Price and Inventory Controls
Technology- and Internet-savvy consumer behaviors have fundamentally changed the way in which revenue is managed. This online course encourages those schooled or experienced in traditional revenue management to elevate and fine-tune their approach to price manipulation, length of stay, and demand and availability control. This curriculum will prepare students to succeed in this new, highly competitive hospitality landscape.
Participants will investigate individual cases and strategies used by the world’s top airlines, casinos, hotels and car rental businesses. They will learn how these top companies optimize their price setting and inventory control measures to generate maximum profit and minimize systematic inefficiencies.
Whether preparing to create a proprietary revenue management system or use a commercially available revenue management system, the principles and techniques learned in this course will serve as a foundation for the rest of the Advanced Revenue Management certificate program. Participants are required to complete Pricing and Inventory Controls first in this series of five courses.
Who Should Take this Course?
This course is designed for general managers, revenue and finance managers, operations, sales, marketing and other hospitality professionals who are responsible for the financial performance of their organization. Professionals with at least 3 years of experience in their industry will see the greatest benefits. This course provides advanced instruction in revenue management and teaches the industry-critical skills and advanced techniques used by top performers the world over.
Participants who complete this course will be able to…
Estimate the marginal value of capacity
Increase revenue through price, length of stay, demand, and availability controls
Make pricing decisions based on calculations of uncertainty
Increase your use of multiple resource controls, including rate and length of stay in your overall revenue management strategy
Module 1 - Single Resource Pricing and Control
- Price and Duration Controls
- Demand Control for Rooms
- Customer Segmentation and Demand Controls
- Upgrading and Upselling Opportunities
Module 2 - Multiple Resource Pricing and Control
- Simultaneous Decision Making
- Rate and Length of Stay Controls
- Maximize Revenue
- Christopher Anderson, Professor, School of Hotel Administration