The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy from Coursera

With a fixed capacity, a highly disposable product and high fixed costs, hotels are a natural candidate for the application of revenue management. Originally developed by the airlines in the 1970s, these analytics-based techniques help predict consumer behavior at the hotel’s market level so that the hotel can sell each room each night at the optimum price.

With modern-day rising acquisition costs and distribution complexities, revenue management techniques have increasingly been adopted by both small and large hotel companies, making a comprehensive understanding of segmentation, forecasting and pricing an essential requirement for today’s hospitality professionals. The purpose of this course is to provide a core understanding of the fundamentals of revenue management, which ties into the larger picture of revenue strategy. The course is structured to provide an insightful look into Revenue Management.

Created in conjunction with Duetto, this course is hosted by a group of revenue management leaders in both theory and with hands-on experience at properties around the world. Upon completion of the course students should be empowered with industry best practices, which can be applied across the vast diversification the hotel industry to empower those to optimize profits. Duetto delivers powerful revenue strategy solutions to the world’s leading hotels and casinos, combining unparalleled expertise with world-class cloud-based technology.

Acknowledgement: Bela Nagy, Agnes Roquefort , Jonathon Liu, Frederic Toitot, Pierrick La Masne, Markus Keller - ACCOR Simone Truscello - ACE HOTELS. Richard Valtr - MEWS SYSTEM. Jean-Luc Chrétien - FAST BOOKING. Jeannette Ho - FAIRMONT RAFFLES HOTELS & RESORTS. Chinmai Sharma - TAJ HOTEL & RESORTS. Cindy Estis Green - KALIBRI LABS. Jason Thielbar - RED LION. Christopher Cooper - ROCCO FORTE. Rom Hendler - SANDS. Rafi Rejerano - AB Hotels. Riko Van Santen - KEMPINKI HOTELS & RESORTS. Vinod Sukhija - BANYAN TREE HOTELS & RESORTS. Olivier Flement - WALT DISNEY COMPANY. Cidalia Pinto Coehlo - LOUVRE HOTELS. Trevor Stuart-Hill - REVENUE MATTERS. Vincent Cusma, Marco Benvenuti, Eric Stoessel, Gayle Ehrean, Nevin Reed - DUETTO. Claire Bertrand, Vincent Chatain, Jessica Moses, Benjamin Six (ESSEC Business School), Emilie Dupré (IMAGE-IN), Gregory Halidy (TRIPLAY)

What's inside

Syllabus

Getting Started with Revenue Management

Welcome! In this first module, you will understand what revenue management is, why it’s important, simple steps to get started, how revenue management can increase profit through booking curve management and how effective yielding can improve a hotel’s profits. Moving forward, we’ll share best practices and better prepare you for today’s complex digital age.

Introduction to Segmentation

In this second module we will discuss segmentation 101, four things to consider while determining segmentation, as well as our best practices in regards to working with properties who need to go through a re-segmentation exercise, and presenting you with some key takeaways.

Introduction to Forecasting & Budgeting

In this third module, you will have an overview of forecasting and its basic terminology, explore forecasting goals, trends and tools, and understand how to link forecasting and budgeting together.

Introduction to Pricing

This last module should help tie together concepts from the previous three modules to give you a practical understanding of the fundamentals of revenue management. You will understand why pricing is important, the difference between common pricing strategies, and what are the 7 most common pricing mistakes. After that we will revisit the topic of Big Data, automated systems, and system connectivity as it and discuss best practices for pricing.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Introduces segmentation, which is a basic concept in revenue management

Examines forecasting and budgeting, which are fundamental processes in revenue management

Provides insights into pricing, which is a key aspect of revenue management

Emphasizes effective yielding, which is a common strategy used in revenue management

Covers booking curve management, which is a crucial technique in revenue management

Shares best practices in revenue management, which are essential for optimizing hotel profits

Reviews summary

Revenue management fundamentals for the hospitality sector

learners say this course is a well-received introduction to revenue management essentials for the hotel industry. It covers key concepts like segmentation, forecasting, pricing, and analysis. Instructors are knowledgeable and present the material in a clear and engaging way. However, some links to external resources are unavailable and some learners found the final exam challenging.

Instructors are knowledgeable and present material in an engaging way.

"The best course of pursuing the path of becoming Hotel GM!!"

