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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
niche
a small, specific market
25
online store
a retailer's website
26
pace
refers to a unit of time measurement
27
per diem
per day
28
perceived value
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
primary research
research designed and conducted by an organization for its own purposes
30
prosumer
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
secondary research
work conducted and published by other organizations
32
total acquisition cost
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
total customer value
= perceived product or service value - total acquisition cost
34
acquisition cost
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
ancillary purchase
a supplementary or additional purchase made in a series of transactions
36
contract
binding agreement that specifies rates, terms, anticipated volume, minimum usage and effective dates
37
customer relationship management CRM
strategies and tactics developed to acquire and retain customers
38
demography
the study of the characteristics of a population. Common characteristics considered include age, gender, marital status, education, occupation, income, race, religion and nationality
39
displacement
replacing one customer for another
40
displacement analysis
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
FIT
foreign or independent traveler
42
environment scanning
constantly monitoring and assessing the external environment to spot changes and emerging trends
43
free sell
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
frequent traveler program
programs designed to reward loyal patronage and induce repeat business
45
group business
business involving more than two individuals coming together for a common reason
46
locally negotiated rate LNR
corporate negotiated rate business
47
market segmentation
the practice of deviding a market into smaller specific segments sharing similar characteristics
48
primary purchase
the main purchase made during a single or series of transactions
49
propensity Y
future propensity to purchase
50
rack rate
full rate
51
SMERFE
``` a market segment comprised of Social Military Educational Religious Fraternal Entertainment business ```
52
total customer worth
Primary revenue + Ancillary revenue - Acquisition cost x propensity
53
transient
an individual traveling, dining, attending a game or performance, or staying alone. A temporary individual hospitality customer
54
VFR
visiting friends and relatives
55
wash factor
a predetermined percentage of usage based upon historical data and experience
56
wholesaler
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
Generations in segmentation
- silver-haired seniors (silent generation) - baby boomers - baby busters (generation X) - baby boomlets (generation Y / echo boomers) - the millennials
58
silver-haired seniors
the silent generation comprised of all individuals born prior to 1946
59
baby boomers
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
baby busters
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
baby boomlets
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
the millennials
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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