Monthly Archives: July 2015

A Peak Into Landmark Events Organized by Students of Post Graduate Programme in Event Management – Part II

At Vedatya the curriculum is designed and delivered with a focus on real-life application. The goal is to provide students with skills and knowledge that is application oriented to be effective managers and entrepreneurs of the future. Learning to create, plan and implement an event that showcases acquired skills and knowledge in the operational context over the initial three years is the keystone module of our hospitality curriculum.

The events management module essentially provides a setting wherein the students demonstrate an ability to work in groups in a manner that deploys varying competencies including culinary skills, f&b service skills, and understanding of financial aspects, creativity and innovation and peoples skills to deliver a successful and profitable event. The core objectives before the student are ensuring high customer satisfaction and a 40% net margin. From managing costs as per the budget, to making efforts to sell the event to generate the forecasted revenue, the analytical skills, negotiation skills and business decision making attributes are truly tested.

Here are some more awesome events organized by our students.

Themed Event – It’s More Than Just a Game

The theme of this event was based on Sports, health, lifestyle and better living. The venue, which was the restaurant at Vedatya Institute, was decorated by the students, with T- Shirts that had the names of famous sports persons printed on them.

These included sportsmen from the field of Football, Golf, Cricket, Hockey, Table Tennis, Basket Ball and Motor Sports. Students had conducted a thorough market research, prior to the event and had explored the sports interests of their expected guests. Based on the findings of this research, the T Shirts and Posters of all guests’ favorite sports persons were displayed. To accentuate this theme, the venue was further decorated by the display of two massive Cricket Bats that were the size of approximately 12 feet each. There was projector screen on the venue which showcased the most exciting moments from different sports. This was further enhanced by a mini golf area, which was created for the guests who were golf lovers. The students had prepared fusion cuisine of Italian and Mexican and some French dishes like canapé five course menu was served right from appetizers to desserts. Since the theme promoted healthy living, the food was prepared almost oil, butter and fat free and was enhanced with assorted condiments. To promote the benefits of healthy antioxidants that are present in wine, hard liquor was not served at the event and it was replaced with fresh juices, mocktails and selected wines. All guests were offered a small poster of their favorite sports person, as a return gift.

game2

Themed Event: Delhi 6, ‘Purani Dilli Ka Safar’

The event was called ‘Delhi 6’ and the ambience matched the theme perfectly – sophisticated and luxurious as though one was sitting inside the Red Fort itself and had gone back in time to the golden ages. Since people who live in Gurgaon hardly travel all the way to Old Delhi to experience the authentic traditional food of old Delhi, hence the basic idea of the team was to provide the people with the enchanting ‘Old Delhi’ experience by recreating the magic through the ambience and food. Live ‘ghazal’ performance was organized by the students which made the evening lively and memorable.

The guests were escorted inside by hostesses dressed in anarkali suits and were later served food by Vedatya Institute students. The beverages consisted of nirvana, thandai and gulabi sharbat which were extremely refreshing. The menu, keeping up with the ambience, consisted of rich and creamy Mughlai food. Some exotic dishes offered to the guests were the Kakori kebab, which is a South Asia n kebab made of finely ground mince goat meat with spices and then charcoal grilled on a skewer, the Hyderabadi Mughlai dish, Khumb shahi korma, Murg makhani, Chicken tikka kebab and Bewazni paneer tikka. All the delicacies were served with soft Indian breads and mint sauces. The desert added the final sweet tinge to the evening and it was Malpua topped with Rabri. The food was filling and extremely delicious. While leaving the guests were served with ‘Paan’. Overall the event was a great success and the students carried out the planned concept beautifully. The guests left with an experience to cherish and a satisfied palette.

delhi2delhi3

 

Themed Events – ‘La Fiesta de Venezia’

The event was christened as ‘La Fiesta de Venezia’ and was a dinner event. The students had put in efforts to create an ‘Italian’ environment not only by décor but also through the menu that represented the land. The guests were impressed by the décor and the idea created and executed by the student body. The students had hands on experience of dealing with real guests and gave them the feel of Venice.

SONY DSC

Themed Events – ‘Sport-o-Holic’

This dinner event had a sports theme – ‘Sport-o-Holic’; the décor and food was also selected in keeping with the theme. The cuisine was euro centric with matching drinks. The students put in efforts to create an appropriate atmosphere by having fun games which the guests thoroughly enjoyed.

