Chapter 1: Introduction to Yield Management by athirahshahran https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm en-us 2021-04-05 02:38:57 UTC 2026-01-07 23:21:31 UTC hello@padlet.com https://padlet.net/icons/png/1f3e8.png Group members : fathishahira https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1381927432 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]]> 2021-04-05 03:24:35 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1381927432 What is Yield Management? fathishahira https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1381942950 Yield management > Revenue management
  • Process in understanding and influencing consumer behaviour in order to maximise revenue/profits. 
]]> 2021-04-05 03:33:16 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1381942950 Purpose of business afinisyahirah8 https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1381989897
  • Always focused on the customer
  • The keys to a successful business are excellent customer service and efficient hospitality.

    • ]]>     2021-04-05 04:04:57 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1381989897     Yield management: How does it works? Athirahshahran https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382007420
  • 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).
    • ]]>     2021-04-05 04:18:17 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382007420     Example fathishahira https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382034329
  • In hotel industry, yield management allows hoteliers to calculate supply and demand and regulate their pricing strategies to maximise revenue. 
    • ]]>     2021-04-05 04:35:33 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382034329     Purpose of yield management Athirahshahran https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382035645 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.]]> 2021-04-05 04:36:23 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382035645 The way to create customer afinisyahirah8 https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382052457 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.

    ]]>     2021-04-05 04:45:14 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382052457     Benefits of yield management fathishahira https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382118705
  • 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
    ]]>     2021-04-05 05:20:07 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382118705     The way to keep the customers Athirahshahran https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382160996 2021-04-05 05:44:07 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382160996 What is Revenue Management? Athirahshahran https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382181540
  • 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.
    • ]]>     2021-04-05 05:54:27 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382181540     Hospitality Industries that use yield management systems afinisyahirah8 https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382503922 ·       Restaurants
    ·       Airlines
    ·       Hotels
    ·       Cruise Lines
    ]]>     2021-04-05 09:05:28 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382503922     Where does yield management work? afinisyahirah8 https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382607805 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.

    ]]>     2021-04-05 10:08:05 UTC https://padlet.com/Athirahshahran/jfdx0bj8y2hs0yzm/wish/1382607805