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Revenue management is key to any business that has relatively fixed capacity, perishable inventory, and time-variable demand. This course introduces you to the basics of revenue management in the hotel industry: how to apply pricing and length-of-stay tools and how to measure your revenue management performance. It is designed to inspire you to shift your thinking about revenue management from a focus on occupancy and average room rate to a focus on revenue per available room (RevPAR).

This course teaches you how to accurately forecast guest arrivals at your hotel, examine pricing models in accordance with revenue management principles, and to manage overbooking. All of the techniques and practices discussed in this course are applicable to a variety of service management roles.

By completing this course you will have compiled detailed notes and recommendations for implementing revenue management at the organization where you work.

 

Successful revenue management strategies hinge on the ability to forecast demand and to control room availability and length of stay. This course explores the role of the forecast in a revenue management strategy and the positive impact that forecasting can also have on staff scheduling and purchasing.

Authored by Professor Sheryl E. Kimes from Cornell University’s School of Hotel Administration, during this course you’ll get a step-by-step approach to creating an accurate forecast as you learn how to build booking curves, account for "pick-up", segment demand by market, group, and channel, and calculate error and account for its impact.
 

This course includes:

  • Five self-check quizzes
  • Two discussions
  • Two Ask the Expert interactives
  • One activity
  • One downloadable tool to use on the job
  • One action plan to apply what you learn
  • One video transcript file

A smart pricing strategy is the best way to increase revenue. This course teaches you how to set prices, develop rate fences (differentiate prices by customer type), and use multiple distribution channels to manage price more effectively.

You'll also learn about the impact of variable pricing and discounting on revenue management in the context of price elasticity, optimal price mix, perceived fairness, and congruence with positioning and sales strategies.

Discover the ins and outs of channel management, an essential tool for controlling differentiated pricing, maintaining rate fences, and increasing revenue. Explore various approaches to managing distribution channels including direct sales, agencies, the Internet, and opaque pricing channels. Sheryl E. Kimes, professor at Cornell University’s School of Hotel Administration, will provide you with the knowledge you need to help run a successful organization.
 

This course includes

  • Five self-check quizzes
  • Two discussions
  • Two Ask the Expert interactives
  • An action plan to apply what you learn
  • One video transcript file

 

Businesses that accept reservations must cope with the problem of no-shows: customers who make a reservation but fail to honor it. Hotels can protect themselves against revenue loss from no-shows by overbooking. This course teaches you how to strategically overbook and how to evaluate groups in order to determine which rates to charge.

You will examine the components of a successful overbooking strategy: no-show forecasting, no-show rates, arrival uncertainty, pricing policies, and cancellation forecasts. You will consider the risks of overbooking and review strategies to minimize costs and mitigate customer impact.

This course, authored by Cornell University Professor Sheryl E. Kimes, will help you create a group forecast and explore yieldable and non-yieldable business and incremental group costs and revenue opportunities. Finally, you will employ models to calculate displacement costs and contribution margins to determine which customer groups will return the most profit.
 

This course includes:

  • Four self-check quizzes
  • Two discussions
  • Two tools to download and use on the job
  • Three Ask the Expert interactives
  • One activity
  • Two action plans to apply what you learn
  • One video transcript file

Any business that has relatively fixed capacity, perishable inventory, and time-variable demand can increase revenue using revenue management—not just hotels. This course, authored by Cornell University’s Professor Sheryl E. Kimes, reviews the basics of revenue management and outlines the application of revenue management principles to other businesses, both inside the hotel and beyond, such as spas, restaurants, and golf courses.

Through your work on the course project, you will reinforce what you have learned about the refinement and extension of revenue management practices and will develop notes and recommendations for implementing and extending revenue management at the organization where you work.
 

This course includes:

  • One self-check quiz
  • Two discussions
  • One tool to download and use on the job
  • Three Ask the Expert interactives
  • One scored project in multiple parts
  • One video transcript file

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.

You'll investigate individual cases and strategies used by the world's top airlines, casinos, hotels and car rental businesses. Learn how these top companies optimize their price setting and inventory control measures to generate maximum profit and minimize systematic inefficiencies.

Whether you're 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 Hospitality Revenue Management certificate program. You are required to complete Pricing and Inventory Controls first in this series of five courses.

Pricing strategy is the central component in your overall profit performance. This online course prepares you to anticipate the impact certain pricing decisions will have on consumer demand and thrive in a highly competitive environment.

You'll learn to measure demand sensitivity to your price changes, measure the overall impact and even analyze and improve upon your competitors' strategies. See how pricing strategies in economic declines can bring volatility and bring about a "price war" situation, like that of the airline industry. This course also provides the tools to conduct a break-even analysis, which is used to determine a baseline volume and price that will generate positive revenue.

