In a revenue management system; the forecasting, allocation, overbooking, and pricing must work in unison if the objective is to maximize the revenue generated by a perishable asset.
<h3>What is a revenue management system?</h3>
Basically, a revenue management system refers to a system that analyzes the combination of competitor rates, historical rates, market dynamics and inventory levels to predict demand and provide rate recommendations. A very good revenue management system will always automate the entire process and generate rates that can maximize revenue and profitability.
One of the example of use of Revenue Management is employed in the businesses of Hotel Management and the Airline Industry. The primary source of most revenue for hotels is found in their room rates and the revenue generated from the bookings is a simple multiplication of price and volume booked.
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Answer:
A. $5.97
$6.99
$4.42
B. 17%
26%
Explanation:
A. If Economy conditions are normal
$49,000 / 8,200 shares = $5.97 each
If Economy expands
$49,000 * 117 / 100 = $57,330
$57,330 / 8,200 shares = $6.99 each
If Economy is in recession
$49,000 * 74 / 100 = $36,260
$36,260 / 8,200 = $4.42 each
B.
If Economy expands
$6.99 - $5.97 = $1.02
$1.02 / $5.97 * 100 = 17%
If Economy is in recession
$4.42 - $5.97 = -$1.55
-$1.55 / $5.97 = -26%
Answer:
b. a discrete random variable
Explanation:
The number of customers that enter a store during one day is an example of a discrete random variable. This is because you cannot predict the number of individuals that will enter a store at any given day, but it can only be a maximum quantity since the store can only accommodate so many individuals in a single day, thus making it a discrete random variable.
Here are some tips to help you define your target market.
Look at your current customer base.
Check out your competition.
Analyze your product/service.
Choose specific demographics to target.
Consider the psychographics of your target.
Evaluate your decision.
Additional resources.
Answer:
The market for tennis shoes is in equilibrium. If the government increases business taxes, then we would expect to see a decrease in supply.
Explanation:
When a market is in equilibrium, a situation occurs in which the quantity demanded and the quantity supplied are the same, with which there is neither a surplus nor a shortage in supply and demand.
Now, in the event of an increase in taxes that would increase the cost of production and the final price of the product, the quantity supplied will tend to decrease, since a smaller quantity of products will be produced for the same amount. Likewise, the final price will tend to rise, with which demand will also fall, finding a new equilibrium point.
