BUS 480 - Optimizing Revenue in the Hospitality Industry (4)
Optimizing revenue is achieved through a convergence of marketing, sales and revenue management. Revenue management is a systematic and integrated approach designed to maximize revenue potential for a particular product, service or function in the hospitality industry. It is directly connected to the marketing and sales functions of a hospitality business. Students will effectively learn to use market place intelligence, forecasting, pricing and distribution channels, social networking, technology platforms, marketing services and revenue optimization techniques in order to maximize revenues and profits while meeting needs of customers and exceeding shareholders expectations. The convergence of property management (PMS), customer relationship management (CRM), revenue management (RMS) and central reservations (CRS) systems will be covered. At the end of the subject, students will understand the collaborative relationship between revenue management, distribution, and marketing and sales that allows accountability, communication, and cooperation in the global hospitality industry and how it is driven through technology. Prerequisite: BUS 188. Restricted to Hospitality Industry Mgmt majors.