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The webcentric world of business has brought myriad changes to hotel owners and operators in every area, department and practice. Among these changes is the fact that smaller, independent properties are competing head-to-head with larger properties, as well as with major national and international brands. While this helps level the playing field, it also requires smaller properties to "up the ante" when it comes to pricing and revenue management.
Doing business in this environment means hotel owners and operators can no longer rely solely on their own information or historical data when it comes to pricing. Instead, they must obtain a handle on marketplace pricing, keep an eye on constantly changing rate dynamics and put into place clearly defined rate optimization strategies.
How? Intelligence-specifically, pricing intelligence. Pricing intelligence today is a critical component in every hotel manager's toolbox. Price intelligence relies on computer-based systems to identify, compare and analyze pricing and other revenue-related data for a business's operations and its competitors-data that a hotelier uses to develop rate optimization strategy and make informed rate decisions.
Development of Price Intelligence Systems
At one time, price intelligence focused solely on...