A review of revenue management: Recent generalizations and advances in industry applications

Klein, Robert; Koch, Sebastian; Steinhardt, Claudius; Strauss, Arne

doi:10.1016/j.ejor.2019.06.034

Cited by 104 publications

(47 citation statements)

References 158 publications

(165 reference statements)

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“…branding, loyalty) throughout the whole facility and this requires a team effort and coordination. Previous research also confirms that RM in hotels has its unique challenges stemming from the fragmented nature of the industry, the diverse characteristics of local markets, and the unclear end of service period in hotels (Klein et al, 2020; Vinod, 2004).…”

Section: Findings and Discussionsupporting

confidence: 58%

“…Considering the perishability of lodging services, the amount of data to be processed, the complexity of managing pricing across channels, and the changing consumer expectations (Cetin et al, 2016; Guadix et al, 2010), RM has a crucial role in hotels’ financial success (Emeksiz et al, 2006) and therefore has become more strategic and widespread (Kimes, 2017). The changing distribution landscape driven by the increasing dominance of online distribution channels, the rise of platform economy-based business models, and the ever-growing impact of user-generated content has forced hotels to reconsider their RM techniques and pricing strategies (Cross, 2016; Klein et al, 2020). Yet the extent and impact of digital transformation, the benefits of and barriers for implementing high technology-driven tools, and the dependency they create remain unexplored.…”

Section: Introductionmentioning

confidence: 99%

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Digital transformation and revenue management: Evidence from the hotel industry

2020

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To maximize their revenues and protect their market share against traditional competitors (e.g. formal lodging businesses) and disruptive business models (e.g. Airbnb), the lodging industry increasingly relies on technology in various operations. However, the extent to which hotels adopt technology innovation in their revenue management (RM) operations, as well as the benefits of and barriers for digitalization, remains unclear. Moreover, the possible impacts of digital transformation on the future of revenue managers’ professions have been largely overlooked in previous studies. Drawing on qualitative data collected through 23 semistructured interviews with revenue managers in luxury and upscale hotels across Jordan, the findings suggest that RM is going through digital transformation with different levels of sophistication. While acknowledging the benefits of digital transformation in saving time, supporting the decision-making process, and yielding more revenues, the high cost of RM software emerges as a key barrier for digital transformation. The findings also reveal that the automation of various manual heuristics in RM is far from being possible, and therefore, digital transformation is unlikely to pose a threat to the future of the RM profession.

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Section: Findings and Discussionsupporting

confidence: 58%

Section: Introductionmentioning

confidence: 99%

Digital transformation and revenue management: Evidence from the hotel industry

2020

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“…To increase the level of generalization, future researchers may test the proposed model in different settings (e.g. hotels, airlines and cruises) (Klein et al , 2020; Lynn and Kwortnik, 2020). Second, this study examines the proposed model using empirical data from the USA.…”

Section: Discussionmentioning

confidence: 99%

Examining the relative influence of multidimensional customer service relationships in the food delivery application context

Ahn

Kwon

2021

IJCHM

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Purpose From the perspective of relationship theory, customers tend to build a positive attitude toward a company with a strong connection. While previous tourism and hospitality studies acknowledged the strategic importance of a strong relationship between customers and brands in enhancing company performance probability, the potential benefits derived from mobile commerce experience deserves further investigation. Thus, this study aims to examine how multidimensional relationships between customers and service providers affect brand performance. Design/methodology/approach Using a sample of food delivery application customers in the USA, the structural equation modeling (SEM)-partial least squares (PLS) path modeling is used to examine the impact of economic exchange, social exchange, mutual-interest and self-interest, on brand equity and loyalty intention. Findings The PLS-SEM results indicate that customers’ perceived economic exchange, social exchange and mutual interests with food delivery applications influence their perceived equity, which, in turn, enhances their loyalty intention toward brand applications. However, self-interest does not enhance customers’ perceived brand equity. Practical implications Accordingly, food delivery service providers must value their relationship with customers to achieve sustainable organizational growth and develop appropriate promotion activities to enhance economic exchange, social exchange and mutual interests. Originality/value The current study contributes to the literature by empirically demonstrating the consequences of customer-brand relationships in the emerging service context (i.e. food delivery applications).

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“…For example, decision makers may systematically deviate from recommendations produced by decision models (Käki et al, 2019). Normative decision making, despite its alleged drawbacks, continues to be used by organizations and has frequently led to good outcomes (Metters et al, 2008;Klein et al, 2019).…”

Section: Decision-making Approachesmentioning

confidence: 99%

Decision-making approaches in process innovations: an explorative case study

Flores-García¹,

Bruch

Wiktorsson

et al. 2020

JMTM

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Purpose The purpose of this paper is to explore the selection of decision-making approaches at manufacturing companies when implementing process innovations. Design/methodology/approach This study reviews the current understanding of decision structuredness for determining a decision-making approach and conducts a case study based on an interactive research approach at a global manufacturer. Findings The findings show the correspondence of intuitive, normative and combined intuitive and normative decision-making approaches in relation to varying degrees of equivocality and analyzability. Accordingly, the conditions for determining a decision-making choice when implementing process innovations are revealed. Research limitations/implications This study contributes to increased understanding of the combined use of intuitive and normative decision making in production system design. Practical implications Empirical data are drawn from two projects in the heavy-vehicle industry. The study describes decisions, from start to finish, and the corresponding decision-making approaches when implementing process innovations. These findings are of value to staff responsible for the design of production systems. Originality/value Unlike prior conceptual studies, this study considers normative, intuitive and combined intuitive and normative decision making. In addition, this study extends the current understanding of decision structuredness and discloses the correspondence of decision-making approaches to varying degrees of equivocality and analyzability.

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A review of revenue management: Recent generalizations and advances in industry applications

Abstract: Please refer to published version for the most recent bibliographic citation information. If a published version is known of, the repository item page linked to above, will contain details on accessing it.

Cited by 104 publications

References 158 publications

Digital transformation and revenue management: Evidence from the hotel industry

Digital transformation and revenue management: Evidence from the hotel industry

Examining the relative influence of multidimensional customer service relationships in the food delivery application context

Decision-making approaches in process innovations: an explorative case study

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