Read the summary and the most important questions on Introduction to Revenue Management for the Hospitality Industry: Pearson New International Edition An Principles and Practices for the Real World | 9781292027159 | Kimberly A. Tranter; Trevor Stuart-Hill; Juston Parker

• 1 An Introduction

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• What means the term revenue management?

  Revenue management is the act of skillfully, tactfully, and carefully managing, controlling and directing sources of income.

• Revenue management is dependent upon which 3 elements?

  Capacity, Supply, Demand

• 3 Customer Knowledge and Consumer Behavior

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• What means the customer-centric approach?

  Focussing on the needs, wants and desires of an organization's customers.

• What means dynamic packaging?

  Investigating the appeal of a variety of differently bundled packages, again determine what their customers want, when they want it, and how much they are willing to pay.

• What means perceived value?

  The consumers evaluation of the merits product or service, and its ability to meet the needs and expectations, especially in comparison with peers.

• Whats means Total acquisition cost

  Includes intrinsic costs such as price, extrinsic costs such as the time it takes to make the purchase and the costs of gasoline it requires to get to and from the store.

• What means marketing intelligence?

  Is the practice of conducting primary research and analyzing secondary research to understand the characteristics of a market

• What means primary research in marketing intelligence?

  Research designed and conducted by an organization for its own purposes. For example a survey. (internal research)

• What means secondary research in marketing intelligence?

  Is work conducted and published by other organizations. For example a statistical channel report by a travel association. (external research)

• 4 Market segmentation and selection

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• Based on demographics the market can be divided as well. What are the demographical factors?

  Characteristics of a population such as: age, gender, nationality, marital status, education, occupation, income, race, religion.