Application of the revenue management concept in the hotel business analysis from the operational performance perspective

Predmet istraživanja ove doktorske disertacije je definisanje i analiza uloge koju koncept upravljanja prihodima ima u operativnoj uspešnosti hotelskog sektora. Analizom strategija i taktika upravljanja prihodima, sa posebnim akcentom na cenovne i necenovne strategije i taktike, teži se da se istakne kako upravljanje prihodima dovodi do rasta operativnih hotelskih performansi. Kako se operativno poslovanje hotela može meriti kroz različite racio pokazatelje, na osnovu opsežnog pregleda naučne literature, u disertaciji su odabrana dva racio pokazatelja: prihod po raspoloživoj sobi (engl. revenue per available room- RevPAR) i bruto operativni profit po raspoloživoj sobi (engl. gross operating profit per available room- GOPPAR). Da bi se obezbedio rast ovih pokazatelja, potrebno je odrediti koji su to ključni faktori koji na njih utiču. U tom smislu, cilj ove disertacije jeste identifikacija ključnih pokretača operativne uspešnosti hotela, sa ciljem formulisanja adekvatnih strategija koje će dovesti do njene maksimizacije. Pored toga, cilj je ispitati da li postoje razlike u ključnim pokretačima ovih racio pokazatelja kada je tržište stabilno, nasuprot tržištu koje je pogođeno ekonomskom krizom. Metodologija istraživanja zasniva se na primeni višestruke linearne regresione analize nad sekundarnim podacima za uzorak od 328 hotela iz 37 evropskih država. Da bi se utvrdilo koje godine će biti predmet analize, a koje će na reprezentativan način prikazivati stabilno tržište i tržište pogođeno ekonomskom krizom, sprovedena je analiza podataka za prosečnu dnevnu cenu sobe (engl. average daily rate- ADR), stopu popunjenosti kapaciteta (engl. occupancy percentage- Occ) i prihod po raspoloživoj sobi za period od 2007-2010. godine. Utvrđeno je da je ekonomska kriza iz 2008. godine pogodila celokupno evropsko hotelsko tržište posmatrano kako po regionima, tako i po kategorijama hotela, tek u 2009. godini. Međutim, već 2010. godine zabeležen je oporavak, jer je u svim evropskim regionima zabeležen rast Occ-a i RevPAR-a, dok je rast ADR-a zabeležen u regionima Zapadne i Severne Evrope. Ovakav rezultat, ima važne implikacije za kreatore turističkih politika, jer on ukazuje da hotelskom sektoru vrlo verovatno nisu potrebni državni podsticaji u vidu subvencija kako bi se brže oporavili od krize, jer hotelsko tržište očigledno ima samostalan mehanizam opravka. Za analizu ključnih pokretača operativne uspešnosti, stoga su uzete 2007. godina, koja predstavlja godinu kada je evropsko hotelsko tržište bilo stabilno i 2009. godina, godina kada je ono bilo pogođeno ekonomskom krizom. Višestruka linearna regresiona analiza je sprovedena četiri puta, jer su testirani uticaji nezavisnih varijabli na RevPAR i GOPPAR u dve pomenute godine. U analizi kao nezavisne varijable korišćene su varijable koje predstavljaju hotelske karakteristike u smislu kategorije, veličine, pripadnosti brendu, lokacije i pripadnosti regionu, kao i varijable koje su deo strateških odluka hotelskih menadžera u smisli ukupnih troškova marketinga, plata i bonusa menadžera i troškovnog racia departmana soba. Rezultati istraživanja pokazali su da se ključni pokretači za RevPAR i GOPPAR razlikuju, kao i da se oni razlikuju ukoliko se posmatra njihov uticaj na stabilnom tržištu, nasuprot tržištu koje je pogođeno ekonomskom krizom. Zaključeno je da su kategorija, veličina, lokacija, region, bonusi menadžera, ukupni troškovi marketinga i troškovni racio departmana soba, ključni pokretači obe operativne performanse kada je tržište stabilno, dok su kategorija, veličina, lokacija hotela, ukupni troškovi marketinga i troškovni racio departmana soba, ključni pokretači obe operativne performanse kada je tržište izloženo efektima krize. Region je imao uticaj na GOPPAR, ali ne i na RevPAR, kada je tržište pogođeno ekonomskom krizom. Na osnovu analize standardizovanih regresionih koeficijenata, utvrđeno je da najveći uticaj na RevPAR imaju ukupni troškovi marketinga, dok na GOPPAR najveći uticaj ima troškovni racio deprtmana soba i kada je tržište stabilno i kada je tržište pogođeno krizom. Stoga, pored gore pomenutih implikacija za kreatore turističkih politika, rezultati istraživanja imaju i očigledne implikacije za hotelske menadžere.The subject of this doctoral dissertation is the definition and analysis of the role in which the