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The Last Frontier: Room Attribute Pricing and Inventory Control

In: Revenue Management in the Lodging Industry

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  • Ben Vinod

Abstract

This chapter introduces the future of intelligent retailing in the lodging industry with attribute-based room pricing and inventory control to sell experiences rather than a monotonous room. Core components of attribute-based room pricing such as rate simplification, context for travel-based customer segmentation, room inventory control, impact on revenue management, room attribute-based shopping, recommendation engine for personalized offers, dynamic pricing of room attributes and bundles, and packages with add-ons are reviewed in detail. Product design based on stated preferences, revealed preferences, and experimentation with the multiarmed bandit, a reinforcement learning technique, is reviewed. The chapter concludes with a discussion on rate parity with OTAs and dynamic pricing.

Suggested Citation

  • Ben Vinod, 2022. "The Last Frontier: Room Attribute Pricing and Inventory Control," Management for Professionals, in: Revenue Management in the Lodging Industry, chapter 5, pages 189-219, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-031-14302-1_5
    DOI: 10.1007/978-3-031-14302-1_5
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