Title: Identify the primary functions of the revenue management team.
Course: Lodging Management (12159) > Section: Performing Financial Functions

Identification should include managing yield, managing inventory, and establishing pricing strategies.

The revenue management team should be responsive to market changes, including new inventory coming into the market, as well as changes in customer needs and wants.

Process/Skill Questions:

- What is revenue management?
- Why is it important to stay informed of changes in energy and food costs locally?
- How does an awareness of changes in guest needs and desires affect a lodging’s food and beverage inventory?
- What considerations would a revenue manager take before approving a group rate for the sales department?
- What role does market share figure into setting prices?
- What economic factors should be considered when establishing pricing strategies?
- How often should a revenue management team research market changes?