Revenue Planning for 2014
The 2014 budget season is upon us. Effective revenue planning requires you to anticipate future market conditions and to forecast your own performance within those market conditions, based on the revenue strategies you will put in place.
A good starting point for this planning is gaining a proper understanding of current and evolving market conditions and of your own performance so far in 2013. The industry convention is to focus on overall occupancy, average daily rate and RevPAR performance as the general benchmark for performance. However, overall market and hotel performance is in fact a function of the performance of each individual customer segment, including not only group and transient guests, but also each of the transient business and leisure customer segments that comprise overall transient demand.
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