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The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy

Approx. 11 hours to complete

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Course Summary

This course covers the fundamentals of revenue management, including forecasting demand and optimizing prices to increase profits in the hospitality, travel, and airline industries.

Key Learning Points

Learn how to forecast demand and optimize prices
Understand how revenue management can increase profits
Apply revenue management strategies to various industries

Learning Outcomes

Understand the principles of revenue management
Learn how to apply revenue management strategies in different industries
Be able to forecast demand and optimize prices to increase profits

Prerequisites or good to have knowledge before taking this course

Basic knowledge of Excel
Familiarity with the hospitality, travel or airline industries

Course Difficulty Level

Intermediate

Course Format

Online self-paced course
Video lectures
Quizzes and assignments

Similar Courses

Hotel and Restaurant Revenue Management
Pricing Strategy Optimization
Airline Revenue Management

Related Education Paths

Notable People in This Field

Ravi Mehta
Sheryl Kimes

Related Books

Description

With a fixed capacity, a highly disposable product and high fixed costs, hotels are a natural candidate for the application of revenue management. Originally developed by the airlines in the 1970s, these analytics-based techniques help predict consumer behavior at the hotel’s market level so that the hotel can sell each room each night at the optimum price.

With modern-day rising acquisition costs and distribution complexities, revenue management techniques have increasingly been adopted by both small and large hotel companies, making a comprehensive understanding of segmentation, forecasting and pricing an essential requirement for today’s hospitality professionals. The purpose of this course is to provide a core understanding of the fundamentals of revenue management, which ties into the larger picture of revenue strategy. The course is structured to provide an insightful look into Revenue Management. Created in conjunction with Duetto, this course is hosted by a group of revenue management leaders in both theory and with hands-on experience at properties around the world. Upon completion of the course students should be empowered with industry best practices, which can be applied across the vast diversification the hotel industry to empower those to optimize profits. Duetto delivers powerful revenue strategy solutions to the world’s leading hotels and casinos, combining unparalleled expertise with world-class cloud-based technology. Acknowledgement: Bela Nagy, Agnes Roquefort , Jonathon Liu, Frederic Toitot, Pierrick La Masne, Markus Keller - ACCOR Simone Truscello - ACE HOTELS. Richard Valtr - MEWS SYSTEM. Jean-Luc Chrétien - FAST BOOKING. Jeannette Ho - FAIRMONT RAFFLES HOTELS & RESORTS. Chinmai Sharma - TAJ HOTEL & RESORTS. Cindy Estis Green - KALIBRI LABS. Jason Thielbar - RED LION. Christopher Cooper - ROCCO FORTE. Rom Hendler - SANDS. Rafi Rejerano - AB Hotels. Riko Van Santen - KEMPINKI HOTELS & RESORTS. Vinod Sukhija - BANYAN TREE HOTELS & RESORTS. Olivier Flement - WALT DISNEY COMPANY. Cidalia Pinto Coehlo - LOUVRE HOTELS. Trevor Stuart-Hill - REVENUE MATTERS. Vincent Cusma, Marco Benvenuti, Eric Stoessel, Gayle Ehrean, Nevin Reed - DUETTO. Claire Bertrand, Vincent Chatain, Jessica Moses, Benjamin Six (ESSEC Business School), Emilie Dupré (IMAGE-IN), Gregory Halidy (TRIPLAY)

Outline

Getting Started with Revenue Management
Welcome back!
Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy
EDC and the importance of Revenue Management
History of Revenue Management
Shift in consumer behavior
Overview of Revenue Management
Introduction to Segmentation
Introduction to Forecasting and Budgeting
Introduction to Pricing
How Revenue Management can increase Bottom line
Effective Yielding
Complementary Readings
Complementary Reading
Complementary Readings
Complementary Readings
Practice Lesson 1
Practice Lesson 2
Practice Lesson 3

Introduction to Segmentation
Overview of Segmentation
What is Segmentation?
Evolution in Segmentation1
Evolution in Segmentation2
Types of Segmentation
Strategic Segmentation
Considerations of Determining Segmentation
Re-segmentation Process
Industry Best Practices
Complementary Reading
Complementary Readings
Practice Lesson 1
Practice lesson 2

Introduction to Forecasting & Budgeting
Introduction to forecasting and budgeting
Basic terminology
What is Forecasting?
Why Forecast?
Start with Reservation and Market Data
Competitor Pricing & Online Review Data
Air Traffic and Weather Data
Revenue System vs Excel
Evaluating Forecast accuracy
Budgeting
Best Practices
Complementary Readings and Videos
Complementary Readings and Videos
Complementary Readings and Videos
Practice lesson 1
Practice lesson 2
Practice lesson 3

Introduction to Pricing
Overview and Basic Vocabulary
Hotel Pricing Strategies
How to increase Rates
Seven most common Pricing mistakes
BAR vs Open Pricing
Revenue Strategy: key to optimizing profit
Conclusion
Complementary Readings and Videos
Complementary Readings and Videos
If you want to go further...
Practice lesson 1
Practice lesson 2
Final Exam

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