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The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy
  • Level Foundation
  • المدة 11 ساعات hours
  • الطبع بواسطة ESSEC Business School
  • Offered by

عن

With a fixed capacity, a highly disposable product and high fixed costs, hotels are a natural candidate for the application of revenue management. Originally developed by the airlines in the 1970s, these analytics-based techniques help predict consumer behavior at the hotel’s market level so that the hotel can sell each room each night at the optimum price. With modern-day rising acquisition costs and distribution complexities, revenue management techniques have increasingly been adopted by both small and large hotel companies, making a comprehensive understanding of segmentation, forecasting and pricing an essential requirement for today’s hospitality professionals. The purpose of this course is to provide a core understanding of the fundamentals of revenue management, which ties into the larger picture of revenue strategy. The course is structured to provide an insightful look into Revenue Management. Created in conjunction with Duetto, this course is hosted by a group of revenue management leaders in both theory and with hands-on experience at properties around the world. Upon completion of the course students should be empowered with industry best practices, which can be applied across the vast diversification the hotel industry to empower those to optimize profits. Duetto delivers powerful revenue strategy solutions to the world’s leading hotels and casinos, combining unparalleled expertise with world-class cloud-based technology. Acknowledgement: Bela Nagy, Agnes Roquefort , Jonathon Liu, Frederic Toitot, Pierrick La Masne, Markus Keller - ACCOR Simone Truscello - ACE HOTELS. Richard Valtr - MEWS SYSTEM. Jean-Luc Chrétien - FAST BOOKING. Jeannette Ho - FAIRMONT RAFFLES HOTELS & RESORTS. Chinmai Sharma - TAJ HOTEL & RESORTS. Cindy Estis Green - KALIBRI LABS. Jason Thielbar - RED LION. Christopher Cooper - ROCCO FORTE. Rom Hendler - SANDS. Rafi Rejerano - AB Hotels. Riko Van Santen - KEMPINKI HOTELS & RESORTS. Vinod Sukhija - BANYAN TREE HOTELS & RESORTS. Olivier Flement - WALT DISNEY COMPANY. Cidalia Pinto Coehlo - LOUVRE HOTELS. Trevor Stuart-Hill - REVENUE MATTERS. Vincent Cusma, Marco Benvenuti, Eric Stoessel, Gayle Ehrean, Nevin Reed - DUETTO. Claire Bertrand, Vincent Chatain, Jessica Moses, Benjamin Six (ESSEC Business School), Emilie Dupré (IMAGE-IN), Gregory Halidy (TRIPLAY)

الوحدات

Introduction

    • 2 Videos
Show info about module content

2 Videos

  • Welcome back!
  • Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy

Overview and Evolution of Revenue Management

    • 3 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice Lesson 1

3 Videos

  • EDC and the importance of Revenue Management
  • History of Revenue Management
  • Shift in consumer behavior

1 Readings

  • Complementary Readings

Simple steps to get started

    • 4 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice Lesson 2

4 Videos

  • Overview of Revenue Management
  • Introduction to Segmentation
  • Introduction to Forecasting and Budgeting
  • Introduction to Pricing

1 Readings

  • Complementary Reading

How to increase the bottom line

    • 2 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice Lesson 3

2 Videos

  • How Revenue Management can increase Bottom line
  • Effective Yielding

1 Readings

  • Complementary Readings

If you want to go deeper...

    • 1 Readings
Show info about module content

1 Readings

  • Complementary Readings

What Segmentation means

    • 4 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice Lesson 1

4 Videos

  • Overview of Segmentation
  • What is Segmentation?
  • Evolution in Segmentation1
  • Evolution in Segmentation2

1 Readings

  • Complementary Reading

Segmenting your market

    • 5 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice lesson 2

5 Videos

  • Types of Segmentation
  • Strategic Segmentation
  • Considerations of Determining Segmentation
  • Re-segmentation Process
  • Industry Best Practices

1 Readings

  • Complementary Readings

What Forecasting means

    • 4 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice lesson 1

4 Videos

  • Introduction to forecasting and budgeting
  • Basic terminology
  • What is Forecasting?
  • Why Forecast?

1 Readings

  • Complementary Readings and Videos

Trends in Forecasting

    • 3 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice lesson 2

3 Videos

  • Start with Reservation and Market Data
  • Competitor Pricing & Online Review Data
  • Air Traffic and Weather Data

1 Readings

  • Complementary Readings and Videos

Forecasting and Budgeting in practice

    • 4 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice lesson 3

4 Videos

  • Revenue System vs Excel
  • Evaluating Forecast accuracy
  • Budgeting
  • Best Practices

1 Readings

  • Complementary Readings and Videos

What Pricing means

    • 3 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice lesson 1

3 Videos

  • Overview and Basic Vocabulary
  • Hotel Pricing Strategies
  • How to increase Rates

1 Readings

  • Complementary Readings and Videos

Pricing in Practice

    • 3 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice lesson 2

3 Videos

  • Seven most common Pricing mistakes
  • BAR vs Open Pricing
  • Revenue Strategy: key to optimizing profit

1 Readings

  • Complementary Readings and Videos

Final steps

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Final Exam

1 Videos

  • Conclusion

1 Readings

  • If you want to go further...

Auto Summary

"The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy" dives into essential revenue management techniques, ideal for hospitality professionals. Spanning 660 minutes, this foundational course, created with Duetto, offers insights into segmentation, forecasting, and pricing to optimize hotel profits. Delivered by industry experts, it equips learners with actionable strategies. Available on Coursera with Starter and Professional subscription options, this course is perfect for those aiming to master revenue strategies in the dynamic hotel industry.

Peter O'Connor
Instructors

Peter O'Connor

Augustin Cacot
Instructors

Augustin Cacot

Nathaniel Green
Instructors

Nathaniel Green