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Studying "Revenue Management" & getting to know Customer Perception for MBA (Finance) students-Final

Continued from part--3

 

Customer perception

As per the research conducted by Cornell University, it was determined that a lot of managers were unwilling for adopting the practices of revenue management because of probable consumer dissatisfaction. They might well get help for fears they have in fairness literature, by which it was shown that consumers would reject to support companies supposed as inequitable.

Consumers from varying nationalities and cultures frequently have dissimilar service desires (Yoo and Donthu 1998). For an instance, Ulgado and Lee (1997) determined that consumers of American fast-food believed less costs to be of supreme significance while evaluating the satisfaction, but Korean customers were extra ordinarily worried for the service dimensions like empathy and reliability. In addition, Asians frequently observe eating out like a family or social activity in comparison to the Europeans or Americans (Hall 1966). In addition, a study conducted in Singapore determined major differences among Malay, Chinese, Caucasian  and Indian diners in the occurrence of dining out, kind of eating stores, in addition to the stimulus for dining out (Wirtz and Kau, Tan 1998). By considering the perception of consumer for fairness in cultures is significant, because a lot of service industries have turn out to be global, together with restaurant industry parts (Chaudhry 1995; Lee and Ulgado 1997; Bagozzi et al. 2000,). This study was conducted in three countries of three continents to discover generalizability of the findings as well as also to give a stepping-stone for further work on investigating possible Cultural dissimilarities in insights of the practices of revenue management.

Competition

There is a fierce competition in hotel industry. The present weather of reduced tour as well as enhanced competition has destabilized loyalty of guest and knowing about the work of competitors.

Requirement for nameless shopping is appreciated by successful operators to find out the stage and constancy of guest service as well as to make sure that they fulfill rating requirements.

In recent times, more pioneering managers are buying main competitors to increase their position in market. They need to be aware about the works of their workers are doing for enhancing the guest satisfaction. Hotel managers became assure about the guest experience provided by their properties by knowing about what is going on at their properties. By doing the shopping of competition, competitive intelligence could be gained that is also beneficial for managers to recognize weaknesses and strengths of both properties.

 

Concluded

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