Revenue Management

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PRICING STRATEGIES

după Andrés Rincón

entrepreneurship

după letsee udance

Centralised Daniela Gisselle Caycedo Garzon

după Daniela Gisselle Caycedo

Cost

după Catherine Tang

Revenue Management

The 4 (5) C's

*customer

controls all of the above

Cost

amenities contribute to pricing placement

based on buying characteristics

low cost = slack times

logic based

Capacity

Standardization

control over a given service cycle

Clock

time spent using service can dictate price so that revenue is maximized

Calendar

aggrogate demand

Myths

traditional

stagnant in nature

only associated with hotels

only a database used by one person

does not prioritize the customer

Revenue Maximization

Pricing

Philosophies

buyers perspective

sellers perspective

values

Rationality

segmented goals set by business

seasonality

Selling

identifying the competitors pricing

the right room

at the right time

at the right price

through apropriate channels

to maximize company revenue

to the right customer

Profit

maximized by sales strategies

menu comprehension

habitual spending

placing product in the right market

forecasting

value achieved by seller and buyer in a business transaction

Profit = Revenue - expenses

Sales = Cost + Profit

customer-centric

Satisfaction

Memberships

Evaulations

Reviews

Price dictation

fit market

the service/product

the customer

Inventory

yield management

allocation

distribution of inventory allows maximization of revenue

price points

strategic planning

Cost-based pricing

involves summing product costs with desired profit

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Markets

KPI's

RevPAR

ADR

demand

supply

occupancy

revenue

Forecasting

data analysis

Allows historical data to predict what the future market will look like

Customer willingness to pay

who can pay for a given product or service?

Rate Fences

Rules designated by companies to reach a desired audience

Managers

Communication

building relationships

amenities

tailored experiences

Short-term connections

Long-term connections

Ethics

deciding what is best for the business

what is fair for customers to pay

Differential pricing

charging a different rate for same service at the same time

arrival time,

Length of use

cancellations

deposits

Dynamic pricing

Strategic pricing