Hospitality has become the world's largest and most dynamic industry. Therefore, the industry requires an educated next generation of leaders. Hospitality training builds your business knowledge and skills across an array of topics. Once training is completed, you will enter into an elite group of corporate leaders who are taking hospitality into new directions worldwide. One of the most important topics covered by hospitality training is hotel revenue management.
Hotel revenue management is an increasingly vital function that involves a coordinated effort across the organization. Hotels can increase revenue by balancing demand, reservation scheduling and variable pricing. It is essentially selling the right room to the right person at the right time for the right price. A hospitality training course prepares you to make a lasting impact at your organization by employing advanced revenue management techniques and strategies for your hotel operation.
In addition to evaluating different pricing models and applying duration-management strategies, hotel revenue management training provides a foundation for more advanced revenue management courses in forecasting, group management and overbooking, and pricing strategy. Further hospitality training will teach the application of revenue management techniques to other hospitality-related industries, such as spas and athletic facilities. In fact, revenue management concepts and practices can be applied to nearly any related industry. An industry is applicable for revenue management if it has a fixed capacity, time-variable demand and perishable inventory. Restaurants, conference halls, and golf facilities are all examples of establishments requiring revenue management.
The rapidly changing hospitality industry paired with the increasing sophistication of travelers requires more nimble, well-executed business strategies. Hospitality leaders who can perform strategy formulation, implementation and evaluation are most likely to enjoy long-term career success by winning over customers and delighting investors. Long-term success in the hospitality industry requires a competitive advantage that can be leveraged to deliver superior results.
Successful hospitality managers have a meticulous understanding of the process of creating value and the role of the value proposition in developing the best strategy to create a unique, sustainable competitive advantage. Hospitality training teaches the skills necessary to evaluate strategic alternatives such as cost advantage and differentiation strategies, as well as the strategies of competitors, where they generate value, and their positioning. Participants learn to assess business-level strategies designed to create value at the property level. Corporate strategies deal with the direction of the firm, the markets in which it will compete, and the management of a portfolio of properties. Students develop the skills to assess the ability of a variety of strategic alternatives to create value and competitive advantage as well as how to perform value-chain and competitor analyses to inform strategic decision-making.
Once you complete hospitality training, you are prepared for an incredible variety of careers in the five trillion dollar global hospitality industry. Having an advanced knowledge of revenue management further increases your chance of advancing within the organization, around the country and across the globe. If you enjoy working with others and aspire to be the best at whatever you pursue, then training in hospitality management is your passport to a future of success.
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David Shoemaker is Vice President of Learning Solutions and Innovation at eCornell. For more information on hospitality training, hotel revenue management, or eCornell, please visit http://www.eCornell.com
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