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Channel and Inventory Management nằm trong chương 9 của sách PEARSON NEW INTERNATIONAL EDITION for the Hospitality Industry: Principles and Practices for the Real World Tranter StuartHill Parker Visit us on the World Wide Web at: www.pearsoned.co.uk © Pearson Education Limited 2014 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6–10 Kirby Street, London EC1N 8TS. All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply any affi liation with or endorsement of this book by such owners.
CHƯƠNG 9: Channel and Inventory Management Hospitality Inventory Warehouse Hospitality Inventory Warehouse is a system for organizing and tracking inventory of products and services related to tourism, resorts, dining, entertainment, It can be visualized as a distribution network, a warehouse with rows of shelves filled with inventory including products and services The entire inventory organization is stored on these shelves by date Example: online (Travelocity, Expedia ), offline (travel agencies, wholesalers) and specific types of services (event organizations) event, group, combo package, card membership, ) Each bin holds varying amounts of inventory depending on the day and expected demand Intuitive and efficient inventory management in the hospitality industry Suppose there are 10 boxes for the Travelocity channel and boxes in the promotions channel, on the same day The Travelocity box sold out first, but there are still customers booking rooms for this channel => Organizations need to consider many factors before deciding whether to "save" a channel that is out of stock or not Racking and bin systems help visualize inventory status and support decision making This is a consequence of booking rooms exceeding the organization's prescribed level, also known as the phenomenon of "overbooking" inventory Consequences of "stuffing" inventory: Loss of organizational reputation: Increased pressure on employees: Reduced service quality How to avoid "cramming": More accurate demand forecasting Strictly control reservations Develop a clear overbooking handling process Analyze channel and warehouse management Effective channel and warehouse management is an important factor in the tourism and hospitality industry By analyzing demand, determining distribution channels, and allocating resources appropriately, organizations can optimize revenue, attract target customers, and enhance customer experience Optimize revenue in the warehouse system according to distribution channels Warehouse management activities: Change initial allocation: Adjusting the price of each box: => Flexible inventory allocation, tracking and adjustment can help make the most of sales opportunities Automated technology can support management but cannot completely replace the human role in making strategic decisions The importance of combining computer systems and human intelligence in channel and inventory management The management process takes place on each specific day: Identify target customers Demand forecast Optimize business structure Choose distribution channels Determine price Stock allocation The challenge and importance of optimizing inventory allocation day by day in revenue management Predicting the future is difficult Allocation across complex channels Prevent too much human intervention Gist: Optimizing inventory allocation on a daily basis is a key factor in maximizing revenue Forecasting demand and distributing across multiple channels is complex due to the uncertainty of the future and the many influencing factors Technology is developing tools that support more accurate and automated inventory allocation, aiming to reduce reliance on human intervention Nonelectronic Channel Management Products should always be available to customers who prefer to purchase hotel products and services through traditional or non-electronic methods And there are methods: The first traditional method of making a reservation is via the telephone A consumer may also wish to make a reservation via fax, mailed-in request form, or via email contact This is the second method And finally, employees at physical purchase locations such as ticket counters of airlines, car rental agencies, and venues Electronic Channel Management SL1 The first place an organization should begin in developing its electronic channel management plan is with its proprietary website Review and critically assess its website from the booking customer’s point of view: => Highlight deficiencies and opportunities for the organization to capture more business Critical elements in the organization’s revenue management strategy: Develop a plan for managing inventory through its central reservation system Capturing customer information through its property management system SL2 Next, the organization should assess its management of the inventory it provides to the online, or merchant model, sites The online sites would not exist without inventory being provided by the hospitality organizations The organization should also build strong relationships with the referral sites, such as Kayak, Mobissimo, or SideStep A pay per click fee is a small fee assessed for each time a consumer clicks to access a specific site SL3 How in the world an organization finds out about special interest sites that may be visited by targeted customers? First, the organization should use all of its internal data on the customer to mine for information “Data mining is the process of digging through layers of data and filtering out applicable information.” Second, volumes of guest information are available from consumer purchases made Price Parity Definition: Price parity is a policy adopted by many organizations to address issues related to disparate pricing across different distribution channels Purpose: Maintain uniform pricing for the same type of inventory or service across various sales channels Eliminate discrepancies in prices that customers may encounter when accessing a product or service through different Price parity is particularly relevant in industries such as hospitality, travel, and e-commerce, where products and services are often offered through multiple channels Cross-Channel Behavior Customers frequently engage with multiple channels when making a purchase For instance, travelers may initially check a hotel or airline's site for availability and then explore online merchants to find the best rates Purpose: Understanding and analyzing consumer behavior across different channels is crucial for organizations to tailor their strategies effectively and enhance the overall customer experience Customer Ownership The issue of customer ownership arises in scenarios where a product or service is sold through intermediaries Benefits: Customer Loyalty: By actively managing and owning the customer relationship, businesses can build stronger connections with their customers Customers are more likely to continue engaging with a brand they have a positive and consistent experience with Repeat Business: Customer ownership strategies aim to encourage repeat business Satisfied customers are more likely to choose the same brand for their next purchase Brand Advocacy: Satisfied customers who feel a sense of ownership and positive engagement with a brand are more likely to become advocates They may recommend the brand to others, leading to organic word-of-mouth marketing and increased brand awareness Customer Satisfaction: Owning the customer relationship allows businesses to proactively address customer needs, concerns, and feedback This can result in higher levels of customer satisfaction as businesses can tailor their offerings and services based on customer preferences and expectations Competitive Advantage: Offering a seamless and positive customer experience sets a brand apart from competitors and can be a significant factor in customer decisionmaking Effective Communication: This allows for more effective and personalized communication, leading to better understanding of customer needs and preferences Data Utilization: Customer ownership often involves collecting and analyzing customer data Businesses can leverage this data to gain insights into customer behavior, preferences, and trends This information can inform strategic decisions, product development, and marketing efforts Adaptability: The direct connection with customers allows for quicker adjustments to meet evolving demands Reduced Dependence on Intermediaries: Establishing a direct relationship with customers provides more control over the customer experience and business operations Competitive Analysis of Price and Inventory Competitive analysis of prices and inventory is the act of tracking, observing and analyzing competitors' prices and goods so that a business can set prices and allocate inventory over a period of time Inventory Management Process Per Channel The key elements to consider in this process are: Pricing Unit availability Purchasing rules and restrictions The most common inventory controls are: Closed to arrival Minimum length of stay Maximum length of stay Must stay Full pattern length of stay