Introduction to Hotel Revenue Management
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An introduction to revenue management as a systematic process designed to increase revenue by leveraging tools designed to manage length-of-stay and apply effective pricing strategies.
Implementing a revenue management strategy can be one of the most important revenue-generating initiatives available to a hotel, significantly increasing room revenue and profits. This course provides an overview of revenue management applications to the hotel industry designed to inspire a strategic shift to managing revenue per available room (RevPAR).
Revenue management is a systematic process designed to increase revenue by selling the right room to the right person at the right time for the right price. In addition to evaluating different pricing models and applying duration-management strategies, this course provides a foundation for more advanced revenue management courses in forecasting, group management and overbooking, pricing strategy, and application of revenue management techniques to other hospitality-related industries including spas and athletic facilities.
Participants who complete this course will be able to...
- Describe hotel revenue management and its benefits to the organization
- Discuss the strategic levers of hotel revenue management and how they can be manipulated to increase revenue
- Describe hotel revenue management in terms of its component parts and critical considerations
- Recommend non-traditional ways in which revenue management techniques can be applied to increase revenue in the hospitality industry
Module 1 - What is Hotel Revenue Management
- An Overview of Hotel Revenue Management
- Necessary Conditions for Revenue Management
Module 2 - Measuring Success with RevPAR
- RevPAR-Measuring Revenue
- Calculate RevPAR
Module 3 - Managing Duration
- Reducing Duration Uncertainty
- Tips for Managing Duration
Module 4 - Controlling Price
- Variable Pricing
- Best Available Rate
- Leverage Price
Module 5 - Implementing Revenue Management
- Component Parts of Implementation
Module 6 - Revenue Management Everywhere
- Managing Revenue in Other Industries
Who should attend
This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.