Chris Anderson is a professor at the Cornell School of Hotel Administration. Prior to his appointment in 2006, he was on faculty at the Ivey School of Business in London, Ontario, Canada. His main research focus is on revenue management (RM) and service pricing. He actively works with industry, across numerous industry types, in the application and development of RM, having worked with a variety of hotels, airlines, rental car and tour companies, as well as numerous consumer packaged goods and financial services firms. Anderson’s research has been funded by numerous governmental agencies and industrial partners. He serves on the editorial board of the Journal of Revenue and Pricing Management and is the regional editor for the International Journal of Revenue Management. At the School of Hotel Administration, he teaches courses in revenue management and service operations management.
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.
- Employ transient revenue management techniques and negotiated selling
- Learn how to calculate optimal market mix
- Determine the optimal mix of negotiated versus transient business
- Evaluate requests for group/negotiated business