HOSP 4810: Hospitality Revenue Management
Effective date
September 2015
Department
Hospitality Management App Deg
School
Hospitality, Food Studies and Applied Business
Description
This course models a hospitality-focused, revenue management process. It uses four basic building blocks to revenue management success, while outlining key processes and stages of revenue management planning.
This course is part of the full-time Bachelor of Hospitality Management program.
Year of study
4th Year Post-secondary
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- List the revenue management practices and techniques used in the hospitality industry.
- Describe the price/value relationship on the hospitality industry and its impact upon consumer purchasing behavior.
- Explain the concept of market segmentation and environmental scanning, and provide examples.
- Explain the components present in demand forecasting, and examine alternate methods for managing demand in the hospitality industry.
- Compare channel production and distribution cost.
- Define price transparency, price parity, rate integrity and price fencing.
- Outline the similarities and differences between channel and inventory management.
- Examine the professional characteristics needed to be successful revenue management team.
- Apply the "5W's" and an H analysis to each of the eight steps in the RevMap.
- Present two methods for increasing prices.
- Explain the key principles of legal and ethical revenue management.
Prior Learning Assessment & Recognition (PLAR)
To learn more about the PLAR pathways for this course review the Bachelor of Hospitality Management Program Content Guide.
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Instructional Strategies
Presentations, case studies, individual and group work.
Grading System
Letter Grade (A-F)
Evaluation Plan
Type
|
Percentage
|
Assessment activity
|
Assignments
|
30
|
2 assignments - ethical and legal, revenue map
|
Midterm Exam
|
20
|
|
Final Exam
|
30
|
|
Quizzes/Tests
|
20
|
2 in-class situational analysis foci
|
Course topics
- Introduction to Revenue Management
- A Brief History of Revenue Management
- Customer Knowledge and Consumer Behavior
- Market Segmentation and Selection
- Economic Principles and Demand Forecasting
- Reservations and Channels of Distribution
- Dynamic Value-Based Pricing
- Channel and Inventory Management
- The Revenue Management Team
- Strategic Management and Following the RevMap
- Tools, Tactics and Resources
- Legal and Ethical Issues in Revenue Management
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.