Revenue Management
Revenue management (RM) is a discipline to maximize profit by optimizing rate (ADR) and occupancy (Occ). In its day to day application the maximization of Revenue per Available Room (RevPAR) is paramount. It is seen by some as synonymous with yield management. Overview Businesses face important decisions regarding what to sell, when to sell, to whom to sell, and for how much. Revenue management uses data-driven tactics and strategy to answer these questions in order to increase revenue.Talluri, K., and van Ryzin, G. (1999) Revenue Management: Research Overview and Prospects. Transportation Science 33:233-256. The discipline of revenue management (RM) is also known as also known as Yield Management (YM), and is a cross-disciplinary field. It combines operations research or management science, analytics, economics, human resource management, software development, marketing, e-commerce, consumer behaviour, and consulting. For destinations with benchmark data available the maximiz ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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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 developm ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Inventory Control
Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction. Other facets of inventory control include forecasting future demand, supply chain management, production control, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction. An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems, or it may refer to a methodology (which may include the use of technological barriers) for handling loss preve ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Revenue Management System
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 development ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Forecasting
Forecasting is the process of making predictions based on past and present data. Later these can be compared (resolved) against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results. Prediction is a similar but more general term. Forecasting might refer to specific formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods or the process of prediction and resolution itself. Usage can vary between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period. Risk and uncertainty are central to forecasting and prediction; it is generally considered a good practice to indicate the degree of uncertai ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Airline Seat
An airline seat is a seat on an airliner in which passengers are accommodated for the duration of the journey. Such seats are usually arranged in rows running across the airplane's fuselage. A diagram of such seats in an aircraft is called an aircraft seat map. Features and amenities Seats are attached to rails underneath the floor which run along the aircraft fuselage. If the airline wants to reconfigure the seating, this is a minor operation. For passenger safety, all airline seats are equipped with seatbelts. Basic amenities Seats are frequently equipped with further amenities. Airline seats may be equipped with a reclining mechanism for increased passenger comfort, either reclining mechanically (usually in economy class and short-haul first and business class) or electrically (usually in long-haul first class and business class). Most aircraft also feature trays for eating and reading, either in the seatback which folds down to form a small table in most economy class ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Business-to-business
Business-to-business (B2B or, in some countries, BtoB) is a situation where one business makes a commercial transaction with another. This typically occurs when: * A business is sourcing materials for their production process for output (e.g., a food manufacturer purchasing salt), i.e. providing raw material to the other company that will produce output. * A business needs the services of another for operational reasons (e.g., a food manufacturer employing an accountancy firm to audit their finances). * A business re-sells goods and services produced by others (e.g., a retailer buying the end product from the food manufacturer). B2B is often contrasted with business-to-consumer (B2C). In B2B commerce, it is often the case that the parties to the relationship have comparable negotiating power, and even when they do not, each party typically involves professional staff and legal counsel in the negotiation of terms, whereas B2C is shaped to a far greater degree by economic impli ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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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, ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Residence Inn
Residence Inn by Marriott is a brand of extended stay hotels. , there were 874 Residence Inn hotels in the United States, Canada and Mexico with 107,680 rooms, plus an additional 243 hotels with 30,417 rooms in the development pipeline. The brand's slogan is "It's not a room. It's a Residence". It was the first extended-stay brand in the United States and was a key player in launching the concept of a "suite" in a hotel. History The chain traces its roots back to in 1975, when Wichita, Kansas developer Jack DeBoer found himself with apartment properties that were facing unusually high vacancy rates. He repurposed one of the apartment buildings, converting the residential units to monthly rentals, and named it The Residence. In 1981, DeBoer and developer Robert L. Brock (then the largest franchisee of Holiday Inn), formed a joint venture, launching a chain called The Residence Inn. The hotels focused on the "extended-stay" market, a term they invented. The hotels were aimed at gue ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Courtyard Marriott
Courtyard by Marriott is a brand of hotels owned by Marriott International. One of Marriott's mid-priced brands, the hotels are primarily targeted to business travelers, but also accommodate traveling families. Rooms have desks, couches, and free Internet access. The majority of locations have a bistro that sells fresh cooked and prepared breakfast (not complimentary), appetizers, sandwiches, and more. All have 24-hour "markets." Premium upgrades are also offered, such as Enhanced Internet upgrades and larger "suite-style" rooms. Courtyard's competitors in the mid-priced business-oriented hotel segment include Cambria Hotels & Suites, Wingate Inn, and Hilton Garden Inn. History In the early 1980s, Marriott struggled to find locations that fitted the existing Marriott brand. To broaden selection, the company created Courtyard for business and pleasure travelers. The new brand focused on smaller properties in lower demand areas. The chain grew from three test sites in 1983 ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Revenue Management System
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 development ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Marriott International
Marriott International, Inc. is an American multinational company that operates, franchises, and licenses lodging including hotel, residential, and timeshare properties. It is headquartered in Bethesda, Maryland. The company was founded by J. Willard Marriott and his wife Alice Marriott. Profile Marriott is the largest hotel chain in the world by the number of available rooms. It has 30 brands with 8,000 properties containing 1,423,044 rooms in 131 countries and territories. Of these 8,000 properties, 2,149 are operated by Marriott, and 5,493 are operated by others pursuant to franchise agreements. The company also operates 20 hotel reservation centers. Marriott International, Inc. was formed in 1993 when Marriott Corporation split into two companies: Marriott International, Inc., which franchises and manages properties, and Host Marriott Corporation (now Host Hotels & Resorts), which owns properties. Since the founders were Mormon missionaries, copies of the ''Book o ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |