What Skills and Knowledge do Revenue Managers Need to be Effective in Their Jobs?
Hospitality firms generally operate in an environment of high fixed costs and dynamic sales where demand for goods and services can vary by time of day, day of the week, month of the year etc. This fact can cause firms to dilute revenue in high demand times by making wrong pricing decisions and erode profits in low demand times because of inertia or an inability to stimulate demand appropriately. Recent developments in technology has meant that hotel pricing is transparently displayed on various internet websites, unbiased online customer reviews disclose the realities surrounding their hotel stays and competitors can shop each other on an hourly basis raising the need for a competitive approach to pricing and selling hotel products.
This adds a new level of rapidly evolving complexity to hotel management therefore new tools and skills are required to operate effectively. To this end revenue optimization has become a top priority for hotel executives though a full understanding of the concept.
As revenue management is a fairly new to the arena of hotel management there is a shortage of suitable top up courses available to hotel managers therefore a new revenue management certification programme is proposed to build links between academia and industry and assure the industry of a larger pool of revenue management talent.
The development of an integrated programme that can be utilised to develop key transferable skills in undergraduates as well as provide new skills to existing hotel managers is proposed. Innovative delivery methods will be explored and tested to meet both industry and hospitality management education needs.
What is your view of the specific revenue management skills and knowledge that need to be developed to produce talented revenue managers that operate effectively on a local, regional and global level?
This adds a new level of rapidly evolving complexity to hotel management therefore new tools and skills are required to operate effectively. To this end revenue optimization has become a top priority for hotel executives though a full understanding of the concept.
As revenue management is a fairly new to the arena of hotel management there is a shortage of suitable top up courses available to hotel managers therefore a new revenue management certification programme is proposed to build links between academia and industry and assure the industry of a larger pool of revenue management talent.
The development of an integrated programme that can be utilised to develop key transferable skills in undergraduates as well as provide new skills to existing hotel managers is proposed. Innovative delivery methods will be explored and tested to meet both industry and hospitality management education needs.
What is your view of the specific revenue management skills and knowledge that need to be developed to produce talented revenue managers that operate effectively on a local, regional and global level?
posted by Kate at 4:10 pm
1 Comments:
This is a key issue facing the hotel industry and indeed the wider travel and leisure industry
Revenue Management is not inutitive to those that have not encountered it and practitioners need to work hard to enlighten their colleagues and managers
The Revenue Management Society has idenntifies this as a key issue and 'RM for non RM Managers' is one of the five key areas in which they are seeking to put together a training programme
Another issue is that practitioners tend to prefer to work in one sector and thus their practical experiance is more limited than that of, say, an accountant who would move from one industry to another almost seamlessly
Post a Comment
<< Home