TMS Academy | Revenue Management Applied


Revenue Management Concepts
	Dates:	2012
	Duration:	2 days


Continous Improvement
	Dates:	Sep 21-22
	Duration:	2 days


Revenue Management Applied
	Dates:	Sep 14-16
	Duration:	3 days

RM003

Revenue Management Applied

Introduction

A 3-day interactive workshop, covering the hands-on application of advanced revenue management techniques and best practices. This course is intended for Revenue Managers who have a good base knowledge of Revenue Management and are looking to improve their skills. It is a logical follow-on to the Revenue Management Concepts Course.

Learning Objectives

The course will be focused around educating Revenue Managers on the application of Revenue Management techniques and skills. Based around a case study / sample hotel, Revenue Managers will be expected to learn techniques during the course; apply them to their "simulated" hotel in order to understand the impact and considerations, and then take away these newfound skills and knowledge to apply back at their own hotels after completion of the course.

Upon completion of this course, the participants will:

Have an advanced level of understanding of Revenue Management
Be able to immediately incorporate learnings back at their Hotels
Be better able to apply advanced RM techniques
Understand the impact that decisions can have on performance of their hotel

Modules

Pre-Course Work

The course is built around a case study using a sample hotel. In the pre-course work the participants familiarize themselves with that sample hotel and learn the importance of research and data collection.

Participants are sent information about the sample hotel and are asked to collect additional information on their own.

1. Understanding my market and position

Introduction of the first key pricing concepts that they should consider when setting price - the market and external environment

After this section participants will understand what factors impact pricing decisions, from internal to the larger economic trends. They will be able to differentiate key pricing strategies, analyze their competitors and their pricing and know how to determine the positioning of your hotel and room types in the market

2. Pricing by segment

We take an in-depth look at pricing structures for the BAR, corporate and leisure segments and the optimal mix of these segments at the hotel.

In this segment we challenge delegates to start thinking about how they currently price their segments in their respective hotels. They learn how to put together a rational pricing model that will protect and enhance revenue streams.

3. Demand Forecast and Analysis

A hands-on lesson in how we forecast demand and why.

Participants will learn what purpose different types of forecasts serve, why unconstrained demand is important and what data is the most essential one for an accurate forecast. Finally they will have to use analytics to create an accurate day-by-day segment forecast for a sample hotel using real live data, while handling special events and crisis situations.

4. Group Pricing and Management

How to create a group pricing structure and how to ensure that your group sales team can use this pricing structure effectively.

In this segment participants first learn about different ways of putting together a group pricing structure, followed by a group displacement exercise. They will also learn how to communicate group decisions to the Sales team, ensuring that team members have a common understanding and a common goal of optimizing revenue.

5. Pricing and Demand Management

Price elasticity and how it impacts Revenue Optimization in daily operations. Pricing and its role in getting the right market segment mix for your hotel.

Revenue Managers need to have an in-depth understanding of how pricing decisions impact demand. After this segment they will understand pricing impact from an analytical approach which will improve the decision making process, leading to improved revenue optimization.

6. Tactical Pricing

Using tactical pricing and packages/promotions to boost occupancies or ADR for short term impact.

Sticking to a well-designed long term pricing strategy is the goal, but Revenue Managers will always have to deal with short term crises when discounting may look like the only solution. This chapter will show them the importance of analyzing the situation first, what to consider if the need for tactical pricing is really present and then how to structure and measure your promotions or packages.

7. Measuring Performance

This module will teach participants why historical performance is important for future decision making and how they should communicate findings and action them

In this segment the participants are involved in an in-depth discussion about Key Performance Indicators, how to analyze, interpret and explain variances in forecasts versus achieved results, understanding competitive reports and finally how to learn for the future from looking at the past.

8. From Room to Total Revenue - Managing 360 degrees of your top line

An introduction to Revenue Management for other, non-room revenue areas

While room revenue represents the highest revenue contributor for many Hotels, there is a substantial opportunity to better drive other revenues, including C&E, Spa and F&B.

Participants will learn how to build a simple revenue management framework for non-room revenues and practice the process on the sample Hotel so they can apply it back at their own Hotel.

Post-course Work

Participants will be guided on establishing an action plan for implementation of learnings back to the Hotel. They will be instructed on how to communicate their new skills and knowledge to their Management teams and implement at least two learnings within 30 days.

Target Audience