NTISthis.com

Evidence Guide: SITXFIN006 - Manage revenue

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

SITXFIN006 - Manage revenue

What evidence can you provide to prove your understanding of each of the following citeria?

Analyse and forecast business activity.

  1. Analyse existing performance data and budget targets.
  2. Interrogate and compare sources of business activity from different distribution channels and market segments.
  3. Evaluate external market factors, competitor activity and changing customer demand patterns.
  4. Develop scenarios and forecasts around future business performance and revenues.
Analyse existing performance data and budget targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interrogate and compare sources of business activity from different distribution channels and market segments.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate external market factors, competitor activity and changing customer demand patterns.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop scenarios and forecasts around future business performance and revenues.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make pricing decisions.

  1. Confirm net, fixed and variable delivery costs.
  2. Review and incorporate distributor commissions and mark-ups.
  3. Set standard and promotional rates for different times, trading periods and market segments based on analysis of forecasts, pricing options and optimum yield.
  4. Assess the need for special conditions and apply as required.
  5. Document pricing structures and associated terms and conditions, with consideration of consumer protection requirements.
Confirm net, fixed and variable delivery costs.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and incorporate distributor commissions and mark-ups.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Set standard and promotional rates for different times, trading periods and market segments based on analysis of forecasts, pricing options and optimum yield.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess the need for special conditions and apply as required.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document pricing structures and associated terms and conditions, with consideration of consumer protection requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement pricing decisions.

  1. Communicate pricing initiatives to colleagues, internal and external partners, and distribution channels.
  2. Establish mechanisms and collateral to support pricing decisions in different market segments.
Communicate pricing initiatives to colleagues, internal and external partners, and distribution channels.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish mechanisms and collateral to support pricing decisions in different market segments.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor pricing initiatives.

  1. Monitor revenue results achieved through pricing and distribution initiatives on a timely basis.
  2. Adjust initiatives based on results and broader business and market analysis.
  3. Record performance data for future analysis.
Monitor revenue results achieved through pricing and distribution initiatives on a timely basis.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust initiatives based on results and broader business and market analysis.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record performance data for future analysis.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Analyse and forecast business activity.

1.1.Analyse existing performance data and budget targets.

1.2.Interrogate and compare sources of business activity from different distribution channels and market segments.

1.3.Evaluate external market factors, competitor activity and changing customer demand patterns.

1.4.Develop scenarios and forecasts around future business performance and revenues.

2. Make pricing decisions.

2.1.Confirm net, fixed and variable delivery costs.

2.2.Review and incorporate distributor commissions and mark-ups.

2.3.Set standard and promotional rates for different times, trading periods and market segments based on analysis of forecasts, pricing options and optimum yield.

2.4.Assess the need for special conditions and apply as required.

2.5.Document pricing structures and associated terms and conditions, with consideration of consumer protection requirements.

3. Implement pricing decisions.

3.1.Communicate pricing initiatives to colleagues, internal and external partners, and distribution channels.

3.2.Establish mechanisms and collateral to support pricing decisions in different market segments.

4. Monitor pricing initiatives.

4.1.Monitor revenue results achieved through pricing and distribution initiatives on a timely basis.

4.2.Adjust initiatives based on results and broader business and market analysis.

4.3.Record performance data for future analysis.

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Analyse and forecast business activity.

1.1.Analyse existing performance data and budget targets.

1.2.Interrogate and compare sources of business activity from different distribution channels and market segments.

1.3.Evaluate external market factors, competitor activity and changing customer demand patterns.

1.4.Develop scenarios and forecasts around future business performance and revenues.

2. Make pricing decisions.

2.1.Confirm net, fixed and variable delivery costs.

2.2.Review and incorporate distributor commissions and mark-ups.

2.3.Set standard and promotional rates for different times, trading periods and market segments based on analysis of forecasts, pricing options and optimum yield.

2.4.Assess the need for special conditions and apply as required.

2.5.Document pricing structures and associated terms and conditions, with consideration of consumer protection requirements.

3. Implement pricing decisions.

3.1.Communicate pricing initiatives to colleagues, internal and external partners, and distribution channels.

3.2.Establish mechanisms and collateral to support pricing decisions in different market segments.

4. Monitor pricing initiatives.

4.1.Monitor revenue results achieved through pricing and distribution initiatives on a timely basis.

4.2.Adjust initiatives based on results and broader business and market analysis.

4.3.Record performance data for future analysis.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

using each of the following at least once, develop, implement and monitor a total of six different pricing initiatives for:

products

services

trading periods

market segments

demonstrate consideration of the following factors when determining each of the above pricing initiatives:

revenue management principles

industry distribution and marketing considerations.

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

key principles and terminology of revenue management:

dynamic and static pricing

market penetration index

matching supply and demand

performance metrics

perishability

responsiveness and timing

revenue generation index

shaping demand through price

types of business performance data used in revenue management:

financial reports

historical trends

market analysis

no-show reports

occupancy and load reports

sources of business

supply and demand analysis

mechanisms and collateral that support initiatives in different market segments:

channel management systems

global distribution systems

online requirements:

promotions

proprietary websites

third party websites

types of promotions

sector-specific factors that impact revenue management initiatives:

financial:

fixed and variable operating costs

profit margin requirements

industry commission and mark-up procedures

cost of distribution networks

external market factors:

competitor activity

complementary activity

travel capacity

special conditions:

block out dates

inclusions

payment requirements

stay controls

aspects of consumer protection law that impact on pricing and distribution.