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
Skills you will gain
Syllabus - What you will learn from this course
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.
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.
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.
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.
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Top reviews from The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy
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 Management
Augustin Cacot
Director of Customer Success, EMEA
Nathaniel Green
Senior Global Solutions EngineerAbout ESSEC Business School
About the Hotel Management: Distribution, Revenue and Demand Management Specialization
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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.
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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.
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