To give the students a better view of their performance, Vedatya invited an industry practitioner, Mr. Tripurari (Restaurant manager) Crowne Plaza, Gurgaon. He was quite impressed by the efforts that the students had put in and shared his observations and offered suggestions to students on various aspects. The students appreciated the feedback; it helped them to understand the dynamics of this business in a better way. The management group included Kush Kapoor (GM), Sumit Kumar & Sharadha Kapoor (Marketing Manager), Nancy Chillar (HR manager), Kushagra Bakshi (Exe. Chef), Saket Dahiya (F&B Manager) & Himanshu Chikara (Finance Manager).The students did understand the importance of good planning and with the help of feedback from the Industry practitioner; they will develop their skills further.

 

SONY DSC

Themed Event – Peshawari

The theme of this event was based on Peshawar and Peshawari food. Peshawar is influenced by Gandhar culture and this historic city is well recognized for the Buddha Sculptures and Gandhar Art. Peshawari cuisine is a combination of various cooking styles and techniques of South Asian continent. Beverages and cocktails were served in Peshawari style with a hint of Roohafza, Lime Cordial and Blue Curacao. The tables on the venue were embraced with green and golden coloured table cloth and a cream colored napkin.

Pre-plated food was served on brass utensils which made the ambience appear royal. The guests were served with a three course menu which included Chapli Kabab, Takseem–ul-Peshawar, Pathani Murg and Saalan Saada. These were accompanied with Pudina Naan and other Indian breads. Delicious Malpuas were served with ice creams garnished with fresh rose petals, for desserts.. The group ensured that a careful selection of all time favourite ghazals, to accentuate the atmosphere and to transcend the guest into the land of Peshawar.

Visit our FB page for more pictures from the awesome events conceptualized, designed and hosted by our students.

 

A Peak Into Landmark Events Organized by Students of Post Graduate Programme in Event Management – Part I

As a part of events management module, Hospitality Students at Vedatya Institute rigorously work on organizing hospitality events. This Events’ Management module is oriented to test and enhance existing skills and knowledge of the students. In the year 2011, the students of Vedatya Institute, hosted specialty theme based events with fine dining restaurant setup and live entertainment.

The range of themes varied from the popular North West frontier ‘Peshawari’ cuisine to the international flavor of the ‘Caribbean’. Thinking out of the box, one of the groups executed an innovative theme as ‘Deception of the Eye’ based on the disguise of ‘Masquerade’ accompanied with fusion food. To add glamour to the events, the students planned ‘Arabian Nights’ with live Belly Dancer performance during the event. The most popular event was the traditional Hawaiian night, ‘The Luau Night’. The main attraction of the theme was live Hula dancers and the delicious fusion food served acted as a garnish to the entire show. The module concluded with an event based on the contemporary trends of eating healthy, showcased through the theme: ‘It’s more than just a game’.

The sheer effort, enthusiasm and learning demonstrated, by the Vedatya Institute students, through these events was heartening.

Themed Event – Deception of the Eye

The theme of this event was based on the disguise or masquerades. The students served fusion cuisine including Indian, Italian, Mexican and French, trapping the bountiful needs of the human body, aperitifs and digestives. Guests were also offered Wine and Cheese, Whiskey, Scotch, Rum, Vodka and Irish whiskey. The entire event was done up in Golden colored theme. From the glass wear, to the table cloths and the invites, everything was subtle golden in color. Tables were decorated with a welcome kit for all guests that included a satin napkin, flowers and to complement the theme, a mask was also included. There was a violinist for a live performance, which was thoroughly enjoyed by the guests. Students exhibited their creativity by incorporating a Live Kitchen on the venue, where freshly cooked pastas were served. All servers were wearing Italian costumes with suspenders and golden shirts, tie and masks. The bartender was professional and was outsourced. After the event was over, the student chef had prepared a Cake for the service team, kitchen team and Vedatya Institute staff. Every guest was offered a pack of incense candles as return gifts.

