This course teaches you how to accurately forecast guest arrivals at your hotel, examine pricing models in accordance with revenue management principles, and to manage overbooking.
What you will learn
Revenue management is key to any business that has relatively fixed capacity, perishable inventory, and time-variable demand. This course introduces you to the basics of revenue management in the hotel industry: how to apply pricing and length-of-stay tools and how to measure your revenue management performance. It is designed to inspire you to shift your thinking about revenue management from a focus on occupancy and average room rate to a focus on revenue per available room (RevPAR).
This course teaches you how to accurately forecast guest arrivals at your hotel, examine pricing models in accordance with revenue management principles, and to manage overbooking. All of the techniques and practices discussed in this course are applicable to a variety of service management roles.
By completing this course you will have compiled detailed notes and recommendations for implementing revenue management at the organization where you work.
KEY COURSE TAKEAWAYS
Discuss the strategic levers of hotel revenue management and how they can be manipulated to increase revenue
Recommend ways in which revenue management can be applied to other hospitality-related industries
Explain the role of forecasting hotel revenue management and create a forecast and measure its accuracy
Recommend room rates and apply length-of-stay controls to your hotel, in part to manage overbooking
Recommend approaches to making price more variable
Develop a functional revenue management plan, from gathering baseline data to monitoring post-implementation results