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:
Many economists believe that the market for wheat in the United States is an almost perfectly competitive market. If one firm discovers a technology that makes its wheat taste better and have fewer calories than all other wheat offered in the market, the wheat market would become less competitive because the products would no longer be similar in the wheat market- Option c.
Explanation:
Option c is the correct answer- the products would no longer be similar in the wheat market, the reason being that people with different taste preferences would prefer either of the two kinds of wheat available in the market, therefore making them less concentrated.
Answer:
Client's management
Explanation:
Client's management in business can be explained as the act of maintaining the positive relationship between the client and the company in order to have a productive interaction so that the company can deliver the quality of service required by the client and for lasting relationship between them.
This is important in business to keep your client from getting their service/ product elsewhere. It should be noted that the primary source of information to be reported about litigation, claims, and assessments is the Client's management
Answer:
low ball
Explanation:
From the question, we are informed about A dealer who persuades a customer to buy a new car by reducing the price to well below that of his competitors. Once the customer has agreed to buy the car, the terms of the sale are shifted by lowering the value of the trade-in and requiring the purchase of expensive extra equipment. Now the car costs well above the current market rate. In this case, This is an example of the low ball procedure. The low-balling procedure can be regarded as lpersuasion tactic whereby the seller offer will give an initial offer of goods/ service at a lower price than the expected price, so that the buyer can commit, after the commitment from buyer, the price will be suddenly increased. This technique is famous among salesmen as well as advertisers.
Answer:
a. The cost of the marble will be expensive because of the bargaining power of the supplier.
Explanation:
As the marble her provided is only used for the common public buildings and churches. This is basically the best use of the marble, as the quality is high and used in best architecture in the economy.
Therefore, it clearly states the value of marbles, which is generally expected to be high, and as it is used in public buildings the supplier will not allow the purchaser to bargain. This is because the bargain power of the purchaser will be low, and as there is high demand.
Accordingly price will be high.
