IE515 PRICING AND REVENUE MANAGEMENT
| Course Code: | 5680515 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 8.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Graduate |
| Course Coordinator: | Prof.Dr. SERHAN DURAN |
| Offered Semester: | Fall and Spring Semesters. |
Course Objectives
1- At the end of this course, students will understand the main concepts behind revenue management applications and how revenue management can improve contribution.
2- At the end of this course, students will understand what revenue management strategies and tactics can be implemented to manage demand.
Course Content
Price-response function, price response with competition, price differentiation, volume discounts, opportunity cost, variable pricing, markdown pricing, first-price auctions, second-price Auctions, English suctions, vickrey auctions, booking control, protection levels, network bid price control.
Course Learning Outcomes
Students will be able to:
- characterize the relationship between price and demand,
- identify opportunities for market segmentation in different industries,
- anticipate and plan for consumer reaction to different pricing policies,
- identify the pros and cons of main methodologies and practices of revenue management used
particularly in the airline industry.
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | Specialize with advanced knowledge in selected areas of Industrial Engineering; such as Production and Operations Management, Supply Chain Management, Business Analytics and Information Systems, Decision Sciences and Operational Research, Quality Management, Human Factors and Ergonomics, and Strategy and Industrial Economics. | ✔ | |||
| 2 | Have advanced ability to formulate and solve industrial engineering problems. | ✔ | |||
| 3 | Be able to systematically acquire new scientific knowledge to design and improve socio-technical systems. | ✔ | |||
| 4 | Be able to conduct scientific research in industrial engineering. | ✔ | |||
| 5 | Be able to apply critical reasoning in their professional careers. | ✔ | |||
| 6 | Appreciate the academics ethics. | ✔ | |||