Book Discription
Any business must know its customers, specifically you need to know how much your customers will pay for a product and device appropriate strategies. This is not about offering the lowest price in order to fill capacity. It’s about knowing your market segment, how much they will pay, when they will purchase and what distribution channels they will use. Pricing is about deciding your market position, that is, premium or low cost, whereas Revenue Management is the strategic and tactical decisions firms take in order to optimize revenues and profits. Since the publication of Peter Belobaba’s PhD thesis work, Air Travel Demand and Airline Seat Inventory Management (1987), which was a defining moment in the management of complexity, capacity allocation and real-time inventory solutions, Revenue Management has come of age, fuelled by superior management science models and greater accessibility to technology in addition to the acceptance of the guiding principle of Revenue Management in enhancing the bottom line. At the same time, society has shifted from manufacturing to a service industries economy where the unit of inventory is time, in which the consumer year on year is more price sensitive. Today, in the age of the Internet, the management time slots as inventory along with instant purchase is the foundation of many consumer products and services. Hence, Revenue Management has spawned across many industries and applications.
Revenue Management: A Practical Pricing Perspective
This book is a collection of chapters by leading researchers, experts and practitioners aimed at those wishing to be briefed on the latest research and theories as well as the “how to” of Revenue Management, including academics and students of price management and managers from an operations and unit level within constrained capacity service industries such as hotels, restaurants and airlines. The book is supported by a series of audio and power point presentations at Henry Stewart Talks (http://www.hstalks.com) under the series title of “Practical Pricing and Revenue Management”. The book chapters can be read individually or in chronological order, but please remember that this book has been written by a range of individuals with different backgrounds and industries – the style of writing varies from chapter to chapter. However, all of the chapters are authoritative and accessible to both a layperson or seasoned veteran.
Book Information
Print Length
293 Pages
Language
English
Publisher
Palgrave Macmillan
Publication Date
December 8,2010
Dimensions
6 x 1 x 9 inches
ISBN-10
0230241417
ISBN-13
978-0230241411