DSC1

Themed Event – Arabian Nights

The theme of this event was about a night in the mysterious deserts of Arabia. It was based on traditional Arabian theme and the guests were offered Lebanese cuisine. The decor was one of the main attractions of the event where purple drapes ,dim lighting, candles, mirror sequences, red overlays and Arabian posters were used to create an enticing ambience. For the entertainment of the guests professional belly dancers were invited and they sizzled the atmosphere, with their graceful dance performance on authentic Arabian music. The event included a set up for Hookah’s and Sheesha near the bar area, where the drinks could be enjoyed along with music. For appetizers guests were served with mouth watering delicacies like Moroccan Tea and Humus- Pita; Non-Veg Mezze, Arabian Biryani and Basbousa with strawberries dipped in Rose Syrup.

Arabian Nights1

Themed Event – Luau Night

The theme of this event was Hawaiian and the decor, food and ambience were perfectly blended with the theme. The aim of the entire group was to recreate Hawaii and to do so, a mini beach was created and hula dancers were invited to perform the traditional Hawaii dance. A tattoo maker was invited to embellish the guests and the food and beverages were continental with Hawaiian touch to it. The menu was bright and full of contrasting colors like yellow, blue, white and black. The menu was neatly done up and included three course Hawaiian spread. Dishes like Lanahu Uala Kukaelio; Courgette Fritters; Waiupa’a Palupalu Kamako; Moa Me Kukaelio Kai (a marinated grilled cottage   cheese) and a combination of grilled chicken breasts, were served. Starters were accompanied by uniquely innovated Non-Alcoholic Pulp Shots like sweet cranberry shot, fresh mint shot and white snow shot.

Luau Night1

Themed Event – L’Experience Gastronomique

As a part of their course requirements, the students of Vedatya Institute have to, in groups, conceptualize, plan and execute social events. This exercise provides the students with a platform to demonstrate and put to use all the   theoretical knowhow and operational skills that they have imbibed into a real life work environment. For the guests who attend these functions it is a window whereby they get a glimpse of the talent and creative capabilities of the students of the Vedatya Institute. Each of these events is a theme-based event. The cuisine and the ambience complemented the theme of the evening. Four events were successfully executed last year. The first event was based on ‘Seven Sins’ – the famous movie. The second event was a lavishly spread-out traditional Indian affair called ‘Shahi Dawat’ with live ghazals on the picturesque pool lawns of the Unitech Country Club. The third event was called ‘Malfunction’ and was based on a fusion theme. The final function was targeted at children and was called ‘Kiddie Affaire’. It was a fun-filled event which was a huge success with the tiny tots because of the rides and other attractions like face painting, hair-braiding and more. All these events catered to almost 300- 400 guests and thus attracted numerous corporate sponsorships. Pepsi, Coke, Blender’s Pride, Smirnoff, United Breweries and Nestlé were some of the noted companies who showed immense interest and extended their whole-hearted support to the students in the form of sponsorships. A great performance by all teams has put Vedatya Institute once again in the limelight showcasing it as a unique institution producing real leaders and winners in field of event management.

L'Experience Gastronomique1

Themed Event – Zaika India Ka- A Joyful Experience

Indian culture is a very diverse culture in itself; this culture has created its own unique identity in the minds of several people and has also left a strong impression of its uniqueness in the hearts of the youth. The concept of Zaika India Ka was a tribute to salute the uniqueness of this diverse culture. A series of meetings and debates were held to select and understand the appropriateness of this theme. Zaika India Ka was a perfect blend of Indian food and Indian culture that formed a strong base for this theme. It gives me indeed pleasure to take you through the journey of Zaika India Ka and share with you some of the memorable experiences during the planning and execution of this event. A suitable management team plays an essential role in planning and execution of an event. The Management Team of our event comprised of the following members who carried out their roles and responsibilities to the best of their ability. The team comprised of Vaibhav Seth (Event Coordinator), Avantika Paracer (Human Resource Manager), Rahil Wats (Marketing Manager), Vibhor Kaushik (Restaurant Manager), Simarneet Singh Chaddha (Executive Chef), Gagan Bajaj (Assistant Operations Manager) and Aman Gupta (Finance Manager). Once the team was formulated we had to face two major challenges. The first one was to select a suitable theme for the event and seek the approval of the senior management which was the faculty members. After this the second major challenge that approached us was to search and convince companies who could sponsor our event. We managed to overcome both these challenges in the following way, first we developed a concept for the theme keeping in mind the diversity of the Indian culture and prepared a power point presentation wherein we gave an insight of the entire concept. This included the title of the theme, highlights of décor, entertainment, target market and a time-plan which was prepared for completing all activities associated with the event in a specified time frame. Secondly we divided the task of arranging sponsors among all team members and this helped us to acquire sponsorships from few companies in terms of either cash or kind. The next phase included staff recruitment and training another crucial task was associated with the event. Therefore the entire management was involved in the training sessions so that the staff could be trained in an effective manner and they can put up a memorable event. After the training sessions, our next step was to finalize the entertainment package and the décor as these were the two components which could change the face of the entire venue and put life into the event. The entire management team paid attention to each and every minute detail while finalizing the décor. These include the color combinations of vibrant colors like orange and green, light effects to light up the venue and Flex which were depicting the Indian culture. The entertainment included puppet show, magic show, and a Rajisthani folk dance. This added immense value to the entire event and gave the guests a feel of the theme.

