In aggregate planning materials there is Revenue Management material, explain th

Question

In aggregate planning materials there is Revenue Management material, explain the basic concept of revenue management governance and when applied to the scope of work you are currently working on, what benefits can be gained. (explain the detail of the current occupation and explain the application of the concept of revenue management) In aggregate planning materials there is Revenue Management material, explain the basic concept of revenue management governance and when applied to the scope of work you are currently working on, what benefits can be gained. (explain the detail of the current occupation and explain the application of the concept of revenue management)

Explanation / Answer

Revenue management provides a revenue optimization methodology so that a company can exploit additional revenues and generate higher profits. Through this a company can maximize its revenue while selling the same amount of products or services. It employs a mix of pricing strategies and systems to maximize yield. In my occupation differential pricing to different customers with different needs requires such revenue management to be effective. Such a Company with low variable costs but high fixed costs that market to customers who discriminate on price often find this approach useful. With price discrimination some customers seek low cost and minimal service while others will readily pay more for a higher service or convenience level. Revenue management lead to innovation through the use of such resources that company may not have explored before. It focuses each group or department within a company on the actions they need to take to increase profitability. A company that can embed this perspective in its culture will likely reap the benefits, including a greater impact on revenues and margins.

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