Room management Essay Example | Topics and Well Written Essays - 1500 words

Room management - Essay Example dustries mainly deals with perishable products, such as hotel rooms, meeting room in a hotel and banquet hall, and thereby, utilize the term revenue management to combine fixed capacity and inventory of the hotel. Revenue management strategy helps to discriminate between the customer who seeks for low cost and minimal service, with some other those are radically paying more attention on high quality service and convenience level. Kimberley et al. (2010) describes revenue management as a means to innovation. It helps hotel managers to create new product and service and also the associated pricing strategy. According to Talluri and Ryzin (2004), revenue management strategy accounts for 53-75 % of its total revenue, although in reality there are some hotels that have experienced much higher impact. In a hotel, the revenue management strategy helps to control and manage the overall revenue efficiently. It is very important especially for the big hotel chains, to reach their customer’s expectations and manage technological tools such as computer program and reservation system in an appropriate manner. Thus, hotel sector needs to make sure that rates charged by them are suitable for the market, seasonality and competitor set. Revenue management strategy is extremely advantageous to company as it allows an organization to provide personalized service to its customer irrespective of the capacity of the customers. Investment in this strategy helps to categorize the significant market segments and creates valuable market opportunities (Irene, 2005). Revenue management is not about setting and updating the price strategy, but updating the availability of price strategy during the booking period. Revenue management helps the hotel to customize their pricing strategies according to the individual needs of the customers. This helps the hotels to extract consumer surplus and transforms it into organizational surplus, which results in increasing the overall profit of the

Exploring the opportunities and challenges of developing Islamic Literature review

Exploring the opportunities and challenges of developing Islamic Financial Services in Seychelles - Literature review Example In the religion of Islam, it is strongly believed that Allah alone is Sovereign and it is He who has the right to ordain a guidance path for the whole humanity. In the Holy Quran, the word â€Å"Shariah† is mentioned once: â€Å" Then, We have set you[Muhammad] on a path (Shari’a) of [Our] commandment, so follow it, and do not follow the whims of those who do not know† (Holy Quran 45:18). This verse of Holy Quran clearly stipulates that Allah has ordered to the Last Prophet Muhammad (PBUH) that He himself has provided some of the basic Sharia rules and regulations in the shape of the Holy Quran and You [Muhammad (PBUH)] has been ordered to follow them. In the last part of this verse, it is also ordered that whims or wishes of others are totally disallowed to be followed instead of the orders of Allah. In the Shariah, it is clearly mentioned and established fact that Allah is the Law Giver and the whole Ummah is merely His Trustee (Kettell, 2011, p.13). More clear ly, every Muslim is under a moral obligation to read, understand and act upon the Islamic rules and regulations mainly enshrined in the Holy Quran. ... s scholar, can develop an independent judgement; not even all the Muslims of the world collectively have any authority to introduce even the slightest change to it. The scope of Shariah is not limited to a single aspect of Muslim life. The Shariah is the guide for human actions which includes every dimension of human life. As a result, it attaches, sanctifies and gives religious importance and religious aspect to activities that may look mundane. Also, it encompasses constitutional and regulatory rules and regulations. Muslims individually and collectively are ordered to conduct their daily economic, social, personal, political, religious and other activities in accordance with the Shariah rules and regulations provided in the Holy Quran, the Sunnah and other sources of Shariah. The sources of shariah Kelly (2008) mentions the following sources of Shariah in the religion of Islam (p.109): The Quran; The Sunnah; The Ijtihad; The Ijma; The Qiyas. The Quran Naqvi (2012, p.23) states tha t Muslims believe that the Holy Quran is the final word from Allah. The Holy Quran is the main source of Shariah. In this main source, Allah has provided numerous orders, rules and regulations relating to different aspect of human life. In order to religiously conduct daily human activities, the Holy Quran provides guidance relating to the essential human activities. Broadly speaking, the Holy Quran provides guidance on two aspects of human life: relationship between humans and the relationship between humans and Allah. Between these two aspects, the majority of the guidance has focused on the relationship between humans. As humans are required to interact for various reasons including political, social, economic, and personal and so on, Allah has included maximum guidance on these issues