The menu for the event was a north Indian cuisine which was a perfect blend with the theme. The guests who attended the event complimented the efforts of the entire team. This appreciation that our team received from the guests was a priceless reward that we received for our team work.

Zaika India ka1

To conclude I would say, that organizing this event was a life time learning experience of the entire team which would be cherished in our hearts for times to come. On behalf of my entire team I would like thank the entire team of Vedatya Institute who supported us in every possible way during the tenure of organizing this event.

Themed Event – French Essence

This event had a flavour of classical France in its décor and food. The event was led under the leadership of Shagun Garg as the General Manager and the team produced a French Themed dinner which was named as ‘French Essence’. The décor was quite simple but very elegant. The food had nice subtle flavors of France and the same was judged by two industry practitioners, Chef Aditya Jamini (Exe. Chef) and Nitin Sharma (EAM) from Crowne Plaza, Rohini. They were quite impressed with the whole event and guided the students on various aspects of food. The service was prompt, and Mr. Sharma also gave a feedback to the team about certain areas of improvement so as to give a better guest experience. Overall the students had a fabulous experience and a lot of learning from the event. The management group included Shagun Garg (GM), Vikramjit Singh (Marketing Manager), Bhavnesh Agarwal (HR manager), Gursimran Arora (Exe. Chef), Akash Sherawat (F&B Manager) & Sanchit Kakkar (Finance Manager).

 

French Essence2

Themed Event – Around the World in 7 Plate

This event was a very different experience not only for the guests but also for the students. The team under the able guidance of Taran Raj Seth, General Manager for the event, executed a multi cuisine event based on the 7 Wonders of the World, and was named ‘Around the World in 7 Plates’. The guests experienced different food from different countries and also the décor. The guests were also given a brief about each wonder and the associated food item from that country on the menu. The industry expert, Chef Ramit Wason, Exe. Chef, Crowne Plaza, Okhla, came as an invitee to give the students a feedback. He was also very impressed by the décor, food and the service. The students had a great time and lot of learning experience. The management group included the following students – Taran Raj Seth (GM), Ankita Ahuja (Marketing Manager), Monica Agarwal (HR manager), Archit Aneja (Exe. Chef), Mukul Arora (F&B Manager) & Alok Mani Tripathi (Finance Manager).

Around the world in 7 plates1

Stay tuned for Part II and visit our FB page for more pictures from these classy and colourful events.

Why is Knowledge of Revenue Management Important for Managers – Part VI – Application

Taking a look at Revenue Management through a six-part article which discusses why the subject is important for managers and gives an overview of the curriculum of Vedatya’s Revenue Management Course.

In the last edition of the article we will take a look at non-traditional applications of Hotel Revenue Management.

Revenue management can be applied to aspects of hospitality industry with relatively fixed capacity, time-variable demand, and perishable inventory. This course teaches how to apply revenue management concepts and practices to hospitality-related industries such as restaurants, meeting spaces, spas, and golf facilities.

In this course, participants will learn a step-by-step process to develop, implement, and monitor a revenue management strategy to maximize top-line revenue for their operation.

