Fundamentals of Hotel Revenue Management in Hospitality Industry

• Learn Fundamentals of Revenue Management,
• Pricing Pillars, Concepts and Dangers,
• Analyze Inventory Management
• What are typical revenue management decisions you would make.
• What data is required to make such decision.

CONTENT

Revenue Management Fundamentals

• Introduction and Responsibility
• Revenue Management Myths and Profit Fallacy
• Revenue Management Definition & Meaning
• Revenue Management Premise and Assumptions
• Common Revenue Management Decisions at hotels
• Terms used in Hospitality in relation to Revenue Management

Revenue Management Process

• Steps for Revenue Management
• Segmentation of target customer and understand their profiles
• Balancing the Segment of customers
• Understanding Demand
• Forecasting the Demand
• Identify Competitors & SWOT Analysis
• Meaning of Price and Seller & buyer Prospective price
• How do we determine Prices
• Pricing Factors and Strategic Pricing
• Differential Pricing’
• Pricing Concepts – Dangers and Restrictions

Business Segmentation

• Distribution and Channel Management
• Inventory management
• Report which we may need for revenue management
• Some Sample Revenue management Reports
• Revenue Management Challenges

FOR WHOM:

Hotel Managers, Front Office Staff, Reservation Staff, Sales Professionals

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.