concept of revenue management influences the operational success of the hotel sector. The analysis of revenue management strategies and tactics, with special emphasis on pricing and non-pricing strategies and tactics, tends to highlight how revenue management leads to increase of hotel operational performance indicators. Since the hotel's operating performance could be measured through various ratio indicators, based on a comprehensive review of the scientific literature, two ratio indicators are selected in the dissertation: revenue per available room (RevPAR) and gross operating profit per available room (GOPPAR). In order to ensure the growth of these indicators, it is necessary to determine the key factors that affect them. That being said, the aim of this dissertation is to identify the key drivers of hotel’s operational success, to enable formulating adequate strategies that will lead to its maximization. In addition, the aim is to examine whether there are differences in the key drivers of these ratios when the market is stable comparing to the market affected by the economic crisis. The research methodology is based on the application of multiple linear regression analysis over the secondary data for a sample of 328 hotels from 37 European countries. In order to determine which years will be the subject of analysis, and which will reflect in the most representative way a stable market and a market affected by the economic crisis, an analysis of data for the average daily rate (ADR), the occupancy percentage (Occ) and revenue per available room for the period 2007-2010. was performed. It was determined that the economic crisis from 2008 affected the entire European hotel market in 2009, observed both by regions and by hotel categories. However, a recovery was already recorded in 2010, as Occ and RevPAR growth was presented in all European regions, while ADR growth was recorded only in the regions of Western and Northern Europe. This results have important implications on tourism policy makers, as they indicate that the hotel sector is unlikely to need government incentives in the form of subsidies to recover more quickly from the crisis, since the hotel market clearly has its own repair mechanism., Therefore, 2007 was taken for the analysis of the key drivers of operational success. It represents the year when the European hotel market was stable and 2009 represents the year when the hotel market was affected by the economic crisis. Multiple linear regression analysis was performed for four times, as the effects of the independent variables on RevPAR and GOPPAR in the two mentioned years were tested. As independent variables that represent hotel characteristics were used category, size, brand, location and region, as well as variables that are part of hotel’s managers strategic decisions in terms of total marketing costs, salaries and bonuses of managers and room departmental cost ratio. The results of the research showed that the key drivers for RevPAR and GOPPAR are different and that they also differ if we are looking in their impact on the mentioned operational ratios on a stable market comparing to the market affected by the economic crisis. It was concluded that category, size, location, region, bonuses of managers, total marketing costs and room departmental cost ratio are the key drivers of both operational performance when the market is stable, while category, size, location, total marketing costs and room departmental cost ratio are key drivers of both operational performance when the market is exposed to the effects of the crisis. The region had an impact on GOPPAR, but not on RevPAR, when the market was hit by the economic crisis. Based on the analysis of standardized regression coefficients, it was determined that RevPAR is most affected by total marketing costs, while GOPPAR is most affected by room departmental cost ratio, both when the market is stable and when the market is affected by the crisis. Therefore, in addition to the above-mentioned implications for tourism policy makers, the research results also have obvious implications for hotel managers. In the case of RevPAR maximization, revenue managers should rely on strategies that imply investing more in marketing, and if the goal is maximizing GOPPAR, they should focus on strategies on reducing the room departmental operating costs, as well as on strategies for increasing the room departmental operating income