Revenue Management for the Hotel Industry

 

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Main Description show detail >>
 
 
 
Department: Hotel, Culinary and Tourism Module Code: ACCT71022
Level: Level 7 Contact Hours: 48
Duration: 1 Semester Directed Study Hours: 36
Effective Term: 2017/18 Indep. Study Hours: 16
Credits: 5

Prerequisite Knowledge:

  None

Module Description/Aims:

  This module is designed to provide students with a knowledge of the fundamental concepts and components of revenue management in the hospitality industry. The module will look at the origins of revenue management, implementation and practice in the Hospitality Industry.  


 
Contact Hours show detail >>
   
 
Contact Type Hours
Lecture1 Per Week
Practical/Workshop3 Per Week


 
Learning Outcomes show detail >>
   
 
On successful completion of the module, the learner will be able to:
No. Description/Learning Outcomes
1Examine the evolution and main components of revenue management
2Analyse the various revenue management strategies and how they can be used to improve performance.
3Evaluate the factors involved in developing a distribution strategy and evaluate the costs and constraints related to promoting direct versus indirect channels.
4Formulate the key internal and external performance metrics pertinent to the hospitality Industry.


 
Learning Strategies show detail >>
   
 
Learning Strategies
The module will comprise of 12 online hours and 36 classroom hours.
The module will be taught using lectures, site visits, case studies, and guest lectures. This will be supplemented by practical's using relevant industry PMS and RMS systems.


 
Indicative Syllabus Content show detail >>
   
 
Content Detail
Introduction to Revenue ManagementThe Evolution of Revenue Management
Revenue Management Key Components
The Role of the Revenue Manager
Ethics and revenue management
Value
The Role of Pricing in Revenue ManagementThe Pillars of pricing - Supply and Demand, Competition, Price Sensitivity
The Role of Costs & Value in Pricing
Strategic & Differential Pricing
Pricing Strategies & Models
Pricing Mistakes
Forecasting DemandThe Importance of Demand Forecasting
Historical/Current/Future Data
Demand Forecasts and Strategic Pricing
Overbooking
Inventory ManagementIntroduction to Inventory Management
Rate Allocation
Group Requests
Market Segmentation, Mix and Channels
Distribution Channel ManagementPrinciples and Practices of Distribution Channel management
Electronic & Non-electronic Distribution Channel Management
Revenue Performance MetricsThe Value and Meaning of Metrics
Competitive Set Analysis
Key Internal & External Metrics
Statistics and Report Analysis
Yield Tactics and Fencing


 
Assessment Strategies show detail >>
   
Assessment Strategies
In-Class Test (Theory)
In-Class Test (Practical)
Final Written Exam


 
Indicative Assessments show detail >>
   
Learning Outcome Assessment Category Assessment Method Additional Information % alloc
4Continuous AssessmentClass Exam40
1, 2, 3, 4Final Exam (Scheduled)Final Written Exam60


 
Reading List show detail >>
   
 
Type ISBN Title Author Publisher Year Edition Library Link
Essential9780470393086Revenue Management for the Hospitality Industry
David Hayes & Allisha Millar
Wiley		2011-
Recommended9780131885899Introduction to Revenue Management in the Hospitality Industry: Principles and Practices
Kimberly A. Tranter, Trevor Stuart-Hill, Juston Parker
Prentice Hall		2008-
Recommended9781908999486Revenue Management for Hospitality & Tourism
Patrick Legoherel, Elisabeth Poutier, Alan Fyall
Goodfellow Publishers		2013-
Recommended9781906884161Essential Financial Techniques for Hospitality Managers
Cathy Burgess
Goodfellow Publishers		2010-


 
Journals and Websites show detail >>
   
 
Type Description
Websitewww.strglobal.com
Websitewww.the innovateroom.ie
Websitewww.travelclick.com
Websitewww.ideas.com
Websitewww.duettoresearch.com
Course MaterialIdeas Academic Partner Material
Course MaterialPMS & RMS Reports and Material
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Curricular information is subject to change