Revenue Management and Pricing Strategy Fundamentals - Virtual Learning
By the end of the course, participants will be able to:
- Gain insight into revenue management principles.
- Apply different forecasting methods to drive future demand.
- Develop the right pricing strategy and relevant measures.
- Optimize the use of existing inventory through proper allocation and capacity control.
- Discuss the key trends in revenue management for different businesses.
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.
- Inventory management
- Analytical thinking
- Financial decision making
- Strategic insight
- Pricing strategies
- Negotiation skills
- Communication skills
- Statistical analysis
- Economic savviness
- Margin analysis
- 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
- 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