Describe revenue management and explore the application of revenue management techniques in a fine dining restaurant.

1. Describe revenue management and explore the application of revenue management techniques in a fine dining restaurant.

2. Compare/constrast the restaurant industry with airlines and hotels in terms of capacity and price management? Explore the issues and challenges of this restaurant and explain why this restaurant is experiencing a significant decline in profts over the last eighteen months.

3. Explain what are potential courses of action and application of other sales and marketing techniques that the owner of this restaurant could take to to turn around the restaurant’s financial performance.

4. Analyse and discuss the opportunities and threats for this fine dining restaurant and how they can be manipulated to increase revenue

5. Recommend new price tiers, packages available and selection of distributional channels to remedy the current revenue shortfalls.

6. Critically evaluate this attached statement and in your evaluation, write recommendations to contribute significant outcomes to all business stakeholders.