Key Benefits

After completing this course, you will be able to:

  • Refine the practice of revenue management to include other aspects of the hotel industry
  • Extend the practice of revenue management to other industries
  • Lead a revenue management effort, from gathering baseline data to monitoring results post-implementation

Why is Knowledge of Revenue Management Important for Managers – Part V – Profit Management

singh_anjanaAnjana Singh has over 10 years of mixed experience in the hospitality Industry and academia, with almost 7 years in academics and 3 years in hotel operations. She has earlier held various operations and decision making positions with some of the major players of the Hospitality Industry – Taj Groups of Hotels, Hyatt Regency and The Imperial, New Delhi, India.

She had secured All India First Position in Annual examination for M.Sc. Hospitality Administration and was awarded Gold Medal, Certificate of Excellence from Ministry of Tourism.

Her Current Teaching assignments are Revenue Management, Human Resources, Intercultural Management in Hospitality, E-commerce, Career Planning, Environmental Management in Hospitality Industry, Developing Management Capabilities and Hospitality Operations. Read more

 

Why is Knowledge of Revenue Management Important for Managers – Part V – Profit Management

Taking a look at Revenue Management through a six-part article which discusses why the subject is important for managers and gives an overview of the curriculum of Vedatya’s Revenue Management Course.

In this edition of the article we will take a look at Profit Management, which is an integral part of Revenue Management.

Profit Management (Advanced Skills)

After getting familiar with basic accounting terms and records, this module involves understanding of financial reports and analysis related to them. Analysis of Cash, Funds and Capital is much needed to control and manage the operational cost and organize Revenue accordingly. Also relationship between different finance items assists managers to understand financial health of organization in short and long run.

Revenue Management (Advanced Skills)

In this module, you will have practice of RM concepts indifferent context as Restaurant, Hotel, Spa, Airline etc. The purpose of this module is to develop a holistic approach towards RM application and enable you to reflect your learning in multiple dimensions to develop clarity. You will be allowed to apply the related formulas to different scenario and identify the revenue opportunities in the same.

E-Hospitality Business

The role of Electronic media is very crucial in identifying and optimizing different Revenue resources. In this module, you will develop understanding of different electronic channels, their internal operations, e vendor identification etc. It will also include work on some successful cases of E hospitality Business. It will enable you to survive in a dynamic market saturated with competitors and substitutes.

Why is Knowledge of Revenue Management Important for Managers – Part IV – Pricing Strategy and Distribution Channels

singh_anjanaAnjana Singh has over 10 years of mixed experience in the hospitality Industry and academia, with almost 7 years in academics and 3 years in hotel operations. She has earlier held various operations and decision making positions with some of the major players of the Hospitality Industry – Taj Groups of Hotels, Hyatt Regency and The Imperial, New Delhi, India.

She had secured All India First Position in Annual examination for M.Sc. Hospitality Administration and was awarded Gold Medal, Certificate of Excellence from Ministry of Tourism.

Her Current Teaching assignments are Revenue Management, Human Resources, Intercultural Management in Hospitality, E-commerce, Career Planning, Environmental Management in Hospitality Industry, Developing Management Capabilities and Hospitality Operations. Read more

1 Year Full Time Post Graduate Program In Event Management (PGPEM)

An introduction to our 1 year full time post graduate program in Event Management (including 6 month internship). 

This program  aims to provide an in-depth knowledge and understanding towards planning and implementation of a successful event. The modules are designed to equip students with thorough insight of all the related elements which essentially shape the outcome of an event. The program will focus on the operational, as well as the non-operational facets. Aspects like project management, market research; promotional techniques, financial analysis, hospitality operational elements, implementation and event’s critical evaluation are embedded in the curriculum. The program is targeted towards students with a Bachelor degree in any field, aspiring to become an ‘events manager’.

The program will be delivered through a modular format that will ensure that students successfully completing the course would have developed all required competencies and skills that are required by the events management industry. The events management business is managed through specialized functions enlisted below:

Client Services: Business development, communication and relationship management

Operations: Implementing events by drawing from the creative capacity through planned, strategic approach

Creative Capacity: This is about idea generation, use of technology and innovation

Strategic Thinking & Financial decision making: Ensuring that each event supports the profit and other organizational objectives

The PGPEM program modules will ensure that the intended learning outcomes are clearly linked with the above mentioned functions and help learners to develop into sound, well trained ‘Event Managers’. The focus on the IT component of creative capacity would be limited to basic knowledge, as learning the specific IT tools is specialized field in itself.

