This course will give students a basic understanding of the revenue management process. It addresses the proper use and importance of revenue management in hospitality operations and describes the wide range of elements that must be considered to use revenue management effectively.
Hospitality Revenue Management
- The concept of revenue management and the history of its development.
- Business traits that create the environment appropriate for the use of revenue management.
- Strategic and tactical revenue management.
- Internal and external measures that can be used to judge a property’s performance.
- Determining the effectiveness of revenue management tactics and strategies.
- Forecasting demand and room availability in driving tactical revenue management.
- Implement tactical rate management and stay controls to maximize hospitality revenue.
- Capacity management.
- Displacement analysis.
- Using revenue management in generating demand and the creation of marketing strategies.
- Strategic pricing and revenue streams management
- Managing distribution channels for the greatest effect.
- Automated revenue management systems.