{"id":8515,"date":"2022-07-13T14:49:02","date_gmt":"2022-07-13T06:49:02","guid":{"rendered":"https:\/\/www2.ift.edu.mo\/NewsPortal\/?p=8515"},"modified":"2022-07-14T14:54:40","modified_gmt":"2022-07-14T06:54:40","slug":"iftm-partnership-with-resort-operator-gives-students-insight-into-revenue-management","status":"publish","type":"post","link":"https:\/\/www.utm.edu.mo\/NewsPortal\/iftm-partnership-with-resort-operator-gives-students-insight-into-revenue-management\/","title":{"rendered":"IFTM partnership with resort operator gives students insight into revenue management"},"content":{"rendered":"<div id='gallery-1' class='gallery galleryid-8515 gallery-columns-2 gallery-size-herald-lay-a'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a class=\"herald-popup\" href='https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1.jpeg'><img loading=\"lazy\" decoding=\"async\" width=\"990\" height=\"556\" src=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1-990x556.jpeg\" class=\"attachment-herald-lay-a size-herald-lay-a\" alt=\"\" aria-describedby=\"gallery-1-8517\" srcset=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1-990x556.jpeg 990w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1-470x264.jpeg 470w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1-640x360.jpeg 640w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1-215x120.jpeg 215w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1-300x168.jpeg 300w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Handler_DisplayImage_Teacher_Profile.ashx_-1-414x232.jpeg 414w\" sizes=\"auto, (max-width: 990px) 100vw, 990px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-8517'>\n\t\t\t\tIFTM Assistant Professor Dr. Thea Edith Vinnicombe\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a class=\"herald-popup\" href='https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3.jpg'><img loading=\"lazy\" decoding=\"async\" width=\"990\" height=\"556\" src=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3-990x556.jpg\" class=\"attachment-herald-lay-a size-herald-lay-a\" alt=\"\" aria-describedby=\"gallery-1-8516\" srcset=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3-990x556.jpg 990w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3-470x264.jpg 470w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3-640x360.jpg 640w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3-215x120.jpg 215w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3-300x168.jpg 300w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2022\/07\/Candy-and-students-3-414x232.jpg 414w\" sizes=\"auto, (max-width: 990px) 100vw, 990px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-8516'>\n\t\t\t\tMs. Candy Sun, Director of Revenue Optimization and Distribution at Sands China, and a group of students from the course on revenue management\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n\n<span class='pum-trigger  popmake-8519  text-center font-blue' data-do-default=''>\u4e2d\u6587\u6458\u8981 \/ Summary in Chinese<\/span>\n<p>Revenue management is an important discipline in tourism and hospitality, and in business generally. It has been described as the ability to \u2018sell the right product to the right person at the right price\u2019, with a view to maximising revenue and hence the profitability of an enterprise.<\/p>\n<p>Year 4 students on the Hotel Management Bachelor\u2019s 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.<\/p>\n<p>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.<\/p>\n<p>\u201cStudents can learn the relevant theories from IFTM, and they can get real industry insight and up-to-date information from our industry partner,\u201d Dr. Vinnicombe explains.<\/p>\n<p>According to the IFTM scholar, revenue management in Macao hotels is \u201cmuch more advanced than in most other destinations\u201d. That is because, \u201cwhen compared to a normal hotel, an integrated resort has more streams of revenue,\u201d including casino gaming, restaurants, entertainment, and retailing, she says.<\/p>\n<p>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. \u201cIn other parts of the world, hotels might not even have a revenue manager,\u201d she states.<\/p>\n<p>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.<\/p>\n<p>IFTM introduced its course on revenue management acknowledging the importance of such know-how for Macao\u2019s integrated resort sector. \u201cIFTM was among the tertiary education institutions at the forefront regarding having this course included in its curriculum,\u201d says Dr. Vinnicombe.<\/p>\n<p>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.<\/p>\n<p>\u201cRevenue management is a really important area,\u201d states Dr. Vinnicombe. \u201cIt can have an immediate impact on a daily basis in the decision-making process \u2013 for example in casino operations.\u201d<\/p>\n<p>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 \u2018best paper\u2019 awards and other accolades.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenue management is an important discipline in tourism and hospitality, and in business generally. It has been described as the ability to \u2018sell the right product to the right person [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":8516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[136,1704],"tags":[2173,261,2171,121,2172],"class_list":["post-8515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main_headline","category-university-news","tag-candy-sun","tag-hotel-management","tag-revenue-management","tag-sands-china","tag-thea-edith-vinnicombe"],"views":697,"_links":{"self":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts\/8515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/comments?post=8515"}],"version-history":[{"count":3,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts\/8515\/revisions"}],"predecessor-version":[{"id":8522,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts\/8515\/revisions\/8522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/media\/8516"}],"wp:attachment":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/media?parent=8515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/categories?post=8515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/tags?post=8515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}