Marketing and Revenue Management
About This Course
1. Explain how Revenue Management (RM) contributes to the commercial success of an organization.
2. Apply marketing techniques to effectively and efficiently evaluate situations and business requests.
3. Examine how internal and external environmental impacts an organization’s strategic direction to maximize yield in a competitive market.
4. Compare key performance data to show business trends that translate into marketing and revenue management strategies.
5. Examine the scope and process of Revenue Management (RM) challenges and to achieve the best possible revenue outcome and formulate strategies for sustaining competitive advantage.
6. Compare various business perspectives of customer value that affects yield management decisions.
What You'll Learn
Key topics that will be covered in the module are:
• Market Segmentation
• Positioning and Branding
• Internal and external environment assessment
• Performance Indices and their analysis
• Current data analysis and tools
• Forecasting and their tools
• Marketing techniques and strategies
• E-commerce and their relevance
• Revenue displacement analysis
• Total customer worth and value
They will be required to draw from work experiences and apply this prior knowledge during the course of the module and project. They will evaluate and apply hotel key performance indicators, rate plans, booking trends and patterns, forecast, length of stay and occupancy levels to devise marketing and revenue plans. This also allows for better business situational awareness to evaluate commercial requests to optimize yield.
Processes and procedures will be identified and these will be continuously reviewed and evaluated to optimize yield of a business decision. It involves a range of processes and techniques from the Revenue Map, price management, marketing strategies, and E-commerce and channel distribution methods.
These principles and techniques can be applied in business environments to optimize revenue, yield, and profitability and concurrently balance both customer satisfaction and operational efficiency (e.g. hotel room sales, restaurant sales revenue and meeting space sales etc.)
Entry Requirements
The applicants should possess a relevant local polytechnic Diploma or Degree in Business or Hospitality from recognized institutions. They should also have at least 2 years of relevant working experience.
Applicants who do not meet the entry requirements may be considered for admission to the course based on evidence of at least 5 years of relevant working experience or supporting evidence of competency readiness. Suitable applicants who are shortlisted will have to go through an interview and/or entrance test.