The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy
- 4.6
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
Related Topics for further study
- Demand Forecasting
- Price Optimization
- Revenue Management Strategies
- Hospitality Industry
- Travel Industry
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
IntermediateCourse 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.
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