As revenue management moves from the traditional inventory optimization model and into the world of price optimization, hoteliers need to better understand consumers’ willingness to pay, said panelists during the Hospitality Sales and Marketing Association International’s Revenue Optimization Conference. During a panel titled “Reputation’s influence on pricing,” Kelly McGuire, executive director at hospitality and travel global practice for SAS Institute and member of HSMAI’s Revenue Management Advisory Board, shared the findings of a recent study she co-authored with a professor from Penn State University. The study looked at how reputation and price affects consumers’ purchasing decisions, McGuire outlined. For the purpose of this study, she and her co-author focused on the business traveler but also used a previous study they worked on together as a comparison, which focused on the leisure traveler booking patterns. Get the full story at Hotel News Now