| Course Code and Name: SEEM4660 Pricing and Revenue Management | ||||||||||||||
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| Course Objectives: Pricing and revenue optimization (PRO) or revenue management as it is also called focuses on how a firm should set and update pricing and product availability decisions across its various selling channels in order to maximize its profitability. In this course you will learn to identify and exploit opportunities for revenue optimization in different business contexts. You will review the main methodologies that are used in airline, hospitality, rental services, and events/entertainment, discuss legal issues associated with different pricing strategies, and survey current practices in different industries. |
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| Course Outcomes: 1. Capture consumer surplus via differential pricing: personalized pricing, group pricing, versioning, and quantity discounts. Pricing with capacity constraints. 2. Combine tactics of segmenting market with differential pricing strategies. 3. Model demand and customer behaviors using consumer choice, reservation prices, aggregate demand models and bundling. 4. Master a special pricing strategy-markdown management. 5. Competent to apply dynamic pricing . 6. Capacity control with linear programming and/or demand uncertainty. 7. Customer acceptance and legal issues in PRO. | Programme Outcomes: (P1) The ability to apply knowledge of mathematics, science, and engineering appropriate to the degree discipline (K/S) (P2) The ability to design and conduct experiments, as well as to analyze and interpret data (K/S) (P3) The ability to design a system, component, or process to meet desired needs within realistic constraints, such as economic, environmental, social, political, ethical, health and safety, manufacturability and sustainability (K/S) (P4) The ability to function in multi-disciplinary teams (S/V) (P5) The ability to identify, formulate, and solve engineering problems (K/S) (P6) The understanding of professional and ethical responsibility (V) (P7) The ability to communicate effectively (S) (P8) The ability to understand the impact of engineering solutions in a global and societal context, especially the importance of health, safety and environmental considerations to both workers and the general public (V) (P9) The ability to recognize the need for, and to engage in life-long learning (V) (P10) The ability to stay abreast of contemporary issues (S/V) (P11) The ability to use the techniques, skills, and modern engineering tools necessary for engineering practice appropriate to the degree discipline (K/S) (P12) The ability to use the computer/IT tools relevant to the discipline along with an understanding of their processes and limitations (K/S/V) (P13) The ability to apply the skills relevant to the discipline of operations research and information technology and their applications in engineering and managerial decision making, especially in financial services, logistics and supply chain management, business information systems, and service engineering and management (K/S) K = Knowledge outcomes S = Skills outcomes V = Values and attitude outcomes |
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| Weights (in %): | ||||||||||||||
| P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | P9 | P10 | P11 | P12 | P13 | Other | Total |
| 10% | 20% | 10% | 5% | 10% | 30% | 10% | 5% | 100% | ||||||
| Course Outcome(s) is/are measurable or not: Yes If Yes, please suggest ways to measure: This course contribute (P1) by teaching elements of it. It could be measured by 10%. (P3) by teaching elements of it. It could be measured by 20%. (P4) by teaching elements of it. It could be measured by 10%. (P5) by teaching elements of it. It could be measured by 5%. (P6) by teaching elements of it. It could be measured by 10%. (P10) by teaching elements of it. It could be measured by 30%. (P11) by teaching elements of it. It could be measured by 10%. (P13) by teaching elements of it. It could be measured by 5%. |
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