"Really , the trainers are so professional , with their utmost philosophy of simplicity to their audience and their data is very sufficient to manage each one to have the utmost revenue to his property ."

Learners find the course content applicable to their work in hospitality.

"I have been working in the hospitality industry for around 3 years. I found a lot of useful knowledge in the course. It is practical and informative. Highly recommend the course. "

"The whole concept is great, same as in the Distribution course. Amazing and enjoyable!"

Concepts are explained in a simple and easy-to-understand manner.

"The course is so helpful and it was delivered in a very clear term, the instructor are very knowledgable of the subject with excellence presentation skills. "

"O curso em si é muito bom.O curso esta bastante claro , simples e fácil de se entender.Objectivo como sempre."

Learners find the final exam challenging.

"Actually, the course is not bad. But the videos and documents are quite old. This part of the specialization needs a revision to a more current state."

"The final exam is very difficult and practical; unfortunately they don’t give you any preparation for affront it with, for example, exercises practice."

Some of the course's readings and videos are outdated and unavailable.

"I am so pleased and grateful with the knowledge I am getting through this experiences. They will be very useful in my career."

"There is a lack of hands-on exercises and that the majority of links does not show the content (at least 4 in every 5 are broken)."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy with these activities:

Read 'Data Science for Business' by Foster Provost and Tom Fawcett

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Review the foundational concepts of data science and its applications in a business context by reading 'Data Science for Business' by Foster Provost and Tom Fawcett, gaining insights into real-world scenarios and industry best practices.

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Purchase or borrow a copy of 'Data Science for Business'.
Set aside dedicated time for reading and note-taking.
Summarize key concepts and ideas from each chapter.
Reflect on how the concepts apply to your own work or career aspirations.

Organize and review your notes, assignments, and materials

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Regularly compile and review your notes, assignments, and other course materials to reinforce your understanding, identify areas for improvement, and prepare effectively for assessments.

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Create a system for organizing your notes, assignments, and materials.
Review your notes after each lecture or class session.
Complete assignments thoroughly and review them for understanding.
Utilize flashcards or other tools to test your knowledge and identify areas where you need additional support.

Seek guidance from experienced data scientists or industry professionals

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Connect with experienced data scientists or industry professionals who can provide guidance, share insights, and support your professional development, enhancing your understanding of real-world applications and career paths.

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Identify potential mentors through professional networks, conferences, or online platforms.
Reach out to mentors and express your interest in their guidance.
Schedule regular meetings or connect informally to discuss your progress and seek advice.

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Join a study group or online discussion forum

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Engage with peers through a study group or online discussion forum to exchange ideas, ask questions, and collaborate on assignments, fostering a sense of community and enhancing your understanding of course material.

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Identify or create a study group or join an online discussion forum related to the course.
Actively participate in discussions, ask questions, and share your perspectives.
Collaborate with group members on assignments or projects to gain diverse insights.

Solve coding challenges on platforms like LeetCode or Codeforces

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Engage in regular coding practice on platforms like LeetCode or Codeforces to improve your problem-solving skills, strengthen your understanding of algorithms and data structures, and prepare for technical assessments.

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Identify a coding challenge platform that aligns with your learning objectives.
Select coding challenges that target specific concepts or techniques.
Solve the challenges and review your solutions against optimal approaches.
Track your progress and identify areas for improvement.

Develop a data visualization dashboard for a real-world dataset

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Create an interactive data visualization dashboard using tools like Tableau or Power BI to demonstrate your understanding of data visualization techniques and gain hands-on experience in presenting insights from data.

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Choose a dataset of interest and gather relevant data.
Explore the data and identify key insights and trends.
Design and develop a visually appealing and informative dashboard.
Present your dashboard and insights to a small group or online forum.

Contribute to open-source data science projects on platforms like GitHub or Kaggle

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Get involved in open-source data science projects on GitHub or Kaggle to gain practical experience, collaborate with others, and contribute to the broader data science community, enhancing your understanding of real-world applications and best practices.

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Identify open-source data science projects aligned with your interests and skills.
Review the project's documentation and contribute code changes or improvements.
Engage in discussions with other contributors and the project maintainers.
Share your contributions and insights with the broader community.

