10109134Revenue Management
Course Information
Description
This course focuses on distinguishing between tactical and strategic revenue management. We explore foundational aspects of revenue management and then develops a strategic revenue management focus. We focus on current challenges for revenue managers, big data and market intelligence, the role of social media on revenue management and new market segmentation approaches.
Total Credits
3
Course Competencies
  1. Describe environmental factors influencing the financing of culinary, hospitality and tourism service organizations
    Assessment Strategies
    Case Studies
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    Blog
    Assessments
    Criteria
    Define revenue management and identify the basic steps of the revenue management process.
    Outline the brief history of revenue management and why it has become important.
    Identify and describe the business traits that allow for the best use of revenue management.
    Identify and describe five emerging revenue management challenges.

  2. Explain key business concepts, example: supply and demand, economic impacts, cost analysis, pricing, ratio analyses, involved in managing a profit/nonprofit culinary, hospitality or tourism enterprise
    Assessment Strategies
    Case Study
    Case Studies
    Test
    Journal
    Blog
    Assessments
    Criteria
    Define revenue management and identify the basic steps of the revenue management process.
    Outline the brief history of revenue management and why it has become important.
    Identify and describe the business traits that allow for the best use of revenue management.
    Identify and describe five emerging revenue management challenges.
    Describe the purpose of a competitive set and the factors one must consider when creating one properly
    Calculate market share and penetration indexes and explain what they reveal.
    Identify potential sources of market intelligence.
    Discuss the significant challenges that beset most forms of measurement and the efforts to interpret measurement results.

  3. List the components and benefits of revenue management
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    Criteria
    Identify, define and calculate several important internal performance measures that help evaluate the results of operation
    Explain how revenue management relies on forecasting, and detail elements and components of forecasting that relate to revenue management.

  4. Demonstrate the strategic levers of revenue management
    Assessment Strategies
    Case Studies
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    Criteria
    Identify and describe the various components of tactical rate management.
    Discuss the advantages of upselling.
    Summarize the concept of demand-based dynamic pricing.
    Identify three tactics that can be used to maximize revenue by controlling the length of guest stays.
    Define capacity management and how it is used in revenue management.
    Explore the role that differentiation plays in demand generation and the most frequently used differentiation strategies

  5. Evaluate organizational performance and competitive analysis using key indicators
    Assessment Strategies
    Case Studies
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    Criteria
    Explore the costs of an occupied room and why it is important to consider this when executing a revenue strategy
    Explain why revenue management has become more than rooms revenue and pricing
    Describe what total hotel revenue management should include.
    Outline critical considerations involved in strategic pricing decisions.
    Describe the nature of and need for revenue streams management.
    Identify and describe various distribution methods and channels and explain why distribution channel management is important to a hotel’s success.
    Outline the business reasons for following and using social media for revenue.
    Explain how mobile devices and responsive design have changed sales and marketing efforts

  6. Recognize the role of management in decision making
    Assessment Strategies
    Case Studies
    Test
    Journal
    Blog
    Assessments
    Final capstone project
    Criteria
    Describe automated revenue management systems, including their capabilities and the cultural and system-integration challenges they present to hotels.
    Describe how the revenue manager position evolved
    Identify and typical tasks and competencies of revenue managers.
    Explore the role of a revenue  manager in hospitality management
    Describe pros and cons of this type of a position