Intro to Revenue Management

Who is this course for?

Anyone who would like to understand the core principles of F&B revenue management and how to apply the principles to their business.

Price
£399 + VAT - 2 days

Delivered in conjunction with

The aim of this course is to develop a critical understanding of F&B Revenue Management techniques and how to apply them in your business. Delegates will understand what is required to begin to develop a revenue management culture within their organisation.
 
Application of Revenue Management
Whilst there are many definitions of Revenue Management, at the end of this module delegates will be able to explain the core concepts of Revenue Management and how suitable industries / products can benefit from the application of this theory. Topics include:
- What is Revenue Management?
- Core concepts of Revenue Management
- Which Industries can you apply RM?
- Implementation of RM practices

Revenue Performance and Analytics
Understanding business performance and your position in the market has never been more important than today. This module explains key Revenue Performance Indicators (KPI’s) within the industry and how to make decisions using this information. Topics include:
- Key Internal Metrics for Rooms & C&E
- F&B Revenue Metrics and how to apply them

Basic Forecasting Applications
Accurate forecasting is crucial to making informed future decisions, and this module is aimed at ensuring delegates are aware of basic forecasting processes which should be carried out. Topics include:
- Forecasting versus Budgeting
- Long and Short term forecasting
- Creating a forecast
- Implications of inaccurate forecasting
- Forecast outputs as a basis for RM tactics

Data Analysis
Understanding your data, and knowing how to use it to make informed commercial decisions is vital to the success of nay modern operation. Topics include:
- Data analysis methods
- Data presentation
- Concepts of Menu Engineering
- Contribution Margins
- Menu matrix’s

F&B Marketing
Understanding how to market to your guests is critical to the success of F&B outlets. How do we convert more guests from being “sleepers” to “diners”? Topics include:
- Collateral & Media
- Calendar of Events
- Budget & Strategy
- Zoning & Hierarchy

Pricing & Cost Control
Delegates will begin to explore the commercial and profit opportunities available through improved cost and price management in their business, Topics include:
- Segmentation
- Cannibalisation & Dilution
- Costing and Pricing
- Wastage and Managing Margins

Revenue Generation
Within F&B there are a lot of “untapped” opportunities. We help delegates to find them! Topics include:
- Customer profitability measurement
- High profit items
- Upselling
- Price Flexing