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Revenue Management Model and Implementation Processes Essay Example

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Revenue Management Model and Implementation Processes

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Revenue Management Model and Implementation Processes. The present research has identified that dynamic pricing models represent the demand as a controllable deterministic point process with intense dependence on the price. In modern times, prices are adjusted every second. On one hand, a matching strategy (matching prices with those of competitors) is followed while on the other hand, skimming strategy is pursued (‘”skim” the market of well-paying customers’). The generic revenue management data model involves the set of network demand, network resources, resource bundles, resource bundles to demand links and set of structure demands. The pricing models are gaining among the airline and the retail sectors. Pricing is a significant variable that managers manipulate to persuade and discourage demand in the short run.

One of the models under pricing strategies is generic model that involves supply that involves considering a  market player having an initial capacity to satisfy the price- perceptive demand as H and model this capacity as an m-dimensional vector C0= (c1(0),…, cm(0) and Ck is the initial amount of resources,. From the pricing perspective, there are two attributes like flexibility and perishability. Flexibility refers to the ability to manufacture and offer diverse products at initial capacity and perishability is the lack of ability to conserve the capacity over time. Next is the collection of available resources i.e., the products where the matrix A =aij} where i represent resources used to produce one unit of product j. Next is the information system capacity of gathering the correct information and implementing it for decision making. On the prospect of demand potential customers are divided into various segments having own set of attributes, needs, budget and pricing strategies. A dimensional stochastic process can be defined as N (t, Ht)= (N1(t, Ht)) where N(t, Ht) is a potential demand up to time ‘t ‘ from family  ‘j’  with the available information Ht. Price strategies comprise the finite set of prices, the maximum number of price changes, Markdowns, Markups, and Promotions, Joint Price Constraints and Cost-Based Pricing. Revenue Management Model and Implementation Processes.

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