Institute News Main Headline

IFTM partnership with resort operator gives students insight into revenue management

中文摘要 / Summary in Chinese

Revenue management is an important discipline in tourism and hospitality, and in business generally. It has been described as the ability to ‘sell the right product to the right person at the right price’, with a view to maximising revenue and hence the profitability of an enterprise.

Year 4 students on the Hotel Management Bachelor’s Degree Programme have access to a course dedicated to the multiple aspects of revenue management. The course is led by Assistant Professor Dr. Thea Edith Vinnicombe, and is delivered in partnership with integrated resort operator Sands China Ltd. That link-up in particular helps enlighten students about how revenue management is used in hotels and resorts.

Dr. Vinnicombe explains that the course is in 2 parts. She oversees delivery of content related to theoretical understanding of revenue management. Ms. Candy Sun, Director of Revenue Optimization and Distribution at Sands China, contributes with an industry perspective on the topic.

“Students can learn the relevant theories from IFTM, and they can get real industry insight and up-to-date information from our industry partner,” Dr. Vinnicombe explains.

According to the IFTM scholar, revenue management in Macao hotels is “much more advanced than in most other destinations”. That is because, “when compared to a normal hotel, an integrated resort has more streams of revenue,” including casino gaming, restaurants, entertainment, and retailing, she says.

Dr. Vinnicombe adds that such level of operational complexity makes it a must for large-scale resorts in Macao to have a dedicated revenue management unit. “In other parts of the world, hotels might not even have a revenue manager,” she states.

Upon completing the course on Revenue Management, IFTM students are expected to be able to recognise the importance of price and the role of price differentiation in revenue maximisation. They should also be able to understand the relevance of demand forecasting.

IFTM introduced its course on revenue management acknowledging the importance of such know-how for Macao’s integrated resort sector. “IFTM was among the tertiary education institutions at the forefront regarding having this course included in its curriculum,” says Dr. Vinnicombe.

The involvement of an industry partner on the course is of significant value for the students, the scholar says. It means undergraduates can get access to operational insights, allowing them to understand how theory is put into practice in day-to-day professional life.

“Revenue management is a really important area,” states Dr. Vinnicombe. “It can have an immediate impact on a daily basis in the decision-making process – for example in casino operations.”

As part of the course, students are tasked with projects based on real-life examples provided by Sands China. Ms. Sun attends the project presentations: she comments on each piece of work, and presents ‘best paper’ awards and other accolades.

Dr. Vinnicombe says there is positive feedback from the students regarding the course. Undergraduates enjoy the way IFTM cooperates with Sands China and is able to have privileged access to such an industry operator, she states.

President’s Corner

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