Hotel Revenue Management
Learn how to manage the revenue of a hotel, analyse the competitive market, and boost income and profitability.
Duration
4 weeksWeekly study
3 hours
Hotel Revenue Management
Other courses you might like
This course isn't running right now. We can email you when it starts again, or check out these other courses you might like.
Browse more in Business & Management
Build the skills to forecast, plan, and optimise your hotel’s revenue
Using revenue management to predict customer behaviour can allow a business to optimise incomes and improve profitability through pricing.
On this four-week course from the Universidad de Palermo, you’ll learn the basic concepts of revenue management and discover the best processes to prepare forecasts, benchmarks, pricing strategies, and much more.
Explore the behaviour of the hotel market and hospitality sector trends
You’ll start by delving into the basics of revenue management and understanding its competitive potential in the hospitality sector.
Then, you’ll widen the focus to look at the hotel market as a whole; analysing the trends of the industry, both in consumers and competitors. By learning the behaviour of the hotel market, you’ll be able to better predict and plan for changes in the sector.
Develop strategies and tools for hotel revenue management
There are many tools you can use to analyse the market and make informed revenue decisions. From demand forecast to price elasticity on demand, you need a robust strategy and toolset to optimise your profitability in the hospitality industry.
Throughout this course, you’ll gain the skills to analyse the market and identify when to make changes in pricing to improve both income and profitability.
Discover the benefits of market segmentation and competitive positioning
There are many different ways to obtain and analyse market information to better predict your strengths and weaknesses as a business. You’ll evaluate these different methods and techniques before learning the importance of market segmentation.
By the end of this course, you’ll be able to plot a competitive map and develop strategies to effectively position your business’s price points.
Syllabus
Week 1
Revenue management: Evolution, development and application
Revenue management evolution. Do you have any notions about what revenue management is in the organization?
In this activity, the origin of the Revenue Management technique is addressed, and in what way the concept and the technique have been mutating, until reaching the current concept.
What to do when, in the organization, there is opposition to using this technique
In this activity, we'll observe the resistance that occurs when applying a technique for the first time.
End of Week 1
Review and evaluation of the contents covered during the week.
Week 2
Market analysis and competition, competitive set and KPIs
Market research, customer needs, and similar or substitute services
We will address the understanding of what the market is, how it is composed, who are the members, who are the customers, what purchasing power they have, and the number of similar and substitute services with which it competes.
Competitors' study: Who are they and how many are there?
In this activity we will discover the importance of knowing who or who our competition is. In addition, we will address how to investigate who is in the market to know what type of products or services they offer.
Competitive set formation. So what is that?
This activity introduces us to the concept of competitive set or training through an agreement between establishments that mainly offer similar services to our establishment.
Performance indicators
This activity brings us closer to the internal establishment study through the indicators information and also allows us to develop indicators for comparison with the competitive set.
Review
In this activity you'll be able to test your knowledge and then we will review the topics we've seen during the week.
Week 3
It's all about forecasting and pricing
Demand forecasting, projections, overbooking, forecasting and capacity management
This activity will introduce us to the notion of demand forecasting and related concepts: evaluation of historical data, demand calendar, overbooking, forecasting, behavior of reservations, cancellations, etc.
Pricing, fixing prices and different types
This activity will cover the price universe: pricing, price setting, pricing strategies, factors that influence pricing, price elasticity, among many other concepts.
The third week is coming to an end
We'll end the week by reviewing all the content we've viewed and testing the knowledge covered.
Week 4
Distribution channels and software support for revenue management
Distribution function: Current trends in hospitality and tourism
What does distribution mean? What are the channels? Why is it important to decide whether to have or not have distribution channels?
Software and computer programs
What programs help the manager in their actions? In what part of their activities can these programs intervene to help you make correct decisions regarding income?
End of this course, final evaluation activity and closing
Approach to the knowledge we've seen and what reflections this experience leaves us with.
Learning on this course
On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.
What will you achieve?
By the end of the course, you‘ll be able to...
- Explain the basic concepts of Revenue Management and what its competitive potentialities are.
- Explore the behavior of hotel market, and trends of the new type of consumers and competencies.
- Identify strategies to optimise incomes and business profits, as well as the optimisation and profitability on distribution channels.
- Compare the most important tools used in online marketing and e-Commerce for Revenue Management.
- Evaluate between different techniques to obtain market information.
- Investigate the benefits of market segmentation, choosing the right competitive map and subsequent positioning in terms of price.
- Reflect on your own practices.
Who is the course for?
This course is designed for anyone with an interest in the tourism and hospitality sector. It will be especially useful to university students currently studying hospitality or for any professionals in the industry.
If you want to further your understanding of this subject, you may want to take these courses from the same provider that share the same overall learning outcomes:
Who will you learn with?
Francisco Donato, Certified Public Accountant, Licentiate in Demography and Tourism. He teaches Revenue Management and Integration Seminar I at Universidad de Palermo, School of Business.
Who developed the course?
Universidad de Palermo
Universidad de Palermo is global university based in Argentina, recognised as one of the best and most innovative in Latin America.
Learning on FutureLearn
Your learning, your rules
- Courses are split into weeks, activities, and steps to help you keep track of your learning
- Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
- Stay motivated by using the Progress page to keep track of your step completion and assessment scores
Join a global classroom
- Experience the power of social learning, and get inspired by an international network of learners
- Share ideas with your peers and course educators on every step of the course
- Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others
Map your progress
- As you work through the course, use notifications and the Progress page to guide your learning
- Whenever you’re ready, mark each step as complete, you’re in control
- Complete 90% of course steps and all of the assessments to earn your certificate
Want to know more about learning on FutureLearn? Using FutureLearn