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1) Nur Athirah binti Shahran Amrin 2020971855 HM2425Ba

2) Fathi Shahira binti Shamsul 'Anuar 2020982717 HM2425Ba

3) Nur Afini Syahirah binti Mohd Hasdi 2020989017 HM2425Ba

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Yield management > Revenue management

Process in understanding and influencing consumer behaviour in order to maximise revenue/profits.

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To maximize revenue or profits from a limited-time resource such as airline seats or hotel room reservations or advertising inventory.

It helps to create demand for rooms also in the low season (Xotels, 2009), as prices should rise when demand is strong and decline when demand is weak (Schaller, 2017).

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Always focused on the customer

The keys to a successful business are excellent customer service and efficient hospitality.

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1) Treat the customer with respect

For example, always listen to their feedback, saying thank you for coming, and always make them feel special.

2)  Fast response

For example, when customers have a problem with the service or food provided to them, always look for an immediate way out to show that they are highly valued.

3) Give offers and discounts

For example, some ways to make customers feel appreciated when always coming or using the service is by giving them a discount, and the more offers are given, the more likely the business will start getting new customers because everyone likes to enjoys offers.

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To significantly increase company profits and owners’ ROIs through advanced revenue management and strategic pricing techniques. These techniques are always customer-needs driven, not company-needs driven.

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Yield management systems are commonly used in service industries that offer perishable goods, such as hotel rooms, restaurants and airline seats. For example, hotels that use yield management practices confirm they have earned increased revenue with minimal investment.

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The use of disciplined analytics to forecast customer behavior at the micro-market level and maximize product supply and price in order to increase sales.

“Selling the Right Room to the Right Client at the Right Moment at the Right Price”

If you don't expect higher demand, revenue management often means selling a room at a low price today.

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It can help when the economic situation becomes difficult.

It can help when the market is increasingly competitive.

It can help in developing marketing channels and real-time online reservations.

It can help to enhance price transparency on the Internet.

Sources : Youtube (Yield Management in The Hotel Industry) https://youtu.be/WAa8e__c6eQ

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Hospitality Industries that use yield management systems

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Hospitality Industries that use yield management systems

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·       Restaurants

·       Airlines

·       Hotels

·       Cruise Lines

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In hotel industry, yield management allows hoteliers to calculate supply and demand and regulate their pricing strategies to maximise revenue.