Maximizing Profits: The Art of Revenue Management in the Hotel Industry
Eng + Spa
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This revenue management course is made for professionals in the hospitality sector who are increasingly realizing that managing their revenue is essential to the success of their organizations.
It may seem strange that forward-thinking hospitality firms only recently introduced the full-time role of revenue manager (RM).
These forward-thinking organizations are realizing that every employee inside their group contributes to revenue management.
Even the professional hospitality groups that ordinarily give their members the most recent information have only recently—or still have not—developed revenue management-focused curriculum, certification programs, and continuing education/professional development workshops.
This course has been created to support hospitality businesses, associations, and, most importantly, professionals who want to master the art of maximizing revenue in the hospitality sector.
Because prices convey a lot of information to customers and affect the total amount of sales income an organization will generate, the course places a strong emphasis on strategic pricing, budgeting & forecasting as a fundamental revenue management approach.
Completing this course will help you:
Who is the course for?
This course is for anyone wishing to have a fundamental notion of what Revenue Management is and its application in any type of accommodation: hotel, tourist apartments and inns.
A quick introduction to the concept of Revenue Management, its history, and application to the hospitality industry.
A practical look at the application of Revenue Management to key areas of a hotel, such as Group Room sales, Transient Sales, or Food & Beverage activities.
Issues of capacity allocation among distribution channels must be addressed by RMs working in a number of fields.
The same RM specialists also need to decide when, to whom, and at what price to sell their goods.
Optimized client satisfaction and revenue are the benefits of making wise inventory allocation selections.
A precise forecast of the number of clients that will be served in the future, as well as the average spending of those customers, is required in a number of sectors within a hospitality organization.
The next duty for RMs is price control after they have successfully predicted consumer demand and have kept an eye on their product availability.
This is true because the demand projection for hotel rooms takes into account how customers will react to a set price.
In this lesson, you will dig deeper into effective pricing, and learn about price parity through the different channels.