[MUSIC] Hello and welcome to this MOOC on demand management, breaking down today's commercial silos. The third and final theme in our specialization on hotel distribution, revenue, and demand management. In our first MOOC on the fundamentals of hotel distribution, we explore the role and importance of distribution, both online and offline, and successfully running a hotel today. In particular we stressed how in a sector characterized by fixed capacity, a highly disposable product and highly fixed cost, how selling each room each night at the optimum price was essential to maximizing hotel profitability. We examined the rapidly evolving hotel distribution landscape. Particularly developments in the OTA space as well as the controversial issue of distribution cost. Stressing that the widely held conviction that OTAs are expensive, may not in fact, be correct, when the true cost of direct distribution is actually calculated. We just explored, how to work more effectively with OTA players. So as to be able to maximize the potential, of these highly powerful and efficient online points of sale. By optimizing distribution, or in other words, where the product is available for sale, this first MOOC essentially focused on the options available to ensure that each room can be sold each night. In our second MOOC on the Fundamentals of Revenue Management, developed in partnership with Duetto, we switched our attention to the second interrelated part of the equation. How to optimize the rate or the price at which rooms are sold, as well as the allocation of availability or room inventory on the portfolio of distribution channels that you have chosen to use. So as to be able to maximize the hotel's revenue and return on any given night. During this second MOOC, we examined in detail the three core processes of revenue management, mainly segmentation, forecasting and pricing. To help you understand the revenue management process as a whole, and introduce you to how you might implement each of these steps in your hotel. We highlighted examples of best practice, examining how different types of hotels and hotel organizations have successfully used these principles to enhance their revenue earning And profit making potential. Both distribution issues and revenue management also feature heavily in our third MOOC on demand management, breaking down today's commercial silos, which we have developed in conjunction with our industry partner, Snapshot. This slightly more advanced MOOC will help you to integrate your learning from the first two fundamental MOOCs. Bringing it all together and demonstrating how distribution and revenue management have to be driven by the hotels asset structure and aligned with its overall business strategy. We will revisit many of the same teams first introduced in the first two MOOCs. Stitching them together to build a cohesive and integrated picture of how to manage these critical issues In a hotel today. Once again, our learning will be structured into four independent modules. In the first, Alex will focus on the topic of asset management, and how the hotel's ownership structure has a massive effect on our revenue management and distribution decisions. With owners and investors placing increasing emphasis on the demand generation, conversion and monetization areas. David will then focus on the topic of demand generation. Specifically on how to generate the priest high rate business for your property. This is of course is deeply related to the topic of online marketing, which Martin will attack in module three. Finally the MOOC will be wrapped up by Brendon who will once again return to the topic of revenue management, explaining how this fits in within the overall demand management puzzle. And how to apply the principles introduced in MOOC two within the context of the hotel's overall demand management strategy. We will also hear from Leonard D Young, commercial director of citizenM Hotels, a company at the forefront of developments in distribution, revenue and demand management about how all of this actually works in practice. Overall, we have an exciting and insightful series of modules for you that will deepen your understanding of how to better manage hotels today. So without further ado, over to the team from Snapshot to introduce the concept of Demand Management.