Revenue Management is used by many service-based organisations to enable prices to be set strategically to maximise revenue and profitability. An understanding of revenue management practices will enable you to apply data-based decision making to answer important questions such as what to sell when to sell, whom to sell to and at what prices. Topics covered include revenue management metrics, demand forecasting, value-based pricing, inventory management, distribution channel management and competitor benchmarking. You will learn about the role of Revenue Manager and how this professional role interacts with and is influenced by, other departments within an organisation to optimise revenue outcomes. You will put your skills in revenue management into practice as you work in teams to manage a simulated hotel using the Hotel Operations, Tactics and Strategy (HOTS) system to implement strategic pricing and revenue management decisions.
|Faculty||Bond Business School|
1. Analyse the competitor environment with regards to customer value and pricing strategy.
2. Develop demand forecasts for accommodation businesses.
3. Explain the pricing and rate management strategies used by service organisations to maximise revenue.
4. Analyse the effectiveness of the pricing and revenue management strategies of accommodation and service-based businesses.
5. Develop strategies to maximise revenue for accommodation services.
6. Calculate key revenue management metrics for accommodation and service based businesses.
7. Demonstrate effective contribution to a team which is responsible for implementation of management decisions intended to maximise revenue in a simulated hotel.
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
Assumed Prior Learning (or equivalent):