Revenue management for the hospitality industry
What you’ll learn
Identify segements
Determine which segments to serve
Setting the right price
Optimizing revenue
Dynamic pricing
Differential pricing
Making decisions based on the booking curve
Identifying time control
Identifying duration control
Accepting and refusing guests
Setting up rate parity
How price influences demand
How to manipulate price to increase revenue
Opaque pricing
Prohibitive pricing
Displacements costs
Requirements
Basic knowledge of the hospitality industry
Description
This course ‘Revenue management for the hospitality industry’ is based towards students who are somewhat new to the hospitality industry or small business owners who want to learn more about revenue management.Revenue management is an important strategy to apply to increase or maximize profits. While setting up a revenue system is not an easy task, it is important to have such a system in place. In this course we will discuss some elements and how to incorporate these into a system to increase revenue.If you have little to no experience when it comes to revenue management this course will help you understand what it is and how a revenue system contributes to your business. In this course we will try to break a complex strategy down into smaller more easy to understand parts, so you can start implementing these in your hotel.Together we will discuss all the basics of revenue management and go over some of the steps needed to set up a simple system. By the end of this course you will have a solid foundation and basic understanding of; what revenue management is, why it is important to have such a system in place and what elements are involved in performing revenue management.When you’ve finished this course you’ll understand concepts like, time duration control, price level criteria and factors, how market segmentation plays a big role and more. You’ll be able to calculate displacement costs and set up rate parity for your distribution channels.
Overview
Section 1: Introduction
Lecture 1 The introduction
Section 2: Revenue management an introduction
Lecture 2 Revenue management an introduction
Section 3: The guests
Lecture 3 Accepting guests part 1
Lecture 4 Accepting guests part 2
Section 4: The fundamentals of revenue management
Lecture 5 The fundamentals of revenue management
Lecture 6 Duration and time control
Lecture 7 Price setting
Lecture 8 Tangible and intangible price rules
Section 5: The economic fundamentals of revenue management
Lecture 9 The economic fundamentals of revenue management
Lecture 10 Price elasticity
Section 6: Processes in revenue management
Lecture 11 Processes in revenue management
Lecture 12 Goals
Lecture 13 Consider this
Lecture 14 Should you implement revenue management
Lecture 15 Interesting formulas
Lecture 16 Strategical and tactical approach
Lecture 17 Average daily rate
Lecture 18 Yield
Lecture 19 Segmentation of the market
Section 7: The booking curve
Lecture 20 The booking curve
Lecture 21 Displacement costs
Section 8: Pricing
Lecture 22 Pricing
Lecture 23 Dynamic and differential pricing
Lecture 24 Demand for prices
Lecture 25 Rate parity
Lecture 26 Lowest rate guarantee
Lecture 27 Best available rate
Lecture 28 Last room guarantee
Lecture 29 Opaque pricing
Lecture 30 Prohibitive pricing
Lecture 31 Pricing strategies
Section 9: Capacity management
Lecture 32 Capacity management
Section 10: Distribution channel management
Lecture 33 Distribution channel management
Section 11: The conclusion
Lecture 34 The conclusion
Section 12: Documents
Lecture 35 Documents
Hotel managers,Cruise ship managers,Revenue managers,Business owners,Accountants,Sales managers,Marketing managers,B&B owners
Course Information:
Udemy | English | 4h 31m | 2.35 GB
Created by: Jeroen Offergelt
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