The importance of revenue management in M.I.C.E.

Context

With Meeting and Events revenues accounting for a significant portion of a hotel’s financial performance, hotels are increasingly looking towards meetings and events as the next source of business growth. This area has been underestimated in the past due to a lack of in-depth understanding and appreciation of the positive benefits that revenue management can bring to this key department. With the overlapping nature of the revenue streams, they can hardly be separated from one another.

Main Objectives

The participants will become familiarized with the principles of revenue management as they apply to the area of Meeting, Incentive, Conference and Event sales (MICE). The course will provide the basic tools in order to collect useful past performance data, so that successful targets and strategies, which increase profits in the area of MICE sales, can be set. These targets and strategies will be created with the fundamental best practice principles of Revenue management.

Program Experiences

• Understand and define the basics of revenue management
• Explain why revenue management is crucial to MICE sales
• Understand the difference between revenue management in rooms and MICE
• Define the core stages and elements of revenue management in mice
• Utilize a revenue management toolkit for MICE
• Understand the KPI’s used in MICE
• Explain that profitability is part of setting your strategy
• Utilize dynamic pricing
• Understand the stages to forecast in MICE

Qualification

This course requires at least one year’s involvement in Revenue Management. The participants have to be department heads or their assistants or above with a sound understanding of the application of Revenue Management principles.

Duration

2 Days