About This Chapter
Who's It For?
Anyone who needs help learning or mastering revenue management for hotel and lodging material will benefit from the lessons in this chapter. There is no faster or easier way to learn about the management of revenue for hotel and lodging. Among those who would benefit are:
- Students who have fallen behind in understanding hotel room pricing, hotel overbooking and revenue generation for hospitality
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning about hospitality management (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about revenue management for hotel and lodging
- Students who struggle to understand their teachers
- Students who attend schools without extra hospitality management learning resources
How It Works:
- Find lessons in our course that cover what you need to learn or review.
- Watch the video or read through the text lesson.
- Refer to the transcripts or specific lesson sections to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Revenue Management for Hotel & Lodging chapter exam.
Why It Works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Revenue Management for Hotel & Lodging chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any revenue management question. They're here to help!
- Study With Flexibility: Watch videos and read text lessons on any web-ready device.
Students Will Review:
This chapter helps students review the concepts in a revenue management for hotel and lodging unit of a standard hospitality management course. Topics covered include:
- How revenue is managed in the hospitality industry
- Revenue generation for hospitality
- Strategies for revenue optimization in service industries
- How to use the formula for calculating sales revenue
- Value chain analysis
- Single, weekday, weekend and seasonal hotel room pricing
- How to manage average daily rate in the hospitality industry
- Advantages and disadvantages of hotel overbooking
1. Revenue Management for the Hospitality Industry
This lesson provides a definition of revenue management, a tool that is used to predict customer demand for a given product, and explores its application and importance in the hospitality industry.
2. Revenue Generation for Hospitality: Definition & Overview
Generating revenue in a hospitality setting involves creating new strategies and tactics to impact the bottom line. In this lesson, you'll learn more about revenue generation for hospitality and new ways to create growth.
3. Revenue Optimization Strategies in Service Industries
Service industries have unique characteristics when it comes to generating revenue because their main focus revolves around something other than a tangible product. This lesson will look at some examples of service industries and how they attempt to maximize revenue/profits.
4. How to Calculate Sales Revenue: Definition & Formula
This lesson discusses the importance of sales revenue, explains how sales revenue is calculated, and analyzes how sales revenue can affect the money a business has available.
5. What Is a Value Chain? - Definition, Analysis & Example
This lesson discusses what a value chain is and how it can help a business meet the needs of customers. It also provides an analysis of the effectiveness of the value chain actions.
6. Hotel Room Pricing: Single, Weekday, Weekend & Seasonal Rates
Ever wonder why hotel room rates seem to soar at certain times of the year or even on certain days of the week? In this lesson, we will learn how hotel revenue managers use several factors to determine room rates.
7. Managing Average Daily Rate in the Hospitality Industry
The average daily rate is an important value to help manage supply and demand in the hospitality industry. In this lesson, we walk through the calculation and provide examples of its use.
8. Hotel Overbooking: Advantages, Disadvantages & Process
In this lesson, we'll discuss hotel overbooking, as well as its problems and solutions. We'll also compare the advantages and disadvantages of overbooking in the hotel industry.
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Other chapters within the Hospitality Management: Help & Review course
- International Hospitality Management
- Strategic Planning for Hotel & Lodging
- Operations Management in Hotel & Lodging
- Rooms Division in Hotel & Lodging Operations
- Hospitality Marketing & Sales
- Human Resource Management for Hospitality
- Hotel Security & Safety
- Food & Beverage Operations in Hospitality
- Hospitality Industry Organizational Structure & Behavior
- Market Forces & Globalization in the Hospitality Industry
- Audits & Quality Control in the Hospitality Industry
- Intrapreneurship & the Hospitality Industry