Editorial Board   Guest Author

Mr. Wang

Lucheng Wang

Part-time Teaching Assistant, Florida International University

Lucheng Wang is the Part-time Teaching Assistant for the Chaplin School of Hospitality at Florida International University. He has his bachelor's and master's degree in Hospitality and Tourism Management at Florida International University.

As a native Chinese, Mr. Wang has an interest in the Chinese food and beverage industry began after he graduated from high school. During this time, he has worked in a variety of positions in world-famous hospitality companies such as Hilton, Four Seasons, Yum!, and IHG.

While working on his master's degree and thesis at FIU, Mr. Wang worked as a Teaching Assistant. Here he gained further interest in food and beverage management by doing research. He has combined the experience and theory gained in his previous work and study, to discuss research topics closely related to the food and beverage industry.

Further, Mr. Wang has a great interest in the standardization of the Chinese culinary field. He hopes that through research, it can help reduce the cost consumption of the food and beverage industry, minimizing the difference in the cost consumption of different food and beverage workplaces under variable cultural background and working habits.

Mr. Wang is currently a Part-time Teaching Assistant for the Chaplin School of Hospitality at Florida International University, working on research about the demand forecast of Online Food Delivery (OFD) in China and the United States. Through modeling, it analyzes future needs and ultimately helps companies optimize cost allocation.

Please visit http://hospitality.fiu.edu/ for more information.

Mr. Wang can be contacted at +1 305-608-8487 or lwang052@fiu.edu

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.