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Revenue Management
Date: Customized
Revenue Management (RM) is about a different way of managing business based on a very old idea. Every seller in human history has faced RM-type decisions. What price to ask? Which offers to accept? When to offer a lower price? And when to simply “pack up one’s tent” as it were and try selling at a later point in time, or in a different market?
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Who is the course for?
Customized
Benefits & Tools
- Revenue management is the art and science of predicting real-time customer demand and optimizing the price and availability of products to match that demand.
- In this module we will tackle the essentials of RM-way-of-thinking including associated methods and some numerical applications. The teams of participants will be challenged to run virtual hotels in direct competition and eventually to learn by doing.
- By the end of the seminar the participants will be able to make decisions on rooms revenue management implementation and therefore to pick the low-hanging fruit.
Acquired Knowledge & Skills
- Identify the building blocks and key concepts in revenue management
- Elaborate some tactical tools in hotel operations
- Apply basic revenue management techniques
- Understand the performance measures and the effective KPIs in revenue management
- Analyze and make combined decisions from a revenue management and marketing perspective
- Understand the impact of revenue management decisions on the bottom line
- Think “out-of-the-box”, assess the collaboration between managers and departments
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