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Revenue Management and Pricing Strategy Fundamentals
DATE
2022-12-14;
LOCATION
To Be Determined;
Why Attend?
Revenue management techniques and pricing strategies have increasingly been adopted by both small and large companies, making a comprehensive understanding of segmentation, forecasting, and pricing an essential requirement for today’s business professionals. The purpose of this course is to provide a core understanding of the fundamentals of revenue management and pricing strategies which ties into the larger picture of revenue strategy. This course is structured to provide valuable insights into revenue management and other essentials associated with it.
Course Objectives
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This Course Objective Hasn't Been Provided Yet
Target Audience
This course is designed for marketing and sales department heads and managers (B to B and B to C), business professionals, business owners, entrepreneurs starting a business, and any professional with business experience wishing to update their skills and learn new revenue management and pricing techniques.
- 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
- Pricing strategies
- 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
- 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 overbooking
- 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
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