Pricing and revenue management is a core competence in businesses uses various pricing for hospitality, events and traveling services to optimize financial performance.
Scientific advances in economics, statistics, operations research, and information technology have allowed service industries to take a sophisticated, detailed, and intensely operational as well as a strategic approach to making demand management decisions.
This course will cover the fundamental tools of forecasting demand, controlling inventory and availability, and differential pricing to take optimal decisions and improve revenue and bottom-line performance.
There is more to Revenue Management than raising prices.
Who is this course for:
For individuals, teams, and leaders working in Reservations, Sales and Marketing, hospitality management, travel industry, finances management and those who wish to improve their understanding of revenue management.
I really enjoyed the day, Michael was a great facilitator. I enjoyed his stories and got some great tips. I’ve never been to any sort of Revenue Management training so was unsure what to expect, it was good to review the basics, confirm that I’m generally on the right track but highlight a few areas that I need to review. I have already begun some conversations with some GMs at some of my properties. One conversation is on reducing room types – a positive conversation and one that I’ve probably been putting off for a long time!
The other one is on Value and upsell. We are now planning on some training with the front office staff to ensure they are offering upsells and selling the “value” on arrival. I’m also looking at my rates and ensuring that i have the “Value” added for Views etc.
After Michaels story about his Friday nights… I’m also reviewing to make sure I’m winning the Friday in my comp sets too! (But also extending this to Sunday)
