Monday, March 3, 2014

Mr. Sandeep Joshi, GM Fortune Excallbur, Gurgaon on Revenue Management at INLEAD

Most hotels start with market segmentation to begin the revenue management process; what types of business can your hotel serve and based upon market conditions.

What rates are marketable for each segment of business?

On the 25th of February, INLEAD facilitated an industry expert workshop for students pursuing ‘International Hotel Management’ at INLEAD.

The session began with an introduction of Mr. Sandeep Joshi, General Manager, Fortune Excallbur, Gurgaon. Mr.Joshi gave a broad understanding to students discussing in detail about the background and also discussed the future plans of ‘Fortune Excallibur, Gurgaon’.

The students were also given a brief outline on the concept of Revenue Management and how hotels today are focusing on BAR and dynamic pricing. They were told about that business today is all about speculation basis the market, segment and events. They were introduced to two tiers and three tier pricing system which was of great value addition to INLEADers.

The session covered the lay man concept of Revenue Management. The topics covered in the session were demand based pricing, how dynamic is revenue management, strategic decision. The lecture gave them insights into the following facts:

  • Observe your market and competition
  • Every point of guest contact is an opportunity for revenue management
  • Revenue managers today works with reservations, Front Office and F&B Service
  • Revenue Management is based on Price and Segment dynamics
  • The dynamics are based on- service quality, location, brand, quality and amenities.
  • SPARR- Special Potential Average Room Rate and how it is derived through a simple case study.
Student’s Speak:

Anil Bhore, student pursuing International Hotel Management Batch: Oct’13 MBA (L) says, “The lecture gave me an insight into Revenue Management, which I found very knowledgeable. What it also taught me was to be passionate about the work.”
Ravi Prakash, student of International Hotel Management Batch: Jan’14 1st Year says. “The lecture included advanced knowledge of Revenue Management in a basic layman language focusing on the Hotel Industry.”

Keep watching this space for more information on various expert lectures held at INLEAD.

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