Revenue Management HFT4471 Exam 1 Questions With 100% Correct Answers

What is revenue management? - ANSWER-The application of information systems and pricing strategies to allocate the right capacity to the right customer at the right place at the right time What are the important components of revenue management? - ANSWER-Relatively fixed capacity, predictable demand, perishable inventory, appropriate cost and pricing structure, time-variable demand What are the strategic levers of revenue management? - ANSWER-Duration management Demand-based pricing What is the definition of revenue management? - ANSWER-The science and art of enhancing firm revenues while selling essentially the same amount of product What is supply? - ANSWER-The amount of a good or service that a seller is willing and able to sell for any given price at any given time