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Pricing and Revenue Management

Pricing and Revenue Management

Code: ACC2RZ003
Scope: 5 credits
Timing:  2nd academic year
Language: English
Level: Professional studies

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

Starting level and linkage with other courses
Recommended to be studied after the course of Fundamentals of Hospitality, Tourism and Experience, and Financial Accounting.

Assessment
The course is evaluated on a scale excellent (5), very good (4), good (3), satisfactory (2), fair (1), fail (0). The assessment criteria is presented on a scale 1 - 3 - 5.

Grade 1
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.

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.

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.

Working life connections
This course involves figures, facts and analyzes of real hospitality industry. Field trip or industry guest lecture are included.

Internationality
International hospitality standards are applied.

Learning methods
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.

Teachers responsible
Pekka Heikkilä, Haaga
Nina Niemi, Haaga
Raimo Pollari, Haaga