer
RQ1: Revenue centres in the
hotels
RQ1.1: Which are the revenue
centres of hotels in Turkey?
Main revenue centres rooms (73% of
revenues), restaurant, bar/lobby bar,
minibar
RQ1.2: Which revenue centres
have greatest potential for
development?
Rooms, restaurant, bar/lobby bar
ConclusionSummary answers to research questions
35
Research question Answer
RQ2: Revenue management tools
RQ2.1: What is the level of
application of the revenue
management tools by hoteliers
in Turkey?
Most applied tools are rooms
availability guarantee and price
discrimination; least applied are
overcontracting and overbooking
RQ2.2: What is the perceived
level of importance of the
revenue management tools by
hoteliers in Turkey?
Most important tools are rooms
availability guarantee and price
discrimination; least important are
overcontracting and overbooking
RQ2.3: What is the impact of
the revenue management tools
on hotels’ sales?
Most tools have similar perceived
impact on sales with slight advantage
of room availability guarantee
ConclusionSummary answers to research questions
36
Research question Answer
RQ3: Channel management
RQ3.1: What is the importance
of the distribution channels
used by hotels in Turkey?
OTAs is the single most important
distribution channel, followed by the
direct sales via the hotel’s website, the
travel agents and the tour operators
RQ3.2: Which types of contract
do hotels in Turkey mostly use
in their relationships with
distributors?
Commitment and allotment are most
frequently used contracts with the
distributors
ConclusionSummary answers to research questions
37
Research question Answer
RQ4: Revenue management team
RQ4: Who is in charge of
revenue management
implementation in hotels in
Turkey?
A separate revenue management
department or a revenue manager
position is reported by the chain
affiliated, 4- and 5-star, and very large
(over 150 rooms) hotels
ConclusionSummary answers to research questions
38
Research question Answer
RQ5: Revenue management
software
RQ5: What are hotel managers’
perceptions about the
specialised revenue
management software?
The managers of largest hotels (over
150 rooms), chain affiliated, seaside, 3-
, 4- and 5-star properties seem more
inclined to use specialised licenced
software
ConclusionSummary answers to research questions
39
Research question Answer
RQ6: Revenue management process
RQ6.1: How do hoteliers in Turkey
measure the performance of their
properties?
Occupancy, ADR, RevPAR
RQ6.2: How do hoteliers in Turkey
forecast the future sales, revenues,
occupancy?
Historical methods are more widely used than
statistical
RQ6.3: To what degree do hoteliers in
Turkey consider customers’
characteristics and preferences when
applying various revenue
management tools?
In general, customers’ characteristics and
preferences are taken into consideration
RQ6.4: How do hoteliers in Turkey
react to competitor moves in prices?
Increase prices if competitors increase their
prices; Hotels competing on price will decrease
the prices if competitors do so; hotels
competing on quality are less likely to do it.
ConclusionSummary answers to research questions
40
Research question Answer
RQ7: Factors, influencing the application of revenue management by
hotels in Turkey
RQ7.1: Does the size of the hotel
influence the application of
specific revenue management
practices by its managers?
Yes, larger hotels have better developed
revenue management practices than
smaller properties
RQ7.2: Does the category of the
hotel influence the application of
specific revenue management
practices by its managers?
Yes, higher category hotels have better
developed revenue management
practices than lower category properties
ConclusionSummary answers to research questions
41
Research question Answer
RQ7: Factors, influencing the application of revenue management by
hotels in Turkey
RQ7.3: Does the location of the
hotel influence the application of
specific revenue management
practices by its managers?
Yes, in general seaside and urban
properties have better developed revenue
management practices than mountain
and rural properties, although the
differences depend on the specific
practice.
RQ7.4: Does the affiliation to a
hotel chains influence the
application of specific revenue
management practices by its
managers?
Yes, chain affiliated hotels have much
better developed revenue management
practices than independent properties in
every aspect
ConclusionLimitations
• Sample size is only 105 respondents
• 5-star hotels overrepresented
• The aggregated results of this research cannot be generalised for the country as a whole, but the findings could give an indication about the differences of the application of the various revenue management practices by category, chain affiliation, location and size of the accommodation establishments
42
Conclusion
Future research• Larger samples
• Channel management
• Educational and training needs of hotel managers in the area of revenue management
• Link between revenue management practices of hotels in Turkey and the customers’ perceptions of their fairness
• Other empirical settings, especially focusing on countries in Central and Eastern Europe, Middle East, Latin America and Africa.
43
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