By Thomas A. Maier, School of Hospitality Leadership – DePaul University’s hospitality school has become the only one in the country to offer an MBA in Revenue Management. The program is a partnership between the School of Hospitality Leadership and the Kellstadt Graduate School of Business.
Now that the program has launched, many hospitality industry executives are thrilled that DePaul is educating students with business core fundamentals and revenue management competency skills that are in high demand.
In the hospitality industry, revenue management is an approach adopted by businesses that want to optimize their revenue stream. This is achieved by gaining a thorough understanding of the marketplace, the manipulation of product supply and demand, careful competitive positioning and timing. The goal is to optimize income revenue from a fixed but perishable inventory and use information to segment markets and adjust products through distribution channels.
The
MBA revenue management concentration focuses on the evolution of revenue management principles and practices within the hospitality sector. Revenue management concepts are addressed from a comprehensive perspective as they pertain to the importance of generating business revenues and contribution to overall financial performance within the hospitality industry. This field has advanced in both sophistication and complexity, increasing the need for enhanced development of human capital, investments in data analytics and integrated approaches to successful revenue generation.
The MBA in revenue management concentration, which includes two required courses and one tailored elective, is already being offered. Students can register through DePaul’s Campus Connect website and can email
tmaier@depaul.edu to learn more about the program.
Thomas Maier is Assistant Professor of Leadership and Revenue Analytics in the School of Hospitality Leadership at DePaul University.