About the Course
Maximising revenue in your business is all about implementing a smart pricing strategy. Through each of the modules in our Pricing Strategies course you will develop a good understanding about the fundamentals of pricing so you can run a profitable hotel. Starting with the basics of pricing, you will discover why it is important in your business, how it is used and most importantly how to set your pricing at the right level to maximise profitability. The course will then progress into more of the specifics of your pricing strategy such as creating your rate fences, setting your pricing for each type of customer, and being able to use multiple distribution channels in your business. Concepts such as variable pricing and discounting will also be covered so too will price elasticity, optimal price mix, congruence and perceived fairness. You will also be able to develop and implement comprehensive positioning and sales strategies.
The course will equip you with the knowledge, skills and expertise to understand channel management and use this as a powerful resource to monitor and maintain pricing and rate fencing while boosting your revenue. The various distribution channels will be explored too including direct sales, the internet and the use of agencies.
Students are encouraged to complete ‘An Introduction to Hotel Revenue Management’ before starting this course to give you a solid understanding of revenue management concepts.
Who should complete this Course?
The Pricing Strategies in Hotel Revenue Management course is suitable for a range of professionals including Directors and general managers as well as other hospitality specialists who are accountable for the financial performance of a hotel.
Business support staff would also find this course beneficial including night auditors and desk managers as well as sales and marketing analysis who want to make more of an impact on the profitability of the business.
Any professional who would like to pursue a managerial position in the hospitality industry would also find the content of this course useful.
By the end of this course, students should have a good understanding of:
- Best practice for achieving a variable pricing model for your business
- Techniques to set suitable rate fences targeted to specific customer segments
- How to conduct analysis into the performance of distribution channels
- Assessing customer perceptions of fairness
The interactive e-learning course allows you to study at your own pace, acquiring all of the necessary skills and knowledge easily as you progress through the various sections. Test Your Knowledge questions will reinforce your understanding as you go, and at the end of the course you will need to complete and pass a multiple-choice quiz to obtain your certificate.
Duration and Time Limit
This course can be completed in approximately 3 hours from start to finish, although you can do it in your own time.
Upon successful completion of this Institute of Hospitality endorsed course, students will receive their PDF certificate.
We only work with the very best
Our training courses are written and managed by hospitality professionals with many years experience in their field. You will be learning from the best and you will come away from your training inspired by mentors who understand your aspirations and requirements.