Description
Course Overview
Understanding the basics of economics and how they apply to revenue optimization in the hotel industry is a prerequisite to learning about the market and how it impacts a hotel’s revenue optimization strategy.  The economic environment has a direct relationship with, and impact on, hotel pricing and revenue optimization strategies. Therefore, understanding the fundamental components of economics, including supply and demand and price elasticity of demand, is essential for all involved in developing a hotel’s revenue optimization strategies.
Course Outcomes
- Explain the different types of costs incurred by hotels
- Calculate gross and net profit and profit margin
- Understand the concept of breakeven
- Describe how the supply and demand relationship in hotels is different from other industries
- To comprehend how supply and demand impact a hotel’s revenue optimization strategy
- To understand the basics of microeconomics and how can impact a hotel’s performance
This course is for you if:
- You are a hotelier or industry partner looking to learn more about the basic accounting and economics that are important to any commercial management role in a hotel or accommodation business.
- You’re looking for a basic description of demand and supply and how it is applied to the Hotel industry.
