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Types of Revenue Management
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Yield Management
A strategy based on selling to the right customer at the right time for the right price. Often involves adjusting prices as demand for rooms or seats changes.
Dynamic Pricing
Pricing strategy where prices are changed based on current market demands. Unlike fixed pricing, it allows businesses to optimize revenue based on the willingness to pay of different customer segments.
Price Optimization
Method using mathematical analysis to determine how customers will respond to different prices through different channels to maximize profitability.
Inventory Management
The process of managing the availability of rooms or services for sale in order to maximize revenue. This involves understanding and predicting customer behavior and demand.
Channel Management
The process of managing different sales channels to sell services or inventory, ensuring that pricing is consistent and optimizing revenue from each channel.
Segmentation Management
The practice of dividing the market into distinct customer segments and targeting each with specific pricing or product offerings.
Demand Forecasting
Uses historical data and analytics to predict future demand for rooms or services. This helps to set prices and prepare for high or low demand periods.
Overbooking Management
A strategy to compensate for no-shows and cancellations by selling more rooms or seats than are available, based on predictions of no-show rates.
Group Pricing
Creates special pricing for groups purchasing together, often used in hotels or events to attract large parties and secure bulk bookings.
Displacement Analysis
A strategy used to evaluate whether accepting a piece of business will generate greater revenue than the business that would have to be turned away as a result.
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