vcc.ca
HOSP 2503: Revenue Management in Hospitality
Effective date
May 2023
Department
Hospitality Diploma Int'l
School
Hospitality, Food Studies and Applied Business
Description
Students learn how to optimize revenue streams in a hospitality operation tactically and strategically. They also learn how to embed revenue management into the organization’s culture and analyze the decisions of sales departments so that they can be aligned with the revenue and profit objectives of all revenue centers within the organization. Throughout the course, students explore strategies to guide sales and marketing teams to effectively position the organization’s products and services.
Credits
3.0
Year of study
2nd Year Post-secondary
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Use data analytics to predict customer behavior and proactively formulate revenue management and pricing strategies
- Explain the components of demand forecasting, and examine alternate methods for managing demand in the hospitality industry
- Apply the necessary communication, decision-making and leadership skills required to help organizations maximize revenue
- Explain the concept of market segmentation and environmental scanning
- Identify revenue-generating opportunities, and optimize revenue and profit generation
- Recognize data and technology required to support the successful implementation of revenue management
- Describe the price/value relationship in the hospitality industry and its impact on consumer behaviour
- Explain the key principles of legal and ethical revenue management
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
Instruction involves interactive lectures, presentations, group discussions, role plays, and peer feedback. Learning will be enhanced through a variety of interactive classroom and collaborative activities. The interactive and practical exercises give students the opportunity to take an active role and learn by doing.
Grading System
Letter Grade (A-F)
Passing grade
D
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Quizzes/Tests |
15 |
|
|
Assignments |
15 |
Maximizing revenue |
|
Project |
20 |
Revenue management project |
|
Midterm Exam |
20 |
|
|
Final Exam |
20 |
|
|
Participation |
10 |
Preparation for class, active discussion, participation during class |
Course topics
- 1. Revenue Management as a tool 2. Strategic and value pricing 3. Differential pricing 4. The role of a Revenue Manager 5. Forecasting demand 6. Segmentation and buyer behaviour 7. Distribution channel management 8. Specialized applications of Revenue Management 9. Managing revenue through demand and supply management, value proposition, and pricing 10. Sustainable business and revenue models in a hospitality operation 11. Technologies to enhance the quality and delivery of hospitality services, products, and guest experience
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.