How do top up degrees work?
Qualification
Revenue management is the application of disciplined tactics that predict consumer behaviour and that can optimise product availability and price to maximise revenue growth. Revenue management originated in the airline industry when they discovered customer segmentation. It has the principle of selling the right product or service at the right price to the right customer at the right time on the right distribution channel with the best commission efficiency. To ensure effective revenue management is possible in a hotel, it needs to have the following basic ‘ingredients’ in place such as market segmentation, historical demand and booking patterns, the use of revenue information systems and an overbooking policy. Increasingly employers and professionals within hospitality operations are recognising the importance of revenue management and its impact on the success of their organisation. Therefore, with revenue management being such an active part of hotel management, many hotels have created a revenue manager role. The job of the revenue manager is to oversee the room inventory and room rates offered throughout the year to groups and individuals and through the various distribution channels. A successful revenue manager must be a well-rounded individual, with multiple skills such as attention to detail, numerical skills, analytical skills, relationship and interpersonal skills as well as good communication and negotiation skills. Revenue managers maximise room revenue by managing room inventories while applying analytical and technical knowledge of hotel reservation and Front Office systems. They develop, implement, monitor and control revenue (money) and sales (rooms) strategies through the use of key performance indicators (KPI’s) such as room occupancy percentage, average daily rate and revenue per available room (RevPar). They can then measure their success using these KPI’s by comparing them against budget and last year. They could also measure their effectiveness against a competitors’ set. This is usually done through reviewing online travel research platforms for front office KPI’s, such as rooms sold, RevPar and rooms revenue.
This Module teaches how to deal with life’s stresses and challenges. This is a key ‘life skill’ that every...
The Time Management model offers a useful range of skills. Improvements in each will have an impact on how...
It is estimated that we have over 50,000 thoughts a day – positive, negative, frightening, enlightening or just crazy...
It is estimated tyhat in UK last year, nearly 20 million customers were lost by companies because of poor...