2021
Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach
PETŘÍČEK, Martin, Štěpán CHALUPA a Dávid MELASZákladní údaje
Originální název
Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach
Název anglicky
Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach
Autoři
PETŘÍČEK, Martin, Štěpán CHALUPA a Dávid MELAS
Vydání
Mathematics, Switzerland, MDPI, 2021, 2227-7390
Další údaje
Typ výsledku
Článek v odborném periodiku
Stát vydavatele
Švýcarsko
Utajení
není předmětem státního či obchodního tajemství
Organizační jednotka
University College Prague – Vysoká škola mezinárodních vztahů a Vysoká škola hotelová a ekonomická s.r.o.
Klíčová slova anglicky
accommodation service; nonlinear programming; price optimization; revenue management; price elasticity
Příznaky
Mezinárodní význam, Recenzováno
Změněno: 12. 7. 2021 10:30, doc. Ing. Martin Petříček, Ph.D.
V originále
The paper is focusing on the problem of price optimization in the area of accommodation services. The main aim is to propose a novel simulation-based methodology of price optimization based on the customer’s price acceptance. The authors create a model based on the known approaches but extended by the stochastic approach and optimization based on the coefficient of price elasticity. The whole model is created, the price is set and optimized in two steps. The first step makes segmentation and optimization (with the price elasticity approach). The second step then sets the price of the reservation—the final price for a customer. This reservation price is mainly determined by knowledge of the length of stay, occupancy and booking lead time. All those parameters are described in the text from the economic point of view and make the base for the whole and complex revenue management model.
Anglicky
The paper is focusing on the problem of price optimization in the area of accommodation services. The main aim is to propose a novel simulation-based methodology of price optimization based on the customer’s price acceptance. The authors create a model based on the known approaches but extended by the stochastic approach and optimization based on the coefficient of price elasticity. The whole model is created, the price is set and optimized in two steps. The first step makes segmentation and optimization (with the price elasticity approach). The second step then sets the price of the reservation—the final price for a customer. This reservation price is mainly determined by knowledge of the length of stay, occupancy and booking lead time. All those parameters are described in the text from the economic point of view and make the base for the whole and complex revenue management model.