SHA10
Developing and Implementing a Strategy for Restaurant Revenue Management
Implement a restaurant revenue management strategy to increase return on investment. Measure improvement associated with implementation, and develop detailed recommendations to further increase revenue.
Description
Starting from baseline data, this course will explore implementing restaurant revenue management strategies in order to achieve maximum profits in foodservice operations.
Course participants will learn to develop detailed recommendations for improving revenue using restaurant revenue management. You will analyze the potential return on investment associated with implementing restaurant revenue management strategies, as well as how to measure the improvement associated with implementation of those strategies.
Who Should Take This Course?
Foodservice professionals from hotels, chain and independent restaurants, and other hospitality outlets looking to increase profits and advance their careers.
Course Format
eCornell takes a problem-based approach to learning, and builds each course around realistic case studies and scenarios. All courses are self-paced, and are facilitated by an eCornell instructor, who leads the online discussions and is available to answer any questions about the course content.
This course contains the following modules:
- The Revenue Management Approach for Restaurants
- Five steps in restaurant revenue management
- Hot/Warm/Cold approach to revenue management
- Using RevPASH or seat occupancy to identify hot, warm, and cold periods
- Developing a Strategy: Duration and Occupancy
- Managing arrivals
- Table mix
- Managing meal duration
- Developing a Pricing Strategy
- Scenarios in which price can and cannot be varied
- Strategies to make price more variable and to effectively implement variable pricing
- Menu engineering
- Choosing the right pricing strategy and setting the right price
- Implementing a Strategy
- Understanding and monitoring the financial impact of a chosen revenue management strategy
- Estimating the payback period
- Implementation issues related to staffing, management, and training
- Measuring results
Benefits to the Learner
After completing this course, participants will be able to:
- Develop detailed recommendations for improving revenue using restaurant revenue management
- Implement and discuss the effectiveness of strategies to increase hot revenue
- Analyze the potential return on investment associated with implementing restaurant revenue management strategies
- Measure the improvement associated with implementation of strategies developed using restaurant revenue management
Authoring Faculty
Sheryl E. Kimes, Ph.D., Professor
Sponsoring School
Cornell University's School of Hotel Administration
Total Learning Time
Approximately twelve to fifteen hours over a period of four weeks.
Certificate Information
This course can be applied toward the following certificates:
ACE CREDIT Recommendation
This course contributes to an eCornell Certificate Program that has been recommended for college credit by the American Council on Education's College Credit Recommendation Service (CREDIT). Please refer to the Certificate information page for additional details.
With all eCornell courses, access is easy. Participants only need a computer and an Internet connection. To view specific technology requirements, visit our Technology Requirements page.
