This unit introduces students to revenue management which is a demand based pricing system employed in the international hospitality and tourism industry. The use of revenue management is seen as a critical change in the setting of price in the hospitality and tourism industry and, coupled with information technology, especially the internet, is having long term strategic impacts on the industry. This unit also explores the role and function of the revenue manager, the key executive responsible for managing the pricing and supply policies in hotels, airlines and ground transport firms within the hospitality and tourism industry. Students will engage in a range of activities including practical problem solving sessions, team work, case study analysis, online learning activities, peer discussion and review, and self-reflection. This range of activities will help them critically review key roles and approaches to revenue management to optimise revenue management practices that may be employed in diverse local and global contexts.
BEO1105 - Economic Principles
BEO1106 - Business Statistics
|1.||Critically review the role and importance of revenue management in hospitality, tourism and events;|
|2.||Critically reflect upon the role and function of the revenue manager and revenue management in terms of its component parts, strategic factors and critical considerations;|
|3.||Recommend, justify and manage analytical procedures including demand analysis, forecasting, pricing, and revenue optimisation that are appropriate to solve complex and unpredictable problems in businesses and support the long term strategic directions of organisations; and|
|4.||Work collaboratively in teams to apply a broad and coherent body of knowledge grounded in current literature on revenue management practices to optimise revenue management practices in local and global contexts.|
|Test||Multiple choice; Mini-essay||10%|
|Case Study||Simulation case study (individual)||20%|
|Report||10 page Simulation report (group)||30%|
|Examination||Short and essay type questions||40%|
Segmentation, Revenue Management, and Pricing Analytics.
Bodea, T. and Ferguson, M. 2014,
New York, Routledge
Pricing and Revenue Optimization.
Phillips, R.L. 2005,
Stanford, USA: Stanford University Press.
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