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:

• Master Certificate in Foodservice Management
• Certificate in Foodservice Management