Pricing and Revenue ManagementLaajuus (5 cr)

Learning objectives

The objective is to provide understanding and tools of pricing and revenue management. Enhance student´s capabilities to use these methodologies to drive the efficiency, profitability and competitiveness of a service company. The course supports practical business management skills in an international setting with its holistic view to the hospitality and travel industries.

Upon completion of the course, the student is able to
• understand the characteristics of the service industry and the criteria for use of revenue management
• identify and analyze important KPIs (key performance indicators) and measurements of revenue management
• understand and apply different models and tools of pricing and revenue management
• distinguish between strategic and tactical pricing and revenue management
• plan and apply a revenue management project for a service provider

Contents

• the purpose of the use of pricing and revenue management in the service industry
• internal and external measurements of revenue management
• different pricing models and tools
• forecasting revenue and operational expenses through managing supply and demand, pricing, capacity and distribution channels
• plan and apply a revenue project for a service provider

Lähtötaso ja sidonnaisuudet muihin opintojaksoihin

Recommended to be studied after the course of Fundamentals of Hospitality, Tourism and Experience, and Financial Accounting.

Implementation methods, demonstration and Work&Study

The learning goals of this course is reached in the following ways:
a. Lectures and related assignments as full-time studies
b. Exam and learning assignment

Assessing one’s own learning is a compulsory part of the course.

Assessment criteria - grade 1

When the implementation type of the course is CONTACT, ONLINE or BLENDED it is required that the student is present during those teaching hours that are marked in the study schedule. If you are absent more than 25 %, your grade will be lowered by one. If you are absent more than 50 %, the course is failed.

The student understands the basic principles of pricing and revenue management and can list the essential KPIs. Knows the difference between strategic and tactical pricing and revenue management. Can identify the basic needs, elements and tools to be used in the revenue project.

Assessment criteria - grade 3

The students understands and can apply the basic principles of pricing and revenue management and can benefit from the essential KPIs. Can discuss the difference between strategic and tactical pricing and revenue management. Can identify the basic needs and select elements and tools to be used in the revenue project.

Assessment criteria - grade 5

The students can apply and develop the principles of pricing and revenue management. The student can analyse the essential KPIs and develop the business based the analysis. Can discuss the difference between strategic and tactical pricing and revenue management and implement these. Can independently plan and apply a revenue project based on needs, elements and tools of pricing and revenue management.

Learning materials

Provided by the teachers