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Revenue Management wheel
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- Institution
The Revenue Management wheel is a useful tool to learn the most important factors of Revenue Management. It explains Why?, How? and What is important for revenue management.
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manon225
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Revenue management wheelProduct:
Price fencing:
- Rules and requirements to prevent demand spill over from higher prized segment to lower
prized segments revenue loss
Pricing conditions:
- Refund policy (non-refundable)
- Advanced purchase (early bird)
- Cancellation policy
- Packages (incl. breakfast)
- Must stay (weekends)
- Minimum/maximum stay
- Pay directly
Customer:
- Business guests
- Leisure guests different rates
- Groups
Customer value (customer perspective) how much is he/she willing to pay?
Customer worth (company perspective) how much revenue does customers bring?
Customer centric approach: any marketing or operational effort focused on
needs, wants and desires of customers
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