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Yield Management
Yield management is a variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource (such as airline seats or hotel room reservations or advertising inventory).Netessine, S. and R. Shumsky (2002),Introduction to the Theory and Practice of Yield Management INFORMS Transactions on Education, Vol. 3, No. 1 As a specific, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell the right product to the right customer at the right time for the right price. This process can result in price discrimination, in which customers consuming identical goods or services are charged different prices. Yield management is a large revenue generator for several major industries; Robert Crandall, former Chairman and CEO of American Airlines, gave yield management its name and has called it "the single most important technical developme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Variable Pricing
Variable pricing is a pricing strategy for products. Traditional examples include auctions, stock markets, foreign exchange markets, bargaining, electricity, and discounts. More recent examples, driven in part by reduced transaction costs using modern information technology, include yield management and some forms of congestion pricing. Increasingly, sport venues, such as AT&T Park in San Francisco, have employed variable pricing to capture the most revenue possible out of consumers and fans. Discussion Due to advances in technology, another variant of variable pricing, called "real-time pricing", has arisen. In some markets events occur so fast that there is insufficient time to either set a fixed price or engage in lengthy negotiations. By the time one has all the information to determine a price, everything has changed. Examples include airline tickets, stock markets, and foreign exchange markets. In each case prices can change in less than a second. By linking all the market ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People Express Airlines
People Express Airlines, stylized as PEOPLExpress, was a low-cost U.S. airline that operated from 1981 to 1987, when it was merged into Continental Airlines. The airline's headquarters was in the North Terminal (later Terminal C) of Newark Liberty International Airport (EWR) in Newark, New Jersey. History Founding and rapid expansion The company was founded by Don Burr, and several others, who resigned from Frank Lorenzo's Texas International in order to do so. Burr was influenced by British airline entrepreneur Freddie Laker, whose forays into low-cost air travel attracted much press in the 1970s. Terminal space was leased at Newark Airport's North Terminal. The North Terminal was the primary passenger building at the airport until 1974 when Terminal A opened. Prior to People Express, the North Terminal was used by World Airways, and prior to the opening of Terminal C, North Terminal was used for international arrivals. People Express was launched on April 30, 1981 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Variable Cost
Variable costs are costs that change as the quantity of the good or service that a business produces changes.Garrison, Noreen, Brewer. Ch 2 - Managerial Accounting and Costs Concepts, pp 48 Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost. Direct costs are costs that can easily be associated with a particular cost object.Garrison, Noreen, Brewer. Ch 2 - Managerial Accounting and Costs Concepts, pp 51 However, not all variable costs are direct costs. For example, variable manufacturing overhead costs are variable costs that are indirect costs, not direct costs. Variable costs are sometimes called unit-level costs as they vary with the number of units produced. Direct labor and overhead are often called conversion cost,Garrison, Noreen, Brewer. Ch 2 - Managerial Accounting and Costs Concepts, pp 39 while direct material and direct labor are often r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legacy Carriers
A legacy carrier, in the United States, is an airline that had established interstate routes before the beginning of the route liberalization permitted by the Airline Deregulation Act of 1978 and so was directly affected by that Act. Legacy carriers are distinct from low-cost carriers, which, in the United States, are generally new airlines and were started to compete in the newly deregulated industry. Background A typical characteristic of legacy carriers is that they usually provide higher quality services than a low-cost carrier; for example, a legacy carrier typically offers first class and business class seating, a frequent-flyer program, and exclusive airport lounges. Many legacy carriers are also members of an airline alliance through which they agree to provide those services to each other's passengers. Also, legacy carriers generally have better cabin services, such as meal service and in-flight entertainment. The term 'legacy carrier' has generally not been used out ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vending Machine
A vending machine is an automated machine that provides items such as snacks, beverages, cigarettes, and lottery tickets to consumers after cash, a credit card, or other forms of payment are inserted into the machine or otherwise made. The first modern vending machines were developed in England in the early 1880s and dispensed postcards. Vending machines exist in many countries and, in more recent times, specialized vending machines that provide less common products compared to traditional vending machine items have been created. History The earliest known reference to a vending machine is in the work of Hero of Alexandria, an engineer, and mathematician in first-century Roman Egypt. His machine accepted a coin and then dispensed holy water. When the coin was deposited, it fell upon a pan attached to a lever. The lever opened a valve which let some water flow out. The pan continued to tilt with the weight of the coin until it fell off, at which point a counterweight snapped th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Coca-Cola Company