Closely aligned with the break-even analysis is the concept of price elasticity, which is the measurement of change in demand as it relates to a change in price. By measuring demand sensitivity, running a break-even analyses and forecasting price elasticity you'll be able to develop have a measured, data-driven approach to pricing strategy geared toward positive revenue generation and sustained profitability for your operation.

Segmenting your customer base is critical to developing a variable pricing scheme. By identifying core groups of customers and their purchasing habits, you can target them accordingly by setting prices that will help you win their business over your competition. Without proper segmentation, however, dynamic pricing can backfire, which can alienate consumers and turn them into perpetual deal-seekers.

This course expands upon the central concepts in revenue management—RevPAR (Revenue Per Available Room) and RevPASH (Revenue Per Available Seat Hour)—with the goal of selling the right room or reserving the right table for the right person at the right time. Get your organization properly managing inventory and using market-based pricing to maximize revenue.

If you can achieve a workable segmentation and variable pricing scheme, you won't need to adjust prices as often. Many hotels and hospitality organizations have used stable prices to create a marketing advantage, by providing stable rates for customers who appreciate consistency. Finding the right mix in variability and stability in pricing, and setting upgrade policies, are what generate repeat business from happy customers and create an environment for sustained profitability.

Group events, conferences and negotiated business bookings frequently account for over 50% of hotel room reservations. This course will prepare you to develop your own data-driven, systematic approach to group pricing.

You'll also learn how to anticipate displacement—specifically how a property estimates the number of future arrivals that will have to be turned away when at capacity. Predicting transient business (non-group, individual business travelers) amid negotiated bookings is also a component when considering the effects of displacement on customer satisfaction.

Forecasting displacements and setting parameters for negotiating price will help you determine the number of rooms to allocate to each customer segment. Another key metric is win rate—the probability that a group will accept the quoted price—and the trade-offs to be made around profit margins.

Today's consumers rely less upon traditional travel agents and more on web-based research when booking travel. In this online course you'll learn to develop online strategies designed to improve your standing in Internet search results, called Search Engine Optimization (SEO), and increase your visibility to target customers.

Learn how to optimize your position on Internet search results and increase conversions: the moment when a search becomes a purchase. Online travel agencies are especially popular because they provide one-stop convenience and notifications for consumers searching for deals and promotional opportunities. The success of online travel agency is largely attributable to their marriage of leading-edge technology and a keen insight into consumer behavior patterns.

Every property’s finance function keeps detailed records of the daily transactions involved in the running the organization. Periodically, they create reports that allow management, stakeholders and regulating authorities to have insight into the financial health of the organization. As a manager, you need to understand both the metrics that are reported in income statement, balance sheets, and cash flow statements, and how they relate to each other. You also need to understand how comparing numbers across your company, the industry, and from year to year, can help you assess the overall financial performance of the firm.

The in-depth review of sample case studies in this course will provide you with the tools you need to examine your own property’s reports. As you make budgeting and investment decisions, your knowledge of how vital financial markers indicate relative health in the organization will help drive initiatives to meet your company’s financial goals.

 

Project Management Institute (PMI®) Continuing Certification: Participants who successfully complete this course will receive 6.5 Professional Development Units (PDUs) from PMI®. Please contact PMI® for details about professional project management certification or recertification.

 

A company’s financial performance, and its ability to grow and thrive over time, can be assessed through ratio analysis, the basic evaluation tool for asset management, solvency and profitability. Whether you are managing the financial performance of a department, unit, or the organization as a whole, working with these ratios can help identify opportunities and allow you to make adjustments to improve performance.

As you become familiar with asset management ratios such as days sales outstanding and days to turnover, you will be able to apply these techniques in comparing your company’s performance against others in the industry and against its own financial history. The ratio analysis tools you learn will help your organization to design and implement initiatives for increased productivity and profitability.

 

Project Management Institute (PMI®) Continuing Certification: Participants who successfully complete this course will receive 6.75 Professional Development Units (PDUs) from PMI®. Please contact PMI® for details about professional project management certification or recertification.

 

Successful marketing and revenue generation in hospitality requires the management of an array of new media including, social, mobile, and search. While these new media enable marketers to reach customers in ways that were previously not possible, successful use must be anchored by core marketing and demand management principles. This course provides you with a grounding in brand management and focuses on the importance of identifying and establishing your "brand promise": the experience your guests take away from engaging with your brand as the basis of new media management.

You'll experience the challenges involved in maintaining your brand's promise across a growing array of new media channels. You'll be exposed to sound marketing concepts, advice from industry experts, and actual experience with new media in exercises and simulations. You'll then take what you have learned and apply it to your existing marketing efforts based on industry best practices and time-tested frameworks for profitable marketing.

