HTF661- CHAPTER 1-4

Revenue management is a system attempts to understand, anticipate and then react to consumer behaviour in order to maximize revenue/profit.

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To achieve maximum revenue, a yield management system needs to have an understanding of what has happened before and what is happening now; using this historical data to predict what may then happen in the future.

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  The purpose of the yield management is to create and keep a customer.

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Customer knowledge is the second fundamental element in the development of revenue management strategy

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Selling is often defined as the process of satisfying the wants, needs, and desires of customers.

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All business, whether large or small, need to reach out to capture new customers and retain their current customers.

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The company’s use of a brand is an effective method of communicating or reinforcing a message.

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In the hospitality industry, most organizations determine their list of direct competitors based upon a variety of factors including price, location, facilities, features, amenities, and level of customer service.

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Any change in product quality, service quality, or price will have a indirect impact on buyers’ perceptions of value.

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Routine decision making requires moderate time and effort but may involve some time and effort to search for and compare alternatives.

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