Module Description

Event Planning & Project Management

This module provides an understanding of the various factors involved while an event is planned. The event is like a project which has a definite start and an end date, hence one needs to understand and apply the techniques used in project management in the event planning process so as to understand the technical guidelines that are required to deal with a project. The module covers the various types of hazards and risks. It is essential to understand the effects of the same and also to have knowledge to assess the different risks and hazards and come up with solutions for the same. This module will help students to understand the importance of each area which creates an impact on the overall success of an event.

Key Content Elements:

Event Management Basics

Project selection techniques

WBS, Linear responsibility chart

Project Scheduling

Gantt Chart, PERT, CPM

Ethical and Legal issues

Risk Assessment and Mitigation

Event Sales & Marketing Management

This module focuses on all the management theories & models which can practically be applied in the event marketing process. The students will have to apply research techniques to understand the concepts of marketing mix variables. They will be coached to understand the strategies and techniques that are required to sell the concept to a client who is a potential business for the organization. The same can be utilized when they implement a live event in the second semester.

Key Content Elements:

Market research techniques

Event Promotion techniques

PR and Networking

Sponsorship and Fund raising

Basic Selling Skills

Event Financial Management – Basic & Advanced Skills

This module is built to understand the need of financial aspects of the business so as to keep a control over the cost and achieve planned profits. The module would also focus on different sources to acquire funds in order to meet the costs and use the same op­portunity to market their ideas to the clients. This will help students to have an in depth knowledge of financial analysis based on working with key financial statements that are critical for any business. The students will understand different types of costs and develop understanding of financial accounting. The same can be utilized when they do a live event in the second semester.

Key Content Elements:

Budgeting for an Event

Understanding P&L Statement

Cash flow and Balance Sheet Projections

Analysis of Financial Performance

Financial Feasibility- Rate of Return

F&B Operations & Management- Basic and Advanced Skills

This module will focus on the operational aspects of F&B related activities that are an essential part of the event. This module will have the practical in depth knowledge of not only the F&B service aspects but also focus on F&B production. It will cover various aspects of the operational as well as the management aspects of food & beverage. It will cut across various areas including menu and its presentation, food and its accompani­ments, world of beverages, menu planning, costing and menu engineering, designing dining spaces, food & beverage controls, inventory management etc. the same can be utilized when they do a live event in the second semester.

Key Content Elements:

Basics of Food and Beverage Service and Production

Menu Planning & Engineering, Costing & Pricing, F&B Cost Control

HACCP, Licences and Safety-Security

Staffing Events

Planning and Implementing Off-Site Catering Events

Managing F&B Contracts

Entertainment Management

This module visits aspects that highlight the importance of entertainment for an event. It includes types of entertainment, cost aspects, innovation in entertainment options and importance of outsourcing.

MICE (Meetings, Incentives, and Conferences & Exhibitions)

This module will be a comprehensive introduction to the rapidly changing and ex­panding field of convention, event, incentives and exhibition management. It should familiarize students with the main factors on both the supply and demand side of this exciting dimension of the hospitality industry. It discusses the roles of intermediar­ies in bringing the two sides of the market together and identifies contemporary and future trends in business travel. This course will also examine in-depth strategies and requirements for the creation and designing of special events. As competition among meeting planners increases, the need to design memorable and extraordinary events is a major concern for professionals involved in this field. The module will familiarize students with the basic principles of design, effective procurement, coordination and implementation of all the products and services that will bring an event to life.

Why is Knowledge of Revenue Management Important for Managers – Part IV – Pricing Strategy and Distribution Channels

Taking a look at Revenue Management through a six-part article which discusses why the subject is important for managers and gives an overview of the curriculum of Vedatya’s Revenue Management Course.

Hospitality Sales and Marketing – Pricing Strategy and Distribution Channels in Hotel Revenue Management

This module deals with the basic concepts and changing trends in the field of Marketing. When we talk of Revenue Maximization, a larger share of ownership comes to the department which creates awareness about the product and acts as the most used contact point to convert prospects into customers. An understanding of this area with regards to Marketing concepts, Consumer Behavior, Marketing Mix and basic strategic marketing will enable the students to reach out to customers and practice the revenue optimization concepts.

