- Course type: Self-paced
- Available Lessons: 95
- Average Lesson Length: 8 min
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Watch a preview:chapter 1 / lesson 1Hospitality Industry: Definition & Overview
Course SummaryUse the helpful video and text lessons in this course to learn more about generating revenue in the hospitality industry. This course can be used to study for exams, prepare for class discussions or boost your professional skills in the hospitality industry.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
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About This Course
In this course, you'll review management processes and strategies in the areas of hospitality pricing, forecasting, inventory and distribution. You'll find lessons addressing consumer behavior analysis, customer relationships, branding, marketing and hotel revenue management. You can measure how much you have learned and whether you need further review by taking the self-assessment quizzes after completing each lesson.
These study resources can be accessed at any time, on any device, to help you prepare for an exam, earn transfer credit or supplement your existing hospitality class materials. Students seeking a quick and easy review of hospitality revenue material can use the course to prepare for exams, complete homework assignments or earn course credit in hospitality management. Hospitality employees can also use these lessons to expand their knowledge of revenue management and related topics.
|Fundamentals of the Hospitality Business||Identify and explain the different sectors and services of the hospitality industry. Discuss the effects of e-commerce on the hospitality industry. Provide statistics and growth information regarding this industry.|
|Managing Revenue in the Hospitality Industry||Describe revenue generation, revenue management, revenue sources and hotel revenue management strategies employed in the hospitality industry. List the roles and responsibilities of all members of a revenue management team.|
|Strategic Pricing & Profitability for Hospitality||Examine profitability, profit maximization, pricing strategies, pricing cost and return on investment. Relate the economic factors that can impact pricing strategy decisions and how a pricing strategy can affect consumer perception.|
|Differential Pricing in the Hospitality Industry||Explain what differential pricing is and its use in the hospitality industry. Discuss strategies for value-based pricing, look at how to implement customer loyalty programs and calculate consumer surplus.|
|Demand Forecasting & Inventory Management in Hospitality||Define and explain the concept of demand in economics. Apply demand forecasting techniques. Explain inventory management and inventory control practices in the hospitality and food and beverage industries.|
|Distribution Channel Management for Tourism & Hospitality||List the types of distribution channels and explain distribution channels used in tourism and hospitality. Explain the function of channel intermediaries.|
|Revenue Management for Food & Beverage Services||Analyze trends in the food service industry. Understand restaurant budgeting, operating expenses, daily sales and financial statements. Calculate cost of goods sold and food costs for a recipe. Explain menu planning and pricing.|
|Ethical & Legal Issues in Hospitality Revenue Management||Discuss the importance of ethics and social responsibility in the hospitality industry. Identify legal and labor issues in the hospitality industry. Describe anti-trust legislation, cartels and collusion.|
|Consumer Behavior in the Hospitality Industry||Provide details about consumer behavior and the consumer decision-making process, and describe how these processes impact marketing strategies for the hospitality.|
|Customer Relationship Management in Hospitality||Explain customer and guest satisfaction in the hospitality industry. Discuss the concept of service quality, define customer value and explain how being proactive in customer service adds value to a company.|
|Marketing & Branding in the Hospitality Industry||Understand how to create brand awareness in the hospitality industry. Detail the impact that marketing has on the hospitality business. Describe market segmentation, affiliate marketing, digital marketing plans and Internet tools used for hospitality marking.|
|Hotel Revenue Management Assessment||List and explain reports used in hotel revenue management assessment. Analyze competitors to determine a company's strengths and weaknesses. Describe financial statement ratios and analysis.|
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