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Introduction to Revenue Management > Key Terms and Concepts > Flashcards

Key Terms and Concepts Flashcards

0
Q

demand

A

the amount of good or service that a purchaser is willing and able to buy for any given price at any given time

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1
Q

capacity

A

the amount of space that can be filled

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2
Q

revenue management

A

the act of skillfully, carefully, and tactfully managing, controlling, and directing capacity and sources of income, given the constraints of supply and demand

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3
Q

4Ps of marketing

A

Product, price, promotion, place

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4
Q

Supply

A

the amount of a good or service that a seller is willing and able to sell for any given price at any given time

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5
Q

booking pace

A

refers to the pattern and tempo (rate) of receipt and acceptance of advanced reservations

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6
Q

first-level adopter

A

an organization which tries out new innovations first, before those innovations are mass-produced or disseminated to the market

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7
Q

load factor

A

the percentage of seats sold (common airline term)

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8
Q

yield

A

refers to the amount of revenue received by the airline for each mile flown per passenger (also known as passenger mile)

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9
Q

yield management

A

the precursor to what we now refer to as revenue management. A formalized method of managing and controlling revenue

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10
Q

B2B

A

Business-to-business e-commerce

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11
Q

B2C

A

business-to-consumer e-commerce

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12
Q

branding

A

placing an identifying mark or logo on a product produced by a specific organization or associating that brand with a service performed by that organization

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13
Q

brick and mortar store

A

the local building that houses a retail establishment

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14
Q

bundling

A

combining products and services to create a package

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15
Q

C2C

A

consumer-to-consumer e-commerce

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16
Q

channel

A

refers to the source of the booking

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17
Q

customer-centric approach

A

any marketing or operational effort focused on the needs, wants, and desires of an organization’s customers

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18
Q

data-mining

A

the process of continually digging deeper into data captured by a marketing intelligence system

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19
Q

dynamic packaging

A

a new customer-centric approach to packaging. Hospitality providers may vary the products and services bundled in package to suit the needs of the individual consumer

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20
Q

e-commerce

A

the coming together of buyers and sellers on the internet

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21
Q

market

A

any place, real or virtual, in which a buyer and seller may come together to exchange goods and services

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22
Q

marketing

A

the process of satisfying the wants, needs, and desires of customers

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23
Q

marketing intelligence

A

practice of conducting primary research and analyzing secondary research to understand the characteristics of a market

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24
Q

niche

A

a small, specific market

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25
Q

online store

A

a retailer’s website

26
Q

pace

A

refers to a unit of time measurement

27
Q

per diem

A

per day

28
Q

perceived value

A

the value of a product or service as perceived by the consumer that may include material value and quality, benefits received from ownership or usage, and esteem associated with the product or service

29
Q

primary research

A

research designed and conducted by an organization for its own purposes

30
Q

prosumer

A

a term by Alvin Toffler to refer to a customer that was part producer and part consumer of the desired product or service. A second meaning for the term prosumer has increasingly appeared in discussions of consumer behavior.

31
Q

secondary research

A

work conducted and published by other organizations

32
Q

total acquisition cost

A

may apply to either a customer or an organization. To a customer total acquisition cost may include intrinsic costs such as price, and extrinsic costs, such as the time it takes to make a purchase and the cost of gasoline it requires to get it from the store. To an organization it means the cost of acquiring the customer, including the costs of marketing, the costs of taking reservations, and the costs of actually serving the guest. So the perceived product or service value must be equal to or exceed the total acquisition cost to produce total value to the consumer

33
Q

total customer value

A

= perceived product or service value - total acquisition cost

34
Q

acquisition cost

A

meaning to customer:
acquisition cost may include intrinsic costs, such as price, and extrinsic costs such as the time it takes to make the purchase and the cost of gasoline it requires to get to and from the store

meaning to organization:
acquisation cost means the cost of acquiring the customer, including the costs of marketing, taking reservations, and the cost of actually serving the guest

35
Q

ancillary purchase

A

a supplementary or additional purchase made in a series of transactions

36
Q

contract

A

binding agreement that specifies rates, terms, anticipated volume, minimum usage and effective dates

37
Q

customer relationship management CRM

A

strategies and tactics developed to acquire and retain customers

38
Q

demography

A

the study of the characteristics of a population. Common characteristics considered include age, gender, marital status, education, occupation, income, race, religion and nationality

39
Q

displacement

A

replacing one customer for another

40
Q

displacement analysis

A

an analysis conducted to determine the total customer worth of competing pieces of business. The piece of business generating the highest customer worth would be chosen on most cases

41
Q

FIT

A

foreign or independent traveler

42
Q

environment scanning

A

constantly monitoring and assessing the external environment to spot changes and emerging trends

43
Q

free sell

A

anytimes rooms are needed by the wholesaler outside of those originally blocked, those rooms are considered to be sold based upon free space, in other words free sell.

A wholesaler may also enter into a free- sell agreement with a hotel that states that any time rooms are available, and that hotels are interested in taking a reservation at the wholesale rate, the reservation will be accepted

44
Q

frequent traveler program

A

programs designed to reward loyal patronage and induce repeat business

45
Q

group business

A

business involving more than two individuals coming together for a common reason

46
Q

locally negotiated rate LNR

A

corporate negotiated rate business

47
Q

market segmentation

A

the practice of deviding a market into smaller specific segments sharing similar characteristics

48
Q

primary purchase

A

the main purchase made during a single or series of transactions

49
Q

propensity Y

A

future propensity to purchase

50
Q

rack rate

A

full rate

51
Q

SMERFE

A 
a market segment comprised of
Social
Military
Educational
Religious
Fraternal
Entertainment business
52
Q

total customer worth

A

Primary revenue
+ Ancillary revenue
- Acquisition cost
x propensity

53
Q

transient

A

an individual traveling, dining, attending a game or performance, or staying alone. A temporary individual hospitality customer

54
Q

VFR

A

visiting friends and relatives

55
Q

wash factor

A

a predetermined percentage of usage based upon historical data and experience

56
Q

wholesaler

A

a person who purchases individual travel components at a discount based upon volume, and repackages the components and sell them to a consumer on a retail basis, either directly through the wholesale organization or via a travel agent or tour operator

57
Q

Generations in segmentation

A
  • silver-haired seniors (silent generation)
  • baby boomers
  • baby busters (generation X)
  • baby boomlets (generation Y / echo boomers)
  • the millennials
58
Q

silver-haired seniors

A

the silent generation

comprised of all individuals born prior to 1946

59
Q

baby boomers

A

born between the years of 1946 and 1964, the baby boomers are not only the largest generational segment of nearly 78 million members, they are also the most powerful in terms of both wealth and propensity to spend

60
Q

baby busters

A

Generation X

referring to people born between 1965 and 1976. As a group they only number 45 million, a huge slow down from the birth rates generated by their grandparents

61
Q

baby boomlets

A

generation Y / echo boomers

Defined as those nearly 72 million people born between 1977 and 1994. They are the children of the younger population of baby boomers. As a group the Echo boomers are almost as large in population as the baby boomers

62
Q

the millennials

A

Children born after 1994. Children born at the turn of the century, this time the turn of the new millennium

Introduction to Revenue Management (1 decks)

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