Tuesday, May 19, 2015

Money Matters!

Revenue Management has for long been the cornerstone of every successful enterprise but with the emergence of ecommerce and various other such trends, this concept has seen some drastic changes over the years.

In order to keep our students abreast with the latest trends and techniques of Revenue management, INLEAD organized an Industry Expert session with Mr. Sandeep Joshi, General Manager of Fortune Select Excalibur, Gurgaon on 15th May, 2015. Mr. Joshi has over 24 years of rich experience in the Hotel Industry.

The session which lasted for over two and a half hours covered the A to Z of revenue management. From addressing the basic question of ‘What is Revenue Management to its latest techniques like SPARR (Special Potential Average Room Rate), Mr. Joshi made sure that INLEADers didn’t miss out on any important information.  He burst out the popular myth that revenue management only deals with money management and educated the students that the concept basically deals with making sure that the right product reaches the right customer at the right time and at the right price.

Talking about the concept’s origin, Mr. Joshi enlightened the students that the concept was first introduced in the 1970’s by the airline industry.  It was invented by major US Carriers after the airline deregulation act forced them to compete with new low cost carriers.

Mr. Joshi kept the entire session quite lively and interesting by incorporating his own professional experiences throughout the session.  Listening to Mr. Joshi’s journey from an assistant catering head to a General Manager in a world renowned Hotel instilled the students with gumption and excitement for a bright future.

In the end, the session concluded with Mr. Joshi encouraging the students to stay focused on their long term goals and keep working hard towards achieving them.

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