UNH Hospitality Management is at the cutting edge of the industry's need for change. As a thought leader in this space, below we offer monthly insights.
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By Nelson A. Barber, PhD and Chair
In the lodging industry, change is happening at a rapid pace, creating numerous transformational challenges for higher educational systems. These challenges include, among others, relevance of curricula, learning materials, and content delivery methods. Education institutions should take these challenges seriously and should include restructuring the process of learning to reflect the use of information in the real world, changing the role of educators from presenters of facts to enabler of active and engaged learning.
Educators must realize teaching is not lecturing on information changes; but rather engaging, inspiring, and transformational centers of creativity ingenuity. All instructional methods and student assessment processes must be reflective of this. Those educational providers on the cutting edge have stepped forward to fill the unquestionable need for open, flexible, life-long, relevant and timely learning.1
Critical areas for curriculum changes, include the challenges of keeping up with the difficult and expensive fast pace of technology [e.g. new property and reservation platforms, guest room innovations, and social media]; data analytics allowing marketing and sales personnel to find new ways to use guest-related data for stronger marketing decisions; and revenue and pricing management applied to every revenue department across the organization, matching guest demand with revenue rates. For hospitality firms this will likely mean the need for future managers capable of adjusting to the fast pace of change throughout the conventional functions of management. However interesting and potentially compelling; how can educators operationalize this in the learning space?
Here at the UNH Hospitality Management Program, which is ranked #2 in New England and #26 out of nearly 400 programs in the U.S., the constant changing and evolving world of hospitality management is more than an area of study; it’s a way of life. We recognize the increasing complexity of employee/customer/technology engagement will shape the future of human resources hiring needs.
Students will EXPERIENCE an education that keeps pace with the industry by receiving relevant industry certifications [e.g. CHIA, Delphi], with in class experience using cutting edge industry technology [such as Amadeus Hospitality and their product modules Sales & Event Management and Hospitality Operations solutions (Delphi, and HotSos)]. They also receive personal attention and support, hands-on real-world career development; and alumni mentoring and engagement. All of this wrapped in a business education.
Thus, our graduates are well prepared to meet the ever changing needs of the industry and for a successful and meaningful career.
Learn more on how to become one of the best at https://paulcollege.unh.edu/hospitality-management
1Wang and Wang (2009)
By Nelson A. Barber, PhD and Chair
Revenue and pricing management is developing quickly in the face of the increasingly technologically complex hospitality environment. The concept is not new. Long since early bird specials and yield management, today revenue and pricing policies are critically and fundamentally important factors in the operations of hospitality organizations, whether they are lodging, resorts, or even restaurants. In the hospitality space, regardless of size, the truth is to stay competitive hotels, resorts, and restaurants must tackle issues of fixed capacity, with revenue and pricing management critical to this success.
What is revenue and pricing management [RPM]? RPM is the disciplined application of analytics predicting consumption behavior at the lowest market level, optimizing product/service availability and price; thus maximizing revenue growth. The motivation to focus on price by far embodies the most operational variable managers can use to drive short-term demand.
Hospitality managers are charged with making strategic decisions to increase total revenue for their organization and by applying a systematic process to such decision-making can increase their success.
Big data is the key. Large data sets offer incredible opportunities for hospitality managers to advance their revenue and pricing decisions, but only to the extent the data is properly focused and then leveraged. The challenge of big data is often quality of the data collected. Thus the successful manager will find data that is most relevant and reliable to their specific operation.
Leveraging information technology to strategically predict demand to solve revenue problems will be critical to shaping future success in the hospitality industry. Will increased dependence on computerization of pricing become the standard? Will this increase the need for college graduates from hospitality management programs better trained in pricing and data analytics? Should hospitality management programs partner with technology companies, such as Amadeus Hospitality or IDeaS Revenue Solutions? Finally, with the increase in social media and digital marketing, how will this influence revenue and pricing management models?
Today, many undergraduate hospitality management university programs do not promote or emphasize strategic revenue and pricing management as a critical component of the curriculum; nor is the development and analysis of big data. Programs in business colleges are moving in this direction through partnerships and sharing across marketing, data analytics, and other related disciplines.
The UNH Hospitality Management Program has begun to address these challenges through technology partnerships with leading firms such as Amadeus Hospitality and R.E.D. Global, among others, as well as a focus on data analytics and revenue and pricing management. Our goal is to insure graduates of the program are well prepared for the challenging hospitality management industry with relevant skills and certifications to immediately add value to their employers.
Learn more about becoming one of the best through a Bachelor of Science in Hospitality from UNH, visit http://paulcollege.unh.edu/hospitality-management .