Career center

Learners who complete The Fundamentals of Revenue Management: The Cornerstone of Revenue Strategy will develop knowledge and skills that may be useful to these careers:

Revenue Manager

A Revenue Manager is an expert in the field of revenue management, which is the process of maximizing revenue by optimizing prices and inventory. This course provides a comprehensive understanding of the fundamentals of revenue management, including segmentation, forecasting, and pricing. It also covers best practices and industry trends. Taking this course will help you build a strong foundation in revenue management and prepare you for a successful career in this field.

See salaries and explore the career path for Revenue Manager

Pricing Analyst

A Pricing Analyst is responsible for analyzing data and developing pricing strategies to maximize revenue. This course provides a deep dive into pricing, including the different types of pricing strategies, the factors that influence pricing, and the use of data to optimize pricing. Taking this course will help you develop the skills and knowledge needed to succeed as a Pricing Analyst.

See salaries and explore the career path for Pricing Analyst

Hotel Manager

A Hotel Manager is responsible for the overall operations of a hotel, including revenue management, marketing, and guest services. This course provides a comprehensive overview of revenue management and its role in the hotel industry. Taking this course will help you build a strong foundation in revenue management and prepare you for a successful career as a Hotel Manager.

See salaries and explore the career path for Hotel Manager

Market Research Analyst

A Market Research Analyst is responsible for conducting market research to identify trends and opportunities. This course provides a strong foundation in segmentation, forecasting, and pricing, which are all essential skills for a Market Research Analyst. Taking this course will help you develop the skills and knowledge needed to succeed as a Market Research Analyst.

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Financial Analyst

A Financial Analyst is responsible for analyzing financial data to make investment recommendations. This course provides a strong foundation in forecasting and budgeting, which are essential skills for a Financial Analyst. Taking this course will help you develop the skills and knowledge needed to succeed as a Financial Analyst.

See salaries and explore the career path for Financial Analyst

Data Analyst

A Data Analyst is responsible for collecting, analyzing, and interpreting data to make informed decisions. This course provides a strong foundation in data analysis, including data collection, data cleaning, and data visualization. Taking this course will help you develop the skills and knowledge needed to succeed as a Data Analyst.

See salaries and explore the career path for Data Analyst

Business Analyst

A Business Analyst is responsible for analyzing business processes and developing solutions to improve efficiency and profitability. This course provides a strong foundation in business analysis, including process mapping, data analysis, and solution design. Taking this course will help you develop the skills and knowledge needed to succeed as a Business Analyst.

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Operations Manager

An Operations Manager is responsible for overseeing the day-to-day operations of a business. This course provides a comprehensive overview of revenue management and its role in business operations. Taking this course will help you build a strong foundation in revenue management and prepare you for a successful career as an Operations Manager.

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Marketing Manager

A Marketing Manager is responsible for developing and executing marketing campaigns to promote products and services. This course provides a strong foundation in segmentation and pricing, which are essential skills for a Marketing Manager. Taking this course will help you develop the skills and knowledge needed to succeed as a Marketing Manager.

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Sales Manager

A Sales Manager is responsible for leading a sales team and achieving sales targets. This course provides a strong foundation in segmentation and pricing, which are essential skills for a Sales Manager. Taking this course will help you develop the skills and knowledge needed to succeed as a Sales Manager.

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Project Manager

A Project Manager is responsible for planning, executing, and closing projects. This course provides a strong foundation in forecasting and budgeting, which are essential skills for a Project Manager. Taking this course will help you develop the skills and knowledge needed to succeed as a Project Manager.

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Consultant

A Consultant provides advice and expertise to organizations on a variety of topics. This course provides a comprehensive overview of revenue management and its role in business strategy. Taking this course will help you build a strong foundation in revenue management and prepare you for a successful career as a Consultant.

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Entrepreneur

An Entrepreneur is someone who starts and runs their own business. This course provides a strong foundation in revenue management, which is essential for any entrepreneur. Taking this course will help you develop the skills and knowledge needed to succeed as an Entrepreneur.

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Freelance Writer

A Freelance Writer is someone who writes for a variety of clients on a freelance basis. This course provides a strong foundation in segmentation and pricing, which are essential skills for a Freelance Writer. Taking this course will help you develop the skills and knowledge needed to succeed as a Freelance Writer.

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Technical Writer

A Technical Writer is someone who writes technical documentation, such as user manuals and white papers. This course provides a strong foundation in segmentation and pricing, which are essential skills for a Technical Writer. Taking this course will help you develop the skills and knowledge needed to succeed as a Technical Writer.

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