Course Details
Course Outline
5 days course
Introduction to pricing strategies
- Business foundations for successful pricing strategies
- Pricing – perspectives from different industries
- Value-Based Pricing
- Types of pricing strategies
- Key KPIs behind pricing strategies
- Common mistakes in pricing
What is revenue management (RM)?
- Definition and a brief history
- Objectives, principles, and elements of RM
- Necessary conditions for revenue management
- Revenue management vs. yield management
- The importance of revenue management
- RM terms and performance indicators
RM and Forecasting
- The economics of revenue management
- Demand management
- Unconstrained demand vs. constrained demand
All about forecasting
- What is forecasting?
- Why is forecasting so important?
- Booking curve and pickup forecasting
- Forecasting methods
- Error measurement
- Useful forecasting tips
- Overbooking
- A quick introduction
- Policies concerning overbookin
Inventory allocation and capacity control
- The basics of inventory allocation
- Expected marginal revenue
- Nested reservation system
- Protected level vs. booking limit
- Group management
Implementation of revenue management systems
- How can a revenue management system help
- Features of a revenue management system
- Revenue management and data sources, analytics, and visualization
