Lost opportunities in restaurant revenue management
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Since, in other industries, revenue management has proven to result in higher productivity and profitability, it is much wanted in the restaurant industry. Therefore, the idea of this research study is to find out "How is Restaurant Revenue Management currently managed in full-service restaurants and what Restaurant Revenue Management developments are expected to be put into practise within the upcoming 1 to 3 years?". Regarding the short-term future, no major changes are expected, only the today's techniques might evolve. New tools and techniques will be introduced later, but depend on the di...
Since, in other industries, revenue management has proven to result in higher productivity and profitability, it is much wanted in the restaurant industry. Therefore, the idea of this research study is to find out "How is Restaurant Revenue Management currently managed in full-service restaurants and what Restaurant Revenue Management developments are expected to be put into practise within the upcoming 1 to 3 years?". Regarding the short-term future, no major changes are expected, only the today's techniques might evolve. New tools and techniques will be introduced later, but depend on the direction that service will go. If RRM becomes more transactional, the restaurant industry will look more like the hotel industry, which includes a standardized service with the emphasis on tools that collect and analyse data automatically. On the contrary, if service becomes more personalized, it will be all about emotional engagement with a greater emphasis on loyalty to optimize revenue.
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