Yield management Assignment Help Purpose of yield management

Yield management has main purpose to derive maximum results and revenues. It is a process of understanding, anticipating and influencing consumer behavior to maximize profits from a fixed and perishable resource (Prideaux, Moscardo & Laws, 2006). Yield management includes strategic control of inventory to sell the right product to right consumer at right time at right price. This process results in price discrimination, where a firm charges different prices for its products and services according to the requirement and demand of customers. Yield management is large revenue generator for major industries such as Airlines, hotels etc. For achieving maximum revenue, a yield management system needs to understand the past and current situation

 and predict future. So, the yield management system is helpful to review transactions periodically that have occurred between consumer and company (Martin, 2006). Along with this, other external information related to statistical data, events such as public holidays, competitor price information, seasonal buying patterns, etc. are important into the yield management system. With the help of this, organizations can forecast the total demand within a specific period for the services. So, the process of yield management helps an organization to adjust its prices to meet the total demand of markets. To maximize the revenue, prices can be determined by service, group of services, market and a combination of all factors. For example digital publishers can improve revenues from ad sales (Pehlchen, 2011). It can be achieved by either utilizing inventory or pricing in a better way. Company has lot of solutions that focus on inventory, but it only selects that work on pricing aspect. Thus, yield management is most effective method to generate high revenue through best mix of services within a particular timeframe.

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