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Information on Hotels
Competitor Data
Transaction Data
Clickstream Data
STEP 1:
Decision Trees
Time Series Analysis
Regression
Hierarchical Clustering
STEP 2:
Locality segments
Demand Forecast
Price elasticity of Demand
Nominal Price
STEP 3:
Linear Programming with objective function: Maximize Revenue
STEP 4:
Discounts offered
Rounding off the numbers
RECOMMENDED PRICE
Information on Hotels
Competitor Data
Transaction Data
Clickstream Data
STEP 1:
Decision Trees
Time Series Analysis
Regression
Hierarchical Clustering
STEP 2:
Locality segments
Demand Forecast
Price elasticity of Demand
Nominal Price
STEP 3:
Linear Programming with objective function: Maximize Revenue
STEP 4:
Discounts offered
Rounding off the numbers
RECOMMENDED PRICE
Information on Hotels
Competitor Data
Transaction Data
Clickstream Data
STEP 1:
Decision Trees
Time Series Analysis
Regression
Hierarchical Clustering
STEP 2:
Locality segments
Demand Forecast
Price elasticity of Demand
Nominal Price
STEP 3:
Linear Programming with objective function: Maximize Revenue
STEP 4:
Discounts offered
Rounding off the numbers
RECOMMENDED PRICE
Hotels across a city are grouped together using the distances between them using Hierarchical Clustering, thereby creating clusters.
Name of the segment according to the nearby landmark place – either tourist or business destination.
Geography of the city is divided into multiple demand segments.
Macroeconomic factors:
Regularly occurring expected events:
Unexpected demand influencers:
Forecasting can be done for the individual components from the decomposed time series and overall using following techniques:
Objective Function: Maximize Revenue
Allocation of price to each room according to available inventory and other factors
Maximize P*X across various instances
Where:
P: Price of the room
Price >= Minimum Operational Cost of the room (alternatively, Minimum Competitor Price in the locality)
Price <= Maximum Competitor Price in the locality
Expected number of rooms booked at price PL<= Inventory remaining at the instance
Inventory remaining <= Overall Capacity for the hotel
