Saudi Arabia
Canada
Collection and Revenue Development
To provide participants with a comprehensive understanding of forecasting and pricing concepts as a fundamental requirement for deepening knowledge of revenue management fundamentals and pricing strategies associated with the overall revenue strategy.
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By the end of this course, participants will be able to:
• Gain insight into revenue management principles.
• Apply various forecasting methods to determine future demand levels.
• Develop the right pricing strategy and associated measures.
• Improve the use of current inventory through proper allocation and quantity monitoring.
Module 1 - What is Revenue Management (RM) Concept?
1 Parts
- Definition and Brief History
- Objectives, Principles, and Elements of Revenue Management
- Necessary Conditions for Revenue Management
- Revenue Management vs. Yield Management
- Importance of Revenue Management
- Conditions for Revenue Management and Performance Indicators
Module 2 - Pricing Strategies
1 Parts
- Introduction to Pricing Strategies
- Fundamentals of Successful Pricing Strategies
- Pricing - Perspectives from Different Industries
- Value-Based Pricing
- Types of Pricing Strategies
- Key Performance Indicators behind Pricing Strategies
- Common Pricing Mistakes
Module 3 - Revenue Management and Forecasting
1 Parts
- Economics of Revenue Management
- Managing Demand Levels (Unconstrained Demand vs. Constrained Demand)
- Nature of Forecasting
- What is Forecasting?
- Why is Forecasting Extremely Important?
- Booking Curve and Revenue Forecasting
- Forecasting Methods
- Error Measurement
- Useful Tips for Forecasting
- Excess Reservations
- Quick Introduction
- Policies Related to Excess Reservations
Module 4 - Effective Collection Skills
1 Parts
- Field Collections: Duties, Relationships, and Employee Tasks
- Debt Collection
- Methods and Tools Used in Collection
- Collection Planning
- Debt Collection Procedures
- Methods and Techniques for Collecting Suspected Uncollected Debts
- Settling Overdue and Defaulted Accounts
- Principles of Settlement with Customers and Agreement Contracting
Module 5 - Applying Revenue Management Systems
1 Parts
- How Revenue Management System Can Help
- Features of Revenue Management System
- Revenue Management and Data Sources, Analytics, and Visual Tools (Visualization)
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