Importance of segmentable markets and forecasting
In this assignment is for revenue management which has two parts first part is forecast market mix which needs 1000 words and the second part is essay which needs 1500 words in market mix.
Part 1: Forecast Market Mix
Demonstrate the importance of segmentable markets and forecasting to strategic revenue management by building a market mix.
You are asked to present a report to your hotel’s General Manager that recommends a market mix for the financial year 2016/2017.
Your hotel has the following revenue generating attributes:
• Location: Sydney – Darling Harbour (E.G. Four Points by Sheraton)
• 500 rooms
-320 Standard rooms (200 Queen, 40 King, 80 Twin bed configuration)
-100 Premium rooms (80 King bed, 20 Twin bed configuration)
-60 Executive Club Rooms (all with King Bed configuration)
-20 Suites (all with King bed configuration)
• One all-day dining restaurant, one Specialist Steak House & Bar, an indoor/outdoor garden courtyard rooftop bar
• A ballroom with a 500 seat capacity for round table events (e.g. weddings) / 1000 seat for seminars – with capacity for break down into three separate rooms.
• 8 medium size rooms with capacity for up to 40 guests each.
• 4 boardrooms with capacity for 15 people
• An Executive Club Lounge
• Elaborate spa facilities
• Leisure centre with gym
• Limited parking facilities
You should provide reasoning that supports the market mix based on the actual market in Sydney, reflecting trends, seasons and forecasted events for the financial year 2016/2017. This reasoning is presented in the form of Recommendations. The market should support a forecast annual occupancy of 86%. Supporting evidence is required and should be placed as an appendix. This is a practical-based report.
Part 2- Essay
Critically evaluate the impact that the transparent nature of pricing has on a Revenue Manager’s attempt to optimize revenue. Refer to the market mix in Part 1.
Format: Essay format using APA style.
Length: 1,500 words maximum.
Total – 2500 words.
12 apa reference.