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
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.
