Demystifying Revenue Management & Pricing Strategy for Crafting Successful Business Strategies
Achieving business goals require multiple skills, out of which revenue management techniques and pricing strategy remain crucial.
A good understanding of how to set the right price for the right person at the right time is extremely important for businesses to thrive. Depending on various factors, products/projects will have different prices for different clients. Numerous aspects must be considered before deciding the final price. Coming to the right decision matters utmost. And this can be challenging for many.
Join our extensive program on Revenue Management & Pricing Strategy and demystify the differences to formulate and execute winning strategies for your business.
How will Revenue Management & Pricing Strategy course help you?
- Learn revenue management & pricing strategy fundamentals
- Apply forecasting methods to drive future demand
- Implement effective pricing strategy
- Efficient optimization of existing inventory
- Gain key trends & best business practices
What topics will you cover?
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
- Overbooking
- 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