You'll learn directly from some of the heaviest hitters in new media for hospitality - CEOs, search, social and mobile media consultants, property-level managers, and more through interactive projects and compelling video exercises. See first-hand how the successful implementation of new media can help you deliver on your firm's "brand promise", enabling you to deal with market uncertainties and guide your organization toward sustained profitability.

Hospitality marketing is fast shifting from traditional media to digital forms (e.g., social media, video, website and search, plus mobile applications). New-media technologies have changed the ways consumers experience and value a product or service. So how can you draw on these technologies to enhance your operations and provide distinct customer value? And how can you be sure your efforts in new media are producing tangible returns?

In this course, you'll examine innovations and trends in new media, and ways to leverage them to your brand's advantage. You will consider how new media can improve your marketing efforts by managing customer expectations and enhancing the consumer experience, and you'll discuss how to measure the success of those efforts. You'll also determine what organizational considerations will allow you to better leverage the evolving impact of new media and plan the future structure and role of your organization in this important area.

Explore this content through a mix of input from hospitality industry experts, hands-on practical activities, and the presentation of sound principles by Cornell faculty. Experience the content through the use of a fictional hotel case study with valuable feedback provided by your online instructor and peers.

Managing a business means managing its financial resources, regardless of your job title. Your ability to make smart decisions about projects relies on your understanding of  timelines and cash-flow calculations to track cash flow and payments, the value of securities and investments, and how to determine overall cost effectiveness. To do this, you need a good working knowledge of a number of financial concepts.

This course introduces you to those concepts and shows you how to perform important calculations using financial calculators and popular spreadsheet applications. You’ll develop an intuitive understanding of the concepts and have a chance to practice applying the tools. You will come away with the tools to ensure that your company has the best possible chance of project success through managing its financial resources wisely.

* Participants in this course need one of the two financial calculators below.

  • Hewlett-Packard 12C, or
  • Texas Instruments BA II Plus

Both calculators are available at most office supply stores and from a variety of online sources. There is also a Texas Instruments BA II Plus app for iPhone and iPad , which meets the calculator requirement for this course.

Project Management Institute (PMI®) Continuing Certification: Participants who successfully complete this course will receive 6.75 Professional Development Units (PDUs) from PMI®. Please contact PMI® for details about professional project management certification or recertification.

 

The key to financial success for any business is choosing the right projects to pursue at the right time, for the right price and with the right financing structure. Your role as a manager includes participating in decisions about which projects make sense for the company and are likely to return a profit.

To do so, there are six concepts you need to understand: net present value, internal rate of return, payback period, discounted payback period, profitability index, and equivalent annual cost. Non-financial managers need to be conversant in how each of these concepts work to be able to offer valuable insight and expertise.

Working through the examples in this course using both a financial calculator and popular spreadsheet applications will help you practice applying the tools and strategies, and will set you up to make project decisions that lead to growth and profitability.

* Participants in this course need one of the two financial calculators below.

  • Hewlett-Packard 12C, or
  • Texas Instruments BA II Plus

Both calculators are available at most office supply stores and from a variety of online sources. There is also a Texas Instruments BA II Plus app for iPhone and iPad , which meets the calculator requirement for this course.

 

Project Management Institute (PMI®) Continuing Certification: Participants who successfully complete this course will receive 6.75 Professional Development Units (PDUs) from PMI®. Please contact PMI® for details about professional project management certification or recertification.

 

Every financial decision a firm makes is a balancing act between risk and return. Funded projects can return significant revenue to the company. The risk is that the cost of the project may exceed the return, especially when the need to compensate capital providers is factored in. Being able to accurately assess both the risk and potential return of capital budgeting projects is an important part of your role as a manager.

Your work in this course will include learning how to calculate the hurdle rate, which is the minimum value a project must return, and then how to forecast the expected return. You will get to know the different asset classes and how to think about them in terms of the associated risks.

The tools from this course will help you measure risk and calculate the weighted average of the required returns as a way to ensure that your company chooses the right capital projects.

 

Project Management Institute (PMI®) Continuing Certification: Participants who successfully complete this course will receive 3.5 Professional Development Units (PDUs) from PMI®. Please contact PMI® for details about professional project management certification or recertification.

 

Your new project not only needs funding—it needs the right type of funding. You need to know how to choose between debt and equity funding, and when to consider acquiring funds from capital markets. These outside funding sources will have their own expectations for rates of return, and the cost of this funding is driven by a number of external factors such as the state of the economy and the industry.

Making sound capital budgeting and funding decisions is a vital part of your role as a manager, and this course shows you how characteristics of capital markets impact the process and prospects of raising capital. Learn how to observe external economic data, tips for developing strategies to balance debt and equity at your firm, and how decisions regarding corporate restructuring, mergers, acquisitions and bankruptcy are made.

These concepts, when put into action, will help ensure that you are maximizing the value of your firm using the correct balance of debt and equity.

