Module Details

Module Code: TOUR8009
Title: Revenue Management
Long Title: Revenue Mgt. for Hospitality & Tourism
NFQ Level: Advanced
Valid From: Semester 1 - 2023/24 ( September 2023 )
Duration: 1 Semester
Credits: 5
Field of Study: 8120 - Tourism
Module Delivered in: 2 programme(s)
Module Description: This module provides the rationale, theory and practical application of revenue management and the distribution of hospitality and tourism products, which seeks to maximise the revenue and profit generated by the limited capacity associated with service businesses.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Appraise the need for and nature of revenue management (RM) in service industries.
LO2 Describe the influence of the customer and of organisational culture on the RM process.
LO3 Validate the theory and practice of demand calculation, pricing and forecasting for revenue management implementation.
LO4 Critique the distribution function of any service business in order to maximise the generation of both core and ancillary revenues.
LO5 Describe the implementation of a revenue management strategy for any suitable hospitality or tourism business.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
No requirements listed
 
Indicative Content
Introduction to Revenue Management (RM)
History and development of RM. Necessity & suitability of RM for service organisations. RM ingredients and introduction to the strategic levers.
Segmentation and RM
Rationale for segmentation. Calculating optimum guest mix. Issues of trade-off and customer displacement in RM. Customer Lifetime Value. Packaging.
Technology and Revenue Management
Revenue management systems, big data, analytics, artificial intelligence (AI), PMS technology, channel managers, search engines, CRM, disruptors, social media and RM, rate shopping tools, mobile technology.
Competitor Analysis
Primary and secondary competition, disruptors, benchmarking and the Smith Travel Accommodations Report (STAR), competitive set, competitive intelligence, positioning and strategy.
RM Implementation
Steps in RM implementation, barriers to implementation. Role of front-line staff, customer service & RM, Total Revenue Management, collaboration between sales, marketing and revenue teams.
Pricing
Rate fences, factors affecting price levels. Value, trust and perceived fairness in RM. Pricing models.
Forecasting Demand & Overbooking
Compiling data and calculating demand levels. Accurate forecasting. Trend analysis. Overbooking: theory and practice.
Distribution and Channel Selection
Introduction to distribution, online versus offline distribution, key account management, calculating channel profitability and the importance of channel mix.
RM Strategies & Tactics
Use of case-study to observe "real-world" RM application.
RM in Hospitality and Tourism Industries
RM terminology, application to airlines, hotels, tourist attractions, golf club management, restaurants, conference and event management.
Module Content & Assessment
Assessment Breakdown%
Coursework40.00%
End of Module Formal Examination60.00%

Assessments

Coursework
Assessment Type Written Report % of Total Mark 40
Timing Week 6 Learning Outcomes 1,2,3,5
Assessment Description
Revenue Management Case Study
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 60
Timing End-of-Semester Learning Outcomes 1,2,3,4,5
Assessment Description
End-of-Semester Final Examination
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The University reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Theory and Practice Every Week 4.00 4
Independent & Directed Learning (Non-contact) Non Contact Independent Reading and Study Every Week 3.00 3
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Theory and Practice Every Week 4.00 4
Independent & Directed Learning (Non-contact) Non Contact Independent Reading and Study Every Week 3.00 3
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
 
Module Resources
Recommended Book Resources
  • Theresa Doherty and Carolyn Fredey. (2020), Hotel Revenue Management: Forecasting and Budgeting, 1st. Apple Academic Press, [ISBN: 9781003019923].
  • Gemma Hereter. (2017), Introduction to Revenue Management for Hotels: Tools and Strategies to Maximise the Revenue of Your Property, Createspace Independent Publishing Platform, [ISBN: 9781542609050].
  • Kimberly A. Tranter, Trevor Stuart-Hill, Juston Parker. (2013), An introduction to Revenue Management for the Hospitality Industry, Pearson Education Limited, Upper Saddle River, N.J., [ISBN: 9781292027159].
Supplementary Book Resources
  • Johan Hammer. (2016), Revenue Superstar: The Simple Rules of Hotel Revenue Management, Createspace Independent Publishing Platform, [ISBN: 9789163916809].
  • Ian Yeoman & Una McMahon-Beattie (Eds). (2010), Revenue Management and Pricing: A Practical Pricing Perspective, 11th. Palgrave MacMillan, London, [ISBN: 9780230241411].
Recommended Article/Paper Resources
  • Cornell Quarterly, Cornell Hotel and Restaurant Administration Quarterly.
  • Macmillian Publishers. Revenue Management Articles, Journal of Revenue and Pricing Management,
    http://www.palgravejournals.com
  • Sherri Kimes. Revenue Management Articles, Cornell University School of Hotel Administration,
    http://journals.sagepub.com
  • Elsevier. Revenue Management related articles, Journal of Business Research.
  • Emerald Publishing. Revenue Management related articles, International Journal of Contemporary Hospitality Management.
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_OHMGT_8 Bachelor of Business (Honours) in Hospitality Management 7 Mandatory
CR_FTRSM_8 Bachelor of Business (Honours) in Tourism Management 7 Mandatory