A strategy to optimize income revenue from a fixed, but perishable inventory
What is Revenue Management
100
I want to fill the at least a minimum number of seats without selling every seat at a discount prices
Revenue Management
100
Last Minute
Procrastination can cause people to buy tickets at high prices because it's ....
100
This industry would want to sell as many of my products as possible because they are
Perishable
200
I was the first industry to introduce Revenue Management
What is the Airline Industry
200
I realized consumers would pay more for a ticket that made their life easier because it was..
Convenient
200
Local Attractions
Staying in a city like san diego with lots
200
An economic model that uses the relation of these TWO factors to determine pricing within a market
What is Supply & Demand
300
1975 is when what Act was out in motion
What is The Airline Deregulation Act
300
A way for travel and hospitality companies to manage the sale of their inventory
Central Reservation System (CRS)
300
These industries usually have ____ fixed costs and low variable costs
high
300
**DOUBLE JEOPARDY**
A technique that examines changes in profits in response to changes in sales volumes, prices and variable/fixed costs
What is CVP Analysis
400
What airline company introduced Ultimate Super Saver Fares in order to compete with other low cost carriers
What is American Airlines
400
These companies buy products at a low cost and then sell them to consumers at discounted rates
Third Party Reservations
400
Supply & Demand
Product pricing in these industries are understandably subject to change because of varying market forces, therefore they must have a good understanding of ____ & _____
400
The amount of products for sale in these industries are generally _____
fixed
500
You get a good rate booking with these companies but you have to roll the dice because i won't show you where you are staying
Priceline/ Hotwire
500
Fixed Costs
Once I have covered all of these costs my prices go up
500
Companies such as Priceline or Hotwire use this to sell unsold travel inventory to customers at a discounted price, without them knowing what brand they are purchasing