Undergraduate studies - Economics and Tourism

COURSE CODE	COURSE TITLE	ECTS
UPH3	Hotel Revenue Management	5

Basic info

Undergraduate

3rd

Obligatory

Hotel Management

Summer

Serbian

Course description

Introduction to revenue management: from traditional pricing to modern systems of revenue management, relation between optimal net profit and gross operational profit; Economic foundations of revenue management in hotels and role of managers in revenue management; Development of interactive frame and structural elements of revenue management in hotels; Process of revenue management in hotels: goals, analyses, forecasts, decisions, implementation and monitoring; Market segmentation, profiling and targeting; Determining and selecting information needed for revenue management; Analysis of revenue management: strategic, tactical and operational (difference between strategy and tactics); Revenue management in different sources of profit in hotels; Relation between revenue management, ethics and marketing.

Establishing measuring system as the foundation for revenue management (occupancy rates, ADR, Total RevPOR; RevPAR, GOPPAR, net revenue/profit); Forecasting demands and projecting business for revenue management; Creating value in hotels; Pricing tools in revenue management (pricing strategies and pricing models); non-pricing tools in revenue management (capacity management, pre-negotiation, pre-booking, controlling the length of stay, measuring customer satisfaction); combined tools in revenue management (selecting and managing distribution channels, optimal allocation).

References

1. Ivanov S. (2014) "Hotel Revenue Management: From Theory to Practice", Zangador, Varna
2. Hayes K.D, Miller A. (2011) "Revenue Management for the Hospitality Industry", John Wiley and Sons, Hoboken, New Jersey (selected chapters)
3. Forgacs G. (2012) Revenue Management with Answer Sheet (AHLEI), American Hotel & Lodging Association

Classes per week

2+0

Grading (max. points 100)