Course material: over 1.5 hours of video, 2 quizzes, additional reading. Estimated total study time 27 hours.
Targeted to: This practical yet academic course is highly valuable for advanced university students of the hospitality and service sectors, as well as for mid and senior managers wanting to get a holistic picture of Revenue Management and price/product optimization of today and tomorrow, aiming to create an optimal revenue management strategy for one´s company.
This course is a stand-alone, yet an integral part of the “Value Creation in Hospitality course“. As a free bonus we give you an additional learning module: “Introduction to hospitality”, which gives you a solid understanding of the service business as it stands now.
The ever-changing customer expectations cause critical challenges to the hospitality industry’s value creation models. Traditional approaches to market dynamics, pricing or distribution do not any longer enable companies to reach the full potential and future profit level requirements. In this context, hospitality operators need to step away from old practices and start to embrace more holistic, collaborative, customer-centric and sustainable business practices.
This training course teaches you the wide range of price/product/distribution opportunities. Students will come away from this course knowing how to effectively use Revenue Management to boost profits, and how to optimize the company short term and long term offering.
The participants are expected to watch all the video content under each module, acquaint themselves with additional materials provided, and then take the quizzes. The quiz can be taken 3 times and we recommend that participants watch the videos and practise until they feel they master the topic.
Understanding the wide range of price/product/distribution opportunities, their effect on the bottom line in varying situations, and being able to make the right revenue optimization decisions justifiably.
Upon completion of the course, the student is able to:
understand the fundamentals of hospitality.
create an optimal revenue management strategy for one´s company.
Module 1. The Fundamentals of Hospitality
1.1 Introduction to Hospitality
1.2 Setting the scene
1.3 The expansion of hotels
1.4 Characteristics of the hotel business
Quiz – The Fundamentals of Hospitality
Module 2. Strategic Revenue Management
2.2 Origins of Revenue Management
2.3 What Revenue Management is?
2.4 Conditions for Revenue Management
2.5 The value of Revenue Management
2.6 Elements of Revenue Management
2.7 Total Revenue Management
2.8 Fairness of Revenue Management
2.9 Future of Revenue Management
Quiz 2 – Strategic Revenue Management
Why start studying now?
Understanding revenue management and how it affects your business bottom line separates you from your competitors. Understanding the “why” and “how” in each market situation will give you a marketing edge and increase your company profits. Furthermore, we will be discussing the future of revenue management and how to make long-term strategic and short-term operational decisions – proactively. The more your customers see perceived value in your company, the more your profit margin will grow. Learn the tricks of the trade today!
The course will facilitate your journey in management positions. Do not waste a minute – start your new business career today!
How do I purchase the course?
You may buy the course by adding it to the shopping cart on this page. You can pay with a credit card, bank transfer, or in company purchases request for an invoice. You will receive an e-mail confirmation on your order. It contains all relevant data on your purchase. If you’re ordering the course for multiple users, you will be contacted after your purchase. Credentials to each user will be sent via personal email after verification of your payment. If you make a company purchase and wish to be billed, you will be contacted. You will receive your credentials to use the course upon payment of the bill. If you have any questions or inquiries, do contact us at firstname.lastname@example.org
How do I get access to the materials and for how long do I have to finish the course?
After we have verified your payment, you will be sent credentials for the log-in to the learning environment, where you will conduct your studies. In the learning environment you will find all your study materials, which are available for you for 6 months. You may study at your own pace and return to study materials at any time you wish.
Welcome to the course! Do enjoy.
Markus has 25 + years’ work experience in highly competitive Hospitality and Travel industries, holding key positions in Sales, Revenue Management, Pricing, e-Commerce and Distribution.