test 1

Antoon C. (Netherlands)
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words only definitions & notes
  1. respondent
    replying
    Survey respondents think that the organization of the RM function is going to become more centralized, and that the skills required for a successful revenue manager are going to be a combination of analytical and communication abilities.
  2. call center
    a center equipped to handle a large volume of telephone calls (especially for taking orders or serving customers)
    Call centers and hotel reservation offices (2.93 and 2.81, respectively) were considered to be less likely to be important in the future (Figure 6).
  3. rpm
    rate of revolution of a motor
    Journal of Revenue and Pricing Management (2011) 10, 62–72. doi:10.1057/rpm.2010.47
  4. segmentation
    the act of dividing or partitioning
    The least important characteristics were Technology was the most common theme (37.0 per cent), followed by the economy (23.6 per cent) and more detailed market segmentation (20.5 per cent).
  5. metric
    based on a decimal unit of measurement
    A per available square foot metric better captures the asset-generating nature of the hotel, but causes difficulty when hotels try to compare their performance against their competition.
  6. automation
    the act of implementing the control of equipment
    four most challenging issues (all between 3.5 and 4.0) were (1) a shortage of qualified revenue managers (3.89), (2) changes in the global economy (3.77), (3) increased competition Centralized Operations Total Hotel RM Integrated Approach Greater Automation Greater Importance Channels Consumer Behavior Forecasting/Analysis Increased Competition Increased Technology Strategy Driven 0% 5% 10% 15% 20% 25% 30% # of Responses Figure 1: What will hotel RM look like 5 years
  7. interface
    a surface forming a common boundary between two things
    Some chains (most notably Marriott (Interfaces article) have successfully applied RM to function space, but most hotels are still struggling with it.
  8. complicate
    make less simple
    Function space is a bit more complicated than transient guest rooms because of the multiple revenue streams and departments involved.
  9. analyze
    break down into components or essential features
    The results were analyzed using SAS Text Analytics and the responses were categorized into 11 categories (Figure 1).
  10. hybrid
    the offspring of genetically dissimilar parents or stock
    Respondents stressed the need for RM to see the big picture, and felt that if RM was placed within an existing department it might lose sight of this. (c) A hybrid model of centralization/decentra- lization will emerge.
  11. evolve
    undergo development
    As technology evolves analytical pricing models and social networking/mobile technology are going to have a major impact on the future.
  12. data
    a collection of facts from which conclusions may be drawn
    The most important courses were data analytics (4.61), pricing (4.56), distribution (4.43), economics (4.18), web site optimization (4.15) and social media (4.03).
  13. analysis
    abstract separation of something into its various parts
    four most challenging issues (all between 3.5 and 4.0) were (1) a shortage of qualified revenue managers (3.89), (2) changes in the global economy (3.77), (3) increased competition Centralized Operations Total Hotel RM Integrated Approach Greater Automation Greater Importance Channels Consumer Behavior Forecasting/Analysis Increased Competition Increased Technology Strategy Driven 0% 5% 10% 15% 20% 25% 30% # of Responses Figure 1: What will hotel RM look like 5 years
  14. internet
    a worldwide network of computer networks
    Other important themes included the Internet and social media & 2011 Macmillan Publishers Ltd. 1476-6930 Journal of Revenue and Pricing Management Vol.
  15. website
    a set of pages on the internet organized as a single unit
    The ones considered to have the highest likelihood of occurrence were hotel websites (4.51), smart phone technology (4.28) and social networking (4.20).
  16. technical
    of or relating to aptitude in a practical skill
    Of course, the issue with removing the RM function from the hotel is how to balance local knowl- edge with technical and strategic ex- pertise.
  17. science
    a branch of study or knowledge involving the observation, investigation, and discovery of general laws or truths that can be tested systematically
    (2009) Revenue management’s renaissance: A rebirth of the art and science of profitable revenue generation.
Created on Sun Dec 16 10:15:47 EST 2012

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