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)
This course is part of the Hotel Management: Distribution, Revenue and Demand Management Specialization
The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy
Offered By
About this Course
4.6
434 ratings
Skills you will gain
PricingRevenue ManagementForecastingSegmentation Analysis
Syllabus - What you will learn from this course
Week
12 hours to complete
Getting Started with Revenue Management
Welcome! In this first module, you will understand what revenue management is, why it’s important, simple steps to get started, how revenue management can increase profit through booking curve management and how effective yielding can improve a hotel’s profits. Moving forward, we’ll share best practices and better prepare you for today’s complex digital age.
11 videos (Total 52 min), 4 readings, 3 quizzes
11 videos
Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy3m
EDC and the importance of Revenue Management2m
History of Revenue Management4m
Shift in consumer behavior6m
Overview of Revenue Management3m
Introduction to Segmentation5m
Introduction to Forecasting and Budgeting5m
Introduction to Pricing6m
How Revenue Management can increase Bottom line6m
Effective Yielding5m
4 readings
Complementary Readings10m
Complementary Reading10m
Complementary Readings10m
Complementary Readings10m
3 practice exercises
Practice Lesson 120m
Practice Lesson 220m
Practice Lesson 310m
Week
22 hours to complete
Introduction to Segmentation
In this second module we will discuss segmentation 101, four things to consider while determining segmentation, as well as our best practices in regards to working with properties who need to go through a re-segmentation exercise, and presenting you with some key takeaways.
9 videos (Total 57 min), 2 readings, 2 quizzes
9 videos
What is Segmentation?6m
Evolution in Segmentation17m
Evolution in Segmentation26m
Types of Segmentation6m
Strategic Segmentation11m
Considerations of Determining Segmentation8m
Re-segmentation Process5m
Industry Best Practices2m
2 readings
Complementary Reading10m
Complementary Readings10m
2 practice exercises
Practice Lesson 116m
Practice lesson 220m
Week
32 hours to complete
Introduction to Forecasting & Budgeting
In this third module, you will have an overview of forecasting and its basic terminology, explore forecasting goals, trends and tools, and understand how to link forecasting and budgeting together.
11 videos (Total 55 min), 3 readings, 3 quizzes
11 videos
Basic terminology8m
What is Forecasting?3m
Why Forecast?4m
Start with Reservation and Market Data5m
Competitor Pricing & Online Review Data5m
Air Traffic and Weather Data4m
Revenue System vs Excel4m
Evaluating Forecast accuracy5m
Budgeting3m
Best Practices3m
3 readings
Complementary Readings and Videos10m
Complementary Readings and Videos10m
Complementary Readings and Videos10m
3 practice exercises
Practice lesson 118m
Practice lesson 216m
Practice lesson 316m
Week
43 hours to complete
Introduction to Pricing
This last module should help tie together concepts from the previous three modules to give you a practical understanding of the fundamentals of revenue management. You will understand why pricing is important, the difference between common pricing strategies, and what are the 7 most common pricing mistakes. After that we will revisit the topic of Big Data, automated systems, and system connectivity as it and discuss best practices for pricing.
7 videos (Total 54 min), 3 readings, 3 quizzes
7 videos
Hotel Pricing Strategies9m
How to increase Rates6m
Seven most common Pricing mistakes5m
BAR vs Open Pricing11m
Revenue Strategy: key to optimizing profit9m
Conclusion2m
3 readings
Complementary Readings and Videos10m
Complementary Readings and Videos10m
If you want to go further...10m
3 practice exercises
Practice lesson 122m
Practice lesson 216m
Final Exam30m
4.6
85 Reviews17%
started a new career after completing these courses
30%
got a tangible career benefit from this course
12%
got a pay increase or promotion
Top Reviews
very useful and rich with it content , the complimentary reading is awesome and indeed needed\n\nthe final exam is a bit hard , i do recommend it for people who are seeking knowledge in RM
I value specifically the repetition of concepts across videos and readings - it meant it really solidified the learning and knowledge so that I now can confidently apply it.
Instructors
Peter O'Connor
Professor of information systems, Director of the MBA in Hospitality ManagementInformation systems
Augustin Cacot
Director of Customer Success, EMEADUETTO
Nathaniel Green
Senior Global Solutions EngineerDUETTO
About ESSEC Business School
For over a century, ESSEC has been developing a state-of-the-art educational program that gives the individual pride of place in its learning model, promoting the values of freedom, openness, innovation and responsibility. Preparing future managers to reconcile personal interests with collective responsibility, giving consideration to the common good in their decision-making, and weighing economic challenges against the social costs are some of the objectives ESSEC has set for itself. Its ultimate goal? To create a global world that has meaning for us all.
About the Hotel Management: Distribution, Revenue and Demand Management Specialization
Market hospitality services, manage demand, and optimize revenue.
This Specialization covers the basics of hotel demand management, distribution, and revenue management. You’ll learn how e-commerce intermediaries such as online travel agencies are impacting the already-complex hospitality sector, and you’ll explore tools and techniques that will help you effectively market hospitality services and maximize business revenue in this new global industry landscape. In the final Capstone Project, you’ll evaluate the importance of hotel branding in business success through a hands-on, real-world case study. During the sessions, you will hear from senior hotel industry executives commenting on distribution, revenue and demand management issues. We will also interview two leading Online Travel Agents on how to maximise online business for your property, and have partnered with Duetto and SnapShot, two leading hospitality industry companies, to gain access to cutting edge knowledge, thus insuring that the competencies that you gain will make you operational immediately as well as bang up to date on industry trends.
Frequently Asked Questions
When will I have access to the lectures and assignments?
Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
What is the refund policy?
Is financial aid available?
More questions? Visit the Learner Help Center.
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