Revenue management for the hospitality industry
What you'll learn
- Identify segements
- Determine which segments to serve
- Setting the right price
- Optimizing revenue
- Dynamic pricing
- Differential pricing
- Making decisions based on the booking curve
- Identifying time control
- Identifying duration control
- Accepting and refusing guests
- Setting up rate parity
- How price influences demand
- How to manipulate price to increase revenue
- Opaque pricing
- Prohibitive pricing
- Displacements costs
- Basic knowledge of the hospitality industry
This course 'Revenue management for the hospitality industry' is based towards students who are somewhat new to the hospitality industry or small business owners who want to learn more about revenue management.
Revenue management is an important strategy to apply to increase or maximize profits. While setting up a revenue system is not an easy task, it is important to have such a system in place. In this course we will discuss some elements and how to incorporate these into a system to increase revenue.
If you have little to no experience when it comes to revenue management this course will help you understand what it is and how a revenue system contributes to your business. In this course we will try to break a complex strategy down into smaller more easy to understand parts, so you can start implementing these in your hotel.
Together we will discuss all the basics of revenue management and go over some of the steps needed to set up a simple system. By the end of this course you will have a solid foundation and basic understanding of; what revenue management is, why it is important to have such a system in place and what elements are involved in performing revenue management.
When you've finished this course you'll understand concepts like, time duration control, price level criteria and factors, how market segmentation plays a big role and more. You'll be able to calculate displacement costs and set up rate parity for your distribution channels.
Who this course is for:
- Hotel managers
- Cruise ship managers
- Revenue managers
- Business owners
- Sales managers
- Marketing managers
- B&B owners
My name is Jeroen (Jay-rone).
Who am I and what is it that I do?
I have diplomas in business management, hospitality management and business administration. I'm also a certified personal trainer and nutrition coach.
After starting my career in the hospitality industry I moved on into the retail- and fitness industry. From there on I started a catering- and a fitness company. When I'm not coaching clients in the fitness studio you can find me in front of the classroom.
I've been a teacher for over 14+ years. I teach hotel-, business-, business administration- and restaurant management at college. Besides the business side of teaching I also educate and train new personal trainers and nutrition coaches.
I have quite a few fields I'm interested and passionate about.
And now I hope to teach and inspire you as well via the online way of teaching.
Enjoy the courses!