I’m working on a hospitality writing question and need an explanation to help me study.
1)what is benchmarking? what are the various levels where benchmarking may occur? Discuss comp sets in terms of their rules, critical consideration is creating comp sets, and the role comp sets playing in benchmarking.
2)The restaurant operations, n many ways, are similar to the lodging operations in that we can apply revenue management principles to help optimize revenue. build a discussion that frames the benefits of strategic restaurant revenue management: the necessary conditions for restaurant revenue management, the strategic levels available to restaurant revenue management, and how restaurant revenue managers may administer appropriate tactical tools.
3) how can economics impact a hotel’s revenue management decisions? please include a brief discussion on how supply and demand impact a hotel;’s overall revenue management optimization strategy and why an understanding of unconstrained demand is essential for revenue managers.