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Revenue optimisation is about becoming the architect of your own fortune. A hotel room, an airline seat or a restaurant seat is a perishable product. As a result, customer satisfaction and pricing remain the most important dynamic variables, which are subject to revenue management. In an increasingly crowded market, successful tourism, hospitality and event businesses must engineer maximum returns from predominantly perishable products and services constrained by capacity.
Revenue management provides a framework to implement strategies that optimise revenue in various industry related contexts. As a field of study, it draws together concepts from marketing, economics, finance and psychology. This subject will review the application of tools and techniques used to achieve the goals of revenue management and the financial tools used to measure the efficiency of such techniques. Students will analyse, the tension between the mechanics of revenue optimisation and consumer behaviour, psychological and ethical considerations and the social and political environment as just some examples.
a) Explain the evolution of revenue management in the service industry.
b) Critically analyse revenue management strategies.
c) Prepare strategies that optimise revenue and performance in a range of industry related settings.
d) Assess the impact of legal, ethical and social issues on revenue management practices.