This course explores the application of revenue and yield management within the context of food and beverage outlets with a focus on Restaurants.
Just like accommodation rooms it is important to prepare accurate sales forecasts in food and beverage operations. Similarly historical sales data is important, however, relying on this alone can limit the accuracy of forecasting future sales outcomes.
This course will also explore food costs and the importance of the contribution margin. You will also learn how to approach improving operational efficiency via a service blueprint exercise which is a critical first step when looking to seriously apply revenue and yield management optimisation techniques and measurement metrics. Further, you will explore the concept of menu engineering.
The basic rationale of revenue and yield management is the “efficient use of fixed, perishable capacities by charging customers different prices for identical services in an attempt to balance the demand and revenue per capacity unit” (Kimes, 1989; McGill & van Ryzin, 1999).
Food and Beverage outlets can also have elements of the revenue and yield management discipline applied, however, they have their own nuances and differences to traditional business models of RM such as hotels and airlines.
The application of RM in food and beverage outlets has been a largely overlooked area but a much talked about need for the industry for a number of years.
This course will help you to understand the slightly different optimisation approaches required and will focus on the restaurant sector and give you the confidence to get started or to make improvements. You will also learn how to reimagine the RevPASH metric to enhance analytical perspectives.
Learning Outcomes:
1. Overview and introduction
2. The nuances and differences with traditional RM business models
3. Strategic levers that can be used for optimisation
4. Challenges to the application of RM
5. Key measurement metrics.
Like plugging the holes in a leaky ship, you must know where all of your opportunities and risks lie and where you could be draining money through inefficient practices and procedures.
Let’s get started!
This course is included in:
- Certificate of Revenue Management Foundations
- Advanced Certificate of Revenue Management
- Master of Revenue Management
Or available to purchase as a stand alone course – see inclusions below:
Includes: 6-months membership to ARMA with access to resources and video tutorials.
Self-paced and delivered 100% online.
Time: Approx. 3-hours.
English