With a fixed capacity, a highly disposable product and high fixed costs, hotels are a natural candidate for the application of revenue management. Originally developed by the airlines in the 1970s, these analytics-based techniques help predict consumer behavior at the hotel’s market level so that the hotel can sell each room each night at the optimum price.
The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy
The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy
This course is part of Hotel Management: Distribution, Revenue and Demand Management Specialization
Instructors: Peter O'Connor
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Gain insight into a topic and learn the fundamentals.
4.6
(1,055 reviews)
9 hours to complete
3 weeks at 3 hours a week
Flexible schedule
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11 assignments
Taught in English
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This course is part of the Hotel Management: Distribution, Revenue and Demand Management Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
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There are 4 modules in this course
Welcome! In this first module, you will understand what revenue management is, why it’s important, simple steps to get started, how revenue management can increase profit through booking curve management and how effective yielding can improve a hotel’s profits. Moving forward, we’ll share best practices and better prepare you for today’s complex digital age.
What's included
11 videos4 readings3 assignments
In this second module we will discuss segmentation 101, four things to consider while determining segmentation, as well as our best practices in regards to working with properties who need to go through a re-segmentation exercise, and presenting you with some key takeaways.
What's included
9 videos2 readings2 assignments
In this third module, you will have an overview of forecasting and its basic terminology, explore forecasting goals, trends and tools, and understand how to link forecasting and budgeting together.
What's included
11 videos3 readings3 assignments
This last module should help tie together concepts from the previous three modules to give you a practical understanding of the fundamentals of revenue management. You will understand why pricing is important, the difference between common pricing strategies, and what are the 7 most common pricing mistakes. After that we will revisit the topic of Big Data, automated systems, and system connectivity as it and discuss best practices for pricing.
What's included
7 videos3 readings3 assignments
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4.6 (171 ratings)Offered by
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4.6
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Showing 3 of 1055
HA
5
Reviewed on Apr 28, 2020
I am so glad that I completed this course during quarantine, I am so happy for this learning system. I am looking forward to get another course.
YY
5
Reviewed on Mar 3, 2021
Exceptional Course; should be followed by any professional at hotel/ hospitality sector who
PG
4
Reviewed on Nov 14, 2019
This is a good course for someone (like myself) to take if they do not have a revenue management background. I wish I could've taken this when I first got here in January!
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