Unit of competency
Modification History
Not applicable.
Application
This unit describes the performance outcomes, skills and knowledge required to make, implement, and monitor pricing decisions to maximise yield and business profitability.
The unit applies to senior personnel who work autonomously and are responsible for making strategic business decisions.
It applies to supplier organisations in the tourism, travel and hospitality industries, in particular to the accommodation, tour operations and tour wholesaling sectors.
No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Pre-requisite Unit
Nil
Competency Field
Finance
Unit Sector
Cross-Sector
Elements and Performance Criteria
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. |
Foundation Skills
Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement. |
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SKILLS |
DESCRIPTION |
Reading skills to: |
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Numeracy skills to: |
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Problem-solving skills to: |
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Technology skills to: |
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Unit Mapping Information
SITXFIN602 Manage revenue
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694