publication . Other literature type . Article . 2017

Revisiting the relevance of economic theory to hotel revenue management education and practice in the era of Big Data

Natalie Haynes; David Egan;
Open Access
  • Published: 10 Oct 2017
  • Publisher: Informa UK Limited
  • Country: United Kingdom
Abstract
Abstract\ud This paper explores the role of economics in hospitality education and industry practice, with a particular focus on revenue management, and puts forward an argument for a return to the inclusion of economic theory in UK hospitality education, not seen since the 1990s. Given the increasing amounts of pricing data available to both managers and customers and the consequent market complexities now seen, developing economic literacy is demonstrated to be a crucial skill required for future hospitality graduates, allowing them to make successful revenue decisions and sense-check with confidence the decisions made by automated revenue systems. Economic li...
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Subjects
free text keywords: Business, Big data, business.industry, Revenue management, Marketing, Supply and demand, Revenue, Yield management, Economic literacy, Hospitality, Hospitality management studies
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