Demand curve estimation method in hotel yield management

Abstract

The invention belongs to the technical field of hotel management, and specifically relates to a demand curve estimation method in hotel yield management. The yield management aims at maximizing a yield and the yield is equal to a product of a price and a demand. In common demand functions, the demand is progressively decreased along with the increase of the price; and in chain hotel yield management, a hotel manager frequently adjusts the price upward in a great room demand, so that a feature that the demand is positively related to the price is displayed in a history data sequence. Aiming atthe feature, the invention discloses a novel demand curve estimation method which comprises the following steps of: establishing initial demand functions for demand curve estimation; updating the demand functions one by one according to history sample points; and updating the demand functions according to newly increased business day data. The method is capable of accurately describing function relationships, about prices, of demands and realizing decisions such as demand prediction, optimal pricing and room distribution of hotels.

Description

technical field [0001] The invention belongs to the technical field of hotel management, and in particular relates to a demand curve estimation method in hotel revenue management. technical background [0002] In recent years, with the continuous expansion of my country's business and tourism markets, the hotel industry has achieved rapid expansion. Especially in the chain hotel industry, a large number of chain hotel management companies with relatively large store scales have emerged, such as Huazhu, Home Inns, and Jinjiang Inn. [0003] With the continuous expansion of business scale, hotel companies continue to attach importance to and strengthen revenue management. Combined with Internet-related technologies, many companies have initially established information management systems, and set up revenue management teams to implement research and development and application of related technologies. At present, many hotel management companies can track the operation data o...

AI Technical Summary

Problems solved by technology

However, in the field of revenue management, hotel pricing is only aimed at maximizing revenue, and cost factors are not used as a reference

This makes traditional demand curve estimation methods ineffective for this particular problem

[0007] 2. Unable to complete the real-time update of the demand function

However, for hotel chain management groups with a large store scale, in order to meet this requirement, the traditional demand curve estimation method will consume a lot of computing resources and computing time, which is obviously unrealistic

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