What you will learn
A smart pricing strategy is the best way to increase revenue. This course teaches you how to set prices, develop rate fences (differentiate prices by customer type), and use multiple distribution channels to manage price more effectively. You'll also learn about the impact of variable pricing and discounting on revenue management in the context of price elasticity, optimal price mix, perceived fairness, and congruence with positioning and sales strategies. How to establish or recommend approaches to making price more variable Ways to set appropriate rate fences to create appropriate customer segments How to analyze the implications to revenue management of using various distribution channels How to assess and manage customer perceptions of fairness Discover the ins and outs of channel management, an essential tool for controlling differentiated pricing, maintaining rate fences, and increasing revenue. Explore various approaches to managing distribution channels including direct sales, agencies, the Internet, and opaque pricing channels. Sheryl E. Kimes, professor at Cornell University's School of Hotel Administration, will provide you with the knowledge you need to help run a successful organization. It is recommended to take Introduction to Hotel Revenue Management prior to this course or have equivalent experience.