The Coca-Cola Company is an American multinational beverage corporation founded in 1892, best known as the producer of Coca-Cola. The Coca-Cola Company also manufactures, sells, and markets other non-alcoholic beverage concentrates and syrups, and alcoholic beverages. The company's stock is listed on the NYSE and is part of the DJIA and the S&P 500 and S&P 100 indexes. The soft drink was developed in 1886 by pharmacist John Stith Pemberton. At the time it was introduced, the product contained cocaine from coca leaves and caffeine from kola nuts which together acted as a stimulant. The coca and the kola are the source of the product name, and led to Coca-Cola's promotion as a "healthy tonic". Pemberton had been severely wounded in the American Civil War, and had become addicted to the pain medication morphine. He developed the beverage as a patent medicine in an effort to control his addiction. In 1889, the formula and brand were sold for $2,300 (roughly $71,000 in 2022) to A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Software Bug
A software bug is an error, flaw or fault in the design, development, or operation of computer software that causes it to produce an incorrect or unexpected result, or to behave in unintended ways. The process of finding and correcting bugs is termed " debugging" and often uses formal techniques or tools to pinpoint bugs. Since the 1950s, some computer systems have been designed to deter, detect or auto-correct various computer bugs during operations. Bugs in software can arise from mistakes and errors made in interpreting and extracting users' requirements, planning a program's design, writing its source code, and from interaction with humans, hardware and programs, such as operating systems or libraries. A program with many, or serious, bugs is often described as ''buggy''. Bugs can trigger errors that may have ripple effects. The effects of bugs may be subtle, such as unintended text formatting, through to more obvious effects such as causing a program to crash, freezing th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amazon
Amazon most often refers to: * Amazons, a tribe of female warriors in Greek mythology * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon River, in South America * Amazon (company), an American multinational technology company Amazon or Amazone may also refer to: Places South America * Amazon Basin (sedimentary basin), a sedimentary basin at the middle and lower course of the river * Amazon basin, the part of South America drained by the river and its tributaries * Amazon Reef, at the mouth of the Amazon basin Elsewhere * 1042 Amazone, an asteroid * Amazon Creek, a stream in Oregon, US People * Amazon Eve (born 1979), American model, fitness trainer, and actress * Lesa Lewis (born 1967), American professional bodybuilder nicknamed "Amazon" Art and entertainment Fictional characters * Amazon (Amalgam Comics) * Amazon, an alias of the Marvel supervillain Man-Killer * Amazons (DC Comics), a group of superhuman characters * The Amazon, a ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamic Packaging
Dynamic packaging is a method used in package holiday bookings to enable consumers to build their own package of flights, accommodation, and car rental instead of purchasing a pre-defined package. Dynamic packages differ from traditional package tours in that the pricing is always based on current availability, escorted group tours are rarely included, and trip-specific add-ons such as airport parking and show tickets are often available. Dynamic packages are similar in that often the air, hotel, and car rates are available only as part of a package or only from a specific seller. The term "dynamic packaging" is often used incorrectly to describe the less sophisticated process of interchanging various travel components within a package, however, this practice is more accurately described as "dynamic bundling". True dynamic packaging demands the automated recombination of travel components based on the inclusion of rules that not only dictate the content of the package but also co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Parcel Service
United Parcel Service (UPS, stylized as ups) is an American multinational corporation, multinational package delivery, shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has grown to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses. In addition, UPS offers Air cargo, air shipping on an overnight or two-day basis and delivers to post office boxes through UPS SurePost, a subsidiary that passes on packages to the United States Postal Service for Last mile (transportation), last-mile delivery. UPS is the largest courier company in the world by revenue, with annual revenues around US$85 billion in 2020, ahead of competitors DHL and FedEx. UPS' main international hub, UPS Worldport i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capacity Management
Capacity management's goal is to ensure that information technology resources are sufficient to meet upcoming business requirements cost-effectively. One common interpretation of capacity management is described in the ITIL framework. ITIL version 3 views capacity management as comprising three sub-processes: business capacity management, service capacity management, and component capacity management. As the usage of IT services change and functionality evolves, the amount of central processing units (CPUs), memory and storage to a physical or virtual server etc. also changes. If there are spikes in, for example, processing power at a particular time of the day, it proposes analyzing what is happening at that time and making changes to maximize the existing IT infrastructure; for example, tuning the application, or moving a batch cycle to a quieter period. This capacity planning identifies any potential capacity related issues likely to arise, and justifies any necessary inves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Car Rental
National Car Rental is a private American rental car agency based in Clayton, Missouri, United States. National is owned by Enterprise Holdings, along with other agencies including Enterprise Rent-A-Car, and Alamo Rent a Car. National typically caters to business travelers through its Emerald Club loyalty program that allows frequent customers to pick their own vehicles without stopping to fill out forms or deal with customer representatives. Overview National was founded by 24 independent rental car agents on August 27, 1947. It had grown from 60 locations in the United States in 1947 to over 2000 locations internationally . In 1987, Paine Webber, a historical American brokerage firm, gained majority ownership of National. In 1995, National was owned by an investment group containing William Lobeck of Tulsa, Alvin Swanner of New Orleans, and Archer McWhorter of Houston. Lobeck was a former president of Chrysler's car rental unit and a former owner of Thrifty Rent A Car, a co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
