Pricing Rooms (Hospitality)
Pricing Rooms (Hospitality)
Hospitality Sales & Marketing Association International have developed a full training program for hotels & accommodation businesses and people looking to grow their careers in revenue management. 100% Online courses and some optional face-to-face workshops.
PRICING ROOMS FOR ACCOMMODATION SUPPLIERS
Pricing strategies allow hotels to charge different room rates for the same or similar rooms according to customer’s characteristics and needs. For example, a senior citizen traveler looking for a Seniors discount has different needs, different characteristics and a different willingness to pay than a corporate traveler has. As a result they may book the exact same room but pay a much different price. Along with the different price may be certain booking requirements or unique restrictions.
Once the market segments are defined for a hotel, it is up to the revenue director, along with the director of sales, to ensure a healthy mix of the segmentation. This is a key component to optimizing a hotel’s pricing strategy and approach. Since hoteliers offer multiple rates for essentially the same room type it is critical to understand the importance of pricing and all it encompasses. This course explores strategic pricing and the various pricing-related elements.
Modules
You will learn
- How to price your different room types (from Study Guide)
- Different types of pricing explained – what and why
- BAR, Rack, Group, Corporate etc
- Tactical vs Strategic pricing
- Mobile only pricing – why?
- Wholesalers, Static vs Dynamic rates
- Corporate & Event
- Opaque Pricing, Length of Stay Pricing
- Loyalty clubs and Closed User Group rates
- Room Type premiums
- Packages/ promotions/ Discounting – Discounting – what additional volume required if I discount my price? Is a lower price generating new demand?
- Understanding the impact on discounting -How to calculate Occupancy needed to offset discounts
- Understanding the influences on pricing including decoy and anchor pricing
- Lead time and its impact on pricing
- Displacement Analysis
- Contracts
- Technology available to monitor and manage pricing
Assignments/Tests
All courses are tested by quizzes throughout the course.
What will I learn?
You will learn
- How to price your different room types (from Study Guide)
- Different types of pricing explained – what and why
- BAR, Rack, Group, Corporate etc
- Tactical vs Strategic pricing
- Mobile only pricing – why?
- Wholesalers, Static vs Dynamic rates
- Corporate & Event
- Opaque Pricing, Length of Stay Pricing
- Loyalty clubs and Closed User Group rates
- Room Type premiums
- Packages/ promotions/ Discounting – Discounting – what additional volume required if I discount my price? Is a lower price generating new demand?
- Understanding the impact on discounting -How to calculate Occupancy needed to offset discounts
- Understanding the influences on pricing including decoy and anchor pricing
- Lead time and its impact on pricing
- Displacement Analysis
- Contracts
- Technology available to monitor and manage pricing
<ul>
<li>Those pursuing the HSMAI <a href="https://hsmaiacademy.org/glossary/revenue/">Revenue</a>Ready “Certificate in <a href="https://hsmaiacademy.org/glossary/revenue-management/">Revenue Management</a> (Hospitality)”</li>
<li>This course serves as a learning base for those who wish to do further study on revenue management to get into a revenue role;</li>
<li>People just starting in the revenue department will benefit from learning how revenue people can influence booking volumes at their property.</li>
<li>This course can be a standalone course for People wanting to learn about the pricing strategies hoteliers use to increase profits. You could be an asset owner, management company, holiday rental agent or hotelier wondering if it’s worth investing funds into revenue management systems, or rate systems, and dedicated revenue management resources.</li>
<li>Vendors or partners in the travel & tourism industry interested in how accommodation suppliers plan their business volume.</li>
</ul>
<p>Email us at ecert@edvantageinternational.com for more information<p>
<p>We provide a One-Stop-Shop solution servicing all your needs from</p>
<ul><li>Admission application</li>
<li>Tuition fee payment, </li>
<li>Visa application (for your next On-campus course),and</li>
<li>Other destination services - insurance, forex, accommodation arrangement etc.</li></ul><br>
<p>through our parent company EdVantage International Consulting Limited. </p><br>
<p>Enjoy FREE or Discounted services when you book through EdVantage E-Cert!</p>
<p>Book your Foundation or Pathway course today on Edvantage E-cert.</p>
The Hospitality Sales and Marketing Association International (HSMAI)
About Us
The Hospitality Sales and Marketing Association International (HSMAI) is committed to growing business for hotels and their partners, and is the industry’s leading advocate for intelligent, sustainable hotel revenue growth. The association provides hotel professionals & their partners with tools, insights, and expertise to fuel sales, inspire marketing, and optimize revenue.
HSMAI Academy is the most comprehensive and ambitious initiative in the realm of education for hospitality sales, marketing, revenue management and leadership, entailing a range of course offerings and learning experiences online, face to face workshops, certifications and qualifications.
Our courses offer specialised content to help you fuel sales, inspire marketing, and optimise revenue. Every aspect of the content and support material included in HSMAI’s programs have been specifically designed and developed for those involved in hotel sales, marketing, and revenue management, including a wealth of subject matter appropriate to individuals with responsibilities ranging from entry-level to advanced.
Explore our webinars, publications and online learning in your HSMAI Academy.
Highlights/Why us?
WHY SHOULD HOTELS CHOOSE HSMAI FOR TRAINING
- Created by hoteliers
- Online, Face-to-face and blended options
- Globally recognised certifications
- Non-profit means tailored for you
- Endorsed by industry leaders
- Short, interactive, online courses
- Workshops
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