 

Project Management Institute (PMI®) Continuing Certification: Participants who successfully complete this course will receive 4 Professional Development Units (PDUs) from PMI®. Please contact PMI® for details about professional project management certification or recertification.

 

The primary function of marketing in business is to identify customers and hold their attention in order to deliver a valuable product or service. Marketing departments help differentiate a company from competitors by building brand recognition and creating sales collateral such as websites, sell sheets, presentations and print ads, which in turn support sales departments and position the company to meet revenue goals. Marketing is also typically responsible for gauging customer satisfaction and managing client relationships, in addition to compiling testimonials, soliciting referrals and developing case studies.

Learn fundamental marketing concepts and principles as they relate to hospitality, observe marketing in action through case studies and understand how to put that knowledge into practice. This course prepares you for leadership and success in hospitality marketing.

Market research is the cornerstone of the marketing process. It helps companies identify customers and marketplace demand and reveals how a company's products or services are received by customers. Anticipating and tracking customer behavior is vital to the success of any marketing initiative.

This course introduces the reasoning and methodology behind effective market research. Learn best practices in data collection and market segmentation, and gain a thorough understanding of market analysis and strategic positioning. Explore the stages of the buying process and examine factors that influence consumer buying patterns. You'll also identify potential conflicts between a consumer's perception of a product or service and the way a marketer may position it.

Learn what to sell, to whom and how to promote those products and services with market research. For many in the hospitality profession, business begins and ends with thorough, effective market research.

Marketing success requires both careful analysis and smart planning. You must identify target markets, strategically promote to customers, and ensure that the product design, price and presentation line up with client needs and perception of value.

Because these issues are so critical—product design, pricing, promotion, and place/distribution—they are constantly evaluated and reevaluated by marketers as the set of factors and decisions known as the "marketing mix".

In this course, you focus on a key market segment for one product (or service) and attempt to increase its probability of purchase by focusing on product, price, place, and promotion. Explore product life cycles, new product development, product innovation and adoption, and how service quality is measured. You learn about tailoring the product, the price, the place, and the promotion to arrive at an optimal "marketing mix" for your business.

In marketing, the concept of "place" refers not only to the physical location of your business, but also to distribution channels through which target markets are reached. The old business adage "location, location, location" still rings true as a reliable determinant of success, especially in hospitality. But with the emergence of online travel agencies, package travel, and intensified, highly targeted tourism marketing attracting customers has become far more complicated than just a few years ago. By developing a more modern concept of "place", you gain new advantages in reaching target markets.

Technology and the "information overload" environment present difficult challenges and new opportunities to promote to potential customers. This course covers advertising, professional selling, sales promotion, direct marketing, and public relations. As you discover through coursework, the process of defining your target market is inextricably linked to your decisions about promotional methods and channels.

In this course you'll learn how to assess a restaurant's revenue capability and how to maximize its profitability. With the Restaurant Revenue Management (RRM) system, you can create conditions and manipulate factors such as meal duration and price to bring in more revenue. Learn key the concepts of Restaurant Revenue Management, examine methods of measuring revenue-management success, compare those measures to traditional indicators of success, and learn the five-step approach to establishing a revenue-management system.

You can determine a restaurant's revenue capability by calculating its "revenue per available seat hour", and discover the value of identifying and modifying business practices to accommodate hot, warm, and cold revenue periods.

Learn the five steps of the revenue management process and examine the conditions necessary for proper implementation. You'll also review case studies of restaurants around the world that have used the RRM system and have seen two to five percent revenue increases.

If you're wondering what might be inhibiting your ability to generate revenue, this course shows you how to find solutions in your standard service cycle data. Learn what data to collect and how to run a proper analysis.

Through an examination of two case studies, the course illustrates how service cycle durations are measured and how "revenue per available seat hour" (RevPASH) is calculated. Combined, these measurements enable you to generate revenue and profit more efficiently.

This course introduces you to several additional tools used to identify and rectify the underlying causes of operational shortcomings. Together, service blueprints, bottleneck analyses, and fishbone diagrams can help you isolate and solve those pressing issues. You'll learn hands-on how to use these tools and how to leverage RevPASH to the greatest effect.

Building on concepts learned in Restaurant Revenue Management, this course further explores the correlation between meal duration, occupancy levels and revenue. Learn how to create an optimal table mix and increase revenue by using formulas to balance occupation, reservations and meal duration.

Position your business for greater profitability by using formulaic approaches and time-tested methods to quantify demand and manipulate table mix.

This course teaches foodservice managers how to increase revenue through strategic pricing. Explore concepts in revenue management and implement a strategy built on variable pricing, price discrimination, price elasticity, price customization, demand-based pricing, rate fences, and menu engineering.

Learn how to calculate costs and estimate the payback period for potential investments associated with implementation. You also examine related staffing, management and training issues as they relate to pricing and revenue management.