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Examine the concept of revenue management, its component parts and the characteristics of businesses that make...

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General Management

Examine the concept of revenue management, its component parts andthe characteristics of businesses that make them suitable to theapplication of revenue management techniques. Quote examples fromthe hospitality, wellness, and / or other tourism business.Reference a minimum of four readings. Word count 1,000 wordsapproximately

focus on hotel industry

Answer & Explanation Solved by verified expert
4.4 Ratings (898 Votes)
Revenue management is a vital concept in any industry which allows businesses to forecast growth trends and accordingly optimize their resources As per the question we are required to focus on the hotel industry Hence we will proceed further explaining details of revenue management within the hospitality industry Revenue management within the hotel industry means selling the right room to the right customer at the right moment for the right price This needs to be most profitable for the hotel Revenue management allows the managers to anticipate demand and optimize the available resource at the best possible price in order to achieve the targeted financial result This involves the use of data to    See Answer
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