Pricing is one of the most powerful tools a hotel can use to increase revenue. This course teaches participants how to set the right prices, develop rate fences (differentiate prices by customer type), and use multiple distribution channels to manage price more effectively.

Participants will learn about the impact of variable pricing and discounting on revenue management in the context of price elasticity, optimal price mix, perceived fairness, and congruence with positioning and sales strategies.

Channel management is an essential tool for controlling differentiated pricing, maintaining rate fences, and increasing revenue. Participants will explore various approaches to managing distribution channels including direct sales, agencies, the Internet, and opaque pricing channels.

Finally, discussions of best practices and industry case studies help extend and contextualize the learning experience.

Participants use Microsoft Excel to practice pricing and distribution-channel-management techniques.

Key Benefits

After completing this course, you will be able to:

  • Use variable pricing strategies to increase revenue
  • Develop effective rate fences
  • Manage prices using distribution channels

Why is Knowledge of Revenue Management Important for Managers – Part III

singh_anjanaAnjana Singh has over 10 years of mixed experience in the hospitality Industry and academia, with almost 7 years in academics and 3 years in hotel operations. She has earlier held various operations and decision making positions with some of the major players of the Hospitality Industry – Taj Groups of Hotels, Hyatt Regency and The Imperial, New Delhi, India.

She had secured All India First Position in Annual examination for M.Sc. Hospitality Administration and was awarded Gold Medal, Certificate of Excellence from Ministry of Tourism.

Her Current Teaching assignments are Revenue Management, Human Resources, Intercultural Management in Hospitality, E-commerce, Career Planning, Environmental Management in Hospitality Industry, Developing Management Capabilities and Hospitality Operations. Read more

Why is Knowledge of Revenue Management Important for Managers – Part III – Forecasting and Controls

Taking a look at Revenue Management through a six-part article which discusses why the subject is important for managers and gives an overview of the curriculum of Vedatya’s Revenue Management Course.

Understanding the Importance of Forecasting and Availability Controls in Hotel Revenue Management

All successful revenue management strategies are based on the ability to forecast demand accurately, as well as control room availability and length of stay.

This course explores the role of the forecast in a comprehensive revenue management strategy, including the selection of the best type of forecast and the impact of forecasting on other functions such as labor scheduling and purchasing. It presents a step-by-step approach to the mechanics of creating an accurate forecast. Participants learn how to build booking curves; account for “pick-up”; segment demand by market, group, and channel; and calculate error and account for its impact. The course also explores the impact of availability controls, including length-of-stay management, on revenue management and how they can be leveraged.

Participants use Microsoft Excel to practice forecasting and availability control techniques.

Working with Opera: Opera is the most popular Property Management System in Global Hospitality sector. It deals with managing, selling and controlling the inventory and related products. Based on the data that you enter on a day to day basis, it generates various operational and managerial reports. These reports are the most important tool to practice Revenue Management Concepts. By end of this module, you will be able to operate, understand and analyse this PMS functions.

Key Benefits

After completing this course, you will be able to…

  • Explain the role of forecasting in hotel revenue management
  • Create a forecast and measure its accuracy
  • Apply length-of-stay controls to their hotel
  • Manage availability and make rate recommendations based on demand patterns

 Why is Knowledge of Revenue Management Important for Managers – Part I

Why is Knowledge of Revenue Management Important for Managers – Part II

singh_anjanaAnjana Singh has over 10 years of mixed experience in the hospitality Industry and academia, with almost 7 years in academics and 3 years in hotel operations. She has earlier held various operations and decision making positions with some of the major players of the Hospitality Industry – Taj Groups of Hotels, Hyatt Regency and The Imperial, New Delhi, India.

She had secured All India First Position in Annual examination for M.Sc. Hospitality Administration and was awarded Gold Medal, Certificate of Excellence from Ministry of Tourism.

Her Current Teaching assignments are Revenue Management, Human Resources, Intercultural Management in Hospitality, E-commerce, Career Planning, Environmental Management in Hospitality Industry, Developing Management Capabilities and Hospitality Operations. Read more