Evaluate Revenue management.

Provide a 2 pages analysis while answering the following question: Revenue management. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Future of Revenue Management in 2020 Having an effective revenue management system is part of conducting business for most enterprises in the hospitality industry, such as, hotels (Nessler 86). In a competitive market, the use of right strategies makes the difference between the competing firms. In the hospitality industry, revenue management (RM) is described as a systematic process that is designed to increase revenue by selling the right room at the right time to the right person and for the right price (Hayes and Miller 12). The use of RM has been found to directly increase sales by up to 5-10%. Therefore, by 2020, it is projected that there will be a shift in landscape in RM. To ensure the success of RM strategies, the revenue managers in the hospitality industry need to be convinced of the ability to deliver return on investment and made aware of the resources needed to maximize potential. The hotels should also make sure that their organizational structure supports the RM policy. Besides, there needs to be a cultural understanding which major department like sales, marketing, and revenue work together to share information crucial to revenue management success.