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Course Description

SCHEDULE

(Subject to change)

This program takes place June 13-16, 2022, on campus at the Cornell Nolan School of Hotel Administration in Ithaca, NY. Sessions run from 8:30am-5:00pm ET each day.

Class Descriptions:

  • Monday, June 13, 2022 - Tuesday, June 14, 2022
    • 8:30am - 5:00pm
    • Strategic and Competitive Pricing with Dave Roberts
      • Revenue management has historically been focused inward; you’ve likely used historical transaction data to generate a forecast and manage prices and inventory. As information has become more readily available, you need the ability to more directly model and take into account the pricing and inventory actions of your competitors when contemplating revenue management decisions. In this intensive session, you’ll take a strategic and competitive look at revenue management and pricing decisions, focusing on understanding the reactions of others as well as how to use today’s tools to make pricing and inventory decisions to drive profitable revenue. Using a strategic pricing simulation, you’ll develop an understanding of the interplay between pricing and digital marketing in competitive markets and refocus your efforts on profit versus revenue.
  • Wednesday, June 15, 2022 - Thursday, June 16, 2022
    • 8:30am - 5:00pm
    • Driving Profit Through Performance and Demand Management with Chris Anderson
      • Defining the “revenue performance” of a hotel has traditionally involved a series of benchmarking approaches like comparisons to last year; budget; forecast; and, of course, the competitive set. As the discipline evolves, performance metrics need to evolve as well. Metrics such as RevPAR Index will likely remain crucial for the foreseeable future. That said, the role of revenue management is to make tactical and strategic decisions to further the goals of a hotel or set of hotels, and these goals extend far beyond revenue maximization; in fact, some of these goals are actually counter to revenue maximization. In this session, you’ll examine the often-competing goals of customer acquisition, customer retention, engagement and loyalty, channel choice, and the corresponding revenue management approaches. You’ll also examine a “balanced scorecard” approach, which presents a much more comprehensive assessment of revenue performance. You’ll leave equipped with the tools to excel in today’s more active revenue management environment.
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