Strategic Revenue Management
Ithaca, New York, U.S.A. (July 5 - 7, 2018) - Course Cost US$2,795 COURSE CLOSED
This classroom course is equivalent to the online Certificate in Advanced Hospitality Revenue Management: Pricing and Demand Strategies.
This course will provide a background into the science of pricing with its goal being to provide an understanding of the approaches to market segmentation, price setting, and linkages to revenue management. The course provides a brief review of fundamental microeconomics, an introduction to the concepts of game theory, and an illustration of techniques for determining a customer’s willingness to pay. These concepts are then integrated into approaches for optimal price setting in a revenue-managed environment.
As the name implies, this course content is taught at an advanced level and requires prerequisite knowledge of hotel revenue management. Participants who have have less than 5 years' experience in revenue management should take the PDP course, Hotel Revenue Management (offered in Ithaca July 2 - 4) or the online series in Hotel Revenue Management.
Participants will develop an understanding for how to estimate your customer’s sensitivity to price and learn to use this sensitivity to determine the optimal pricing levels.
- Price elasticity and demand response
- Estimating price elasticity
- Price experiments
- Market segmentation
- Bundling and packaging
- Setting prices and price optimization
This course will involve quantitative analysis in Excel®; therefore, participants must have a basic understanding of the use of data and formulas in spreadsheets prior to taking this course. Although there is no pre-requisite for this course, it is recommended that participants have either 5 years’ experience in revenue management, or have attended the PDP course Hotel Revenue Management or the online series in Hotel Revenue Management. Those who have completed “Advanced Revenue Management and Pricing for Hotels” in previous years should not enroll in this course due to significant overlap of course material.