REVENUE MANAGEMENT - 2023/4
Module code: MANM243
This module is designed to develop an understanding of revenue management (RM) in the international hotel industry. This has become a major strategic tool in the successful operation of these businesses. The module provides an overview of the RM, looking at all aspects of this activity from a variety of perspectives – strategic, marketing, operations and human resources. Contemporary issues surrounding RM, such as the implications of using algorithm pricing and augmented decision-making, will also be debated from different perspectives.
Hospitality & Tourism Management
WANG Lorna (Hosp & Tour)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 7
JACs code: N340
Module cap (Maximum number of students): N/A
Overall student workload
Independent Learning Hours: 117
Lecture Hours: 22
Seminar Hours: 11
Prerequisites / Co-requisites
Indicative content includes:
- History and Development of Revenue Management
- Customers’ Insights and Consumer Behaviour
- Dynamic Value-Based Pricing
- Internal Assessment and Competitive Analysis
- Economic Principles and Demand Forecasting
- Distribution Channel Management
- Channel and Inventory Management
- Contemporary issues in Revenue Management
- The Revenue Management team and organisational culture
- Strategic Revenue Management and Implications
|Assessment type||Unit of assessment||Weighting|
|Coursework||INDIVIDUAL ESSAY (2000 WORDS)||50|
|Oral exam or presentation||GROUP PRESENTATION||50|
Alternative Assessment to the Group Assessment is an individual report of 1500 words
The assessment of this module comprises an individual report and a group presentation.
The individual coursework requires the students to choose ONE topic out of two to assess the challenges and the future of hotel revenue management using academic and industry research. It should be analytical and incorporate various viewpoints such as the business, the guest and the team perspective to demonstrate a comprehensive understanding of revenue management.
The group coursework applies revenue management principles, practices through the simulation, and requires students to demonstrate their learning through a report on this activity. Each group is required to present the hotel’s strategies and subsequent results, in a form of a Revenue Meeting presentation to the hotel’s regional Revenue Director.
Formative assessment and feedback
Formative feedback will be provided to the students throughout the semester by the tutors to support them to complete the assessments.
- The aim of the module is to introduce students to how revenue management is executed and the impact it has on hotel business performance. The module will be approached from the viewpoint of the Revenue Manager, who needs to manage complex activities with the aid of specialists both inside and outside her or his organization to build up business resilience and sustain financial success in volatile markets.
|001||Explain revenue management and its application in different industry sectors||K|
|002||Analyse and interpret revenue management data||KC|
|003||Formulate revenue management policies and decisions||CP|
|004||Evaluate the individual roles of different members of a hotel's revenue management team||KC|
|005||Make strategic revenue management decisions that improve long-term hotel performance||PT|
|006||Critically evaluate revenue management performance from multiple perspectives||KC|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Methods of Teaching / Learning
The learning and teaching strategy is designed to provide lectures and seminars (often including interactive tasks) delivered by the module tutors designed to develop an understanding of underpinning theory and an introduction to academic debates. In addition, a series of simulation-based student activities and discussions working in groups to explore and apply the lecture materials
The learning and teaching methods include:
- 1) Lectures and seminars on specific aspects of RM.
- 2) The RevSim simulation in which student groups will simulate running a hotel competitively against other groups.
- 3) Readings, exercises, activities and weblinks in SurreyLearn.
- 4) Industry guest speakers.
The teaching and learning strategy is designed to provide a series of lectures (often including interactive tasks), delivered by the module tutors, designed to develop an understanding of underpinning theory and an introduction to academic debates. Weekly seminars and student-led group discussions are designed to encourage the students to explore and apply the lecture materials to industry practice.
The use of the RateSim business simulation will allow the students to conduct competitive hotel revenue management decision-making exercises, on a weekly basis, for a minimum of four weeks trading period. Each week’s revenue management results/performance will be evaluated and presented during the weekly seminar, during which formative feedback will be provided by the tutors and through peer assessment. These activities are designed to encourage the students to take a reflective approach about their performance and developing their decision-making confidence through improving their problem-solving skills.
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Upon accessing the reading list, please search for the module using the module code: MANM243
This module adopts the University curriculum framework that aims to equip learners with appropriate capabilities in Digital Capabilities, Employability, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module contributes to the development of the following capabilities:
Employability: The content and the assessments in this module require students to put theory into practice by using a Revenue Management simulation for at least 4 weeks to run their own hotels and making revenue management decisions that are also informed by industry trends and business insights available from external business dataset. The students are also required to reflect and present their performance analysis and managerial implications from their experience. These business analytics and data-driven decision making skills will prepare students to be successful managers in the digital age.
Global and Cultural Capabilities: Students will learn how to interpret results of business analytics and their implications to hotel business in a global context by extracting, comparing, and contrasting individual and group behaviours captured from various datasets.
Sustainability: Students will learn how to interpret business intelligence to support long-term sustainable growth.
Resourcefulness and Resilience: Students will be required to find solutions through unstructured problems in a volatile marketplace is the key learning aspect of this module that will develop students’ resourcefulness and resilience.
Programmes this module appears in
|Strategic Hotel Management MSc||2||Optional||A weighted aggregate mark of 50% is required to pass the module|
|International Hotel Management MSc||2||Optional||A weighted aggregate mark of 50% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2023/4 academic year.