12 May DESCRIBE REVENUE MANAGEMENT AND EXPLORE THE APPLICATION OF REVENUE MANAGEMENT TECHNIQUES IN A FINE DINING RESTAURANT.
Revenue management
You are required to undertake a comprehensive discussion and critical analysis of Revenue Management.
For the purpose of this assessment, you are a newly appointed revenue advisor of a fine dining restaurant. (You are allowed to represent any fine dining restaurant)
The restaurant is experiencing a significant decline in profits over the last eighteen months.
As the revenue advisor, you have been asked to prepare a researched report including the followings:
The brief for your assessment is to:
1. Describe revenue management and explore the application of revenue management techniques in a fine dining restaurant.
2. How does the restaurant industry compare/constrast with airlines and hotels in terms of capacity and price management? Explore the issues and challenges of this restaurant and explain why this restaurant is experiencing a significant decline in profts over the last eighteen months.
3. What are some potential courses of action and application of other sales and marketing techniques that the owner of this restaurant could take to to turn around the restaurant’s financial performance.
4. Analyse and discuss the opportunities and threats for this fine dining restaurant and how they can be manipulated to increase revenue
5. Recommend new price tiers, packages available and selection of distributional channels to remedy the current revenue shortfalls.
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