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Yield Management
Yield management (YM) is a variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource (such as airline seats, hotel room reservations, or advertising inventory).Netessine, S. and R. Shumsky (2002),Introduction to the Theory and Practice of Yield Management INFORMS Transactions on Education, Vol. 3, No. 1 As a specific, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell the right product to the right customer at the right time for the right price. This process can result in price discrimination, in which customers consuming identical goods or services are charged different prices. Yield management is a large revenue generator for several major industries; Robert Crandall, former chairman and CEO of American Airlines, gave yield management its name and has called it "the single most important technical dev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Variable Pricing
Dynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing, and variable pricing, is a revenue management pricing strategy in which businesses set flexible prices for products or services based on current market demands. It usually entails raising prices during periods of peak demand and lowering prices during periods of low demand. As a pricing strategy, it encourages consumers to make purchases during periods of low demand (such as buying tickets well in advance of an event or buying meals outside of lunch and dinner rushes) and disincentivizes them during periods of high demand (such as using less electricity during peak electricity hours). In some sectors, economists have characterized dynamic pricing as having welfare improvements over uniform pricing and contributing to more optimal allocation of limited resources. Its usage often stirs public controversy, as people frequently think of it as price gouging. Businesses are able to change pric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People Express Airlines (1980s)
People Express Airlines, stylized as PEOPLExpress, was a low-cost airline in the United States that operated from 1981 until it merged with Continental Airlines in 1987. Its headquarters was in the North Terminal (later Terminal C) of Newark Liberty International Airport (EWR) in Newark, New Jersey. History Founding and rapid expansion The company was founded by Don Burr, and several others, who resigned from Frank Lorenzo's Texas International in order to do so. Burr was influenced by British airline entrepreneur Freddie Laker, whose forays into low-cost air travel attracted much press in the 1970s. Terminal space was leased at Newark Airport's North Terminal. People Express was launched on April 30, 1981, with Boeing 737 flights from Newark to Buffalo, Columbus and Norfolk; Jacksonville and Cleveland Hopkins were added a month later. In December PE had 42 weekday departures from EWR to Baltimore/Washington, Boston Logan, Burlington, Buffalo Niagara, Port Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Variable Cost
Variable costs are costs that change as the quantity of the good or service that a business produces changes.Garrison, Noreen, Brewer. Ch 2 - Managerial Accounting and Costs Concepts, pp 48 Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost. Direct costs are costs that can easily be associated with a particular cost object.Garrison, Noreen, Brewer. Ch 2 - Managerial Accounting and Costs Concepts, pp 51 However, not all variable costs are direct costs. For example, variable manufacturing overhead costs are variable costs that are indirect costs, not direct costs. Variable costs are sometimes called unit-level costs as they vary with the number of units produced. Direct labor and overhead are often called conversion cost,Garrison, Noreen, Brewer. Ch 2 - Managerial Accounting and Costs Concepts, pp 39 while direct material and direct labor are oft ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legacy Carriers
In the United States, a legacy carrier is an airline that was once economically regulated by the Civil Aeronautics Board (CAB) during the period of airline regulation 1938–1978 or can trace its origin to one that did. The CAB was a now defunct federal agency that tightly controlled almost all US commercial air transport during that period. As related below, many features associated with the legacy airline business model were actually developed not during the regulated era, but instead in the first decade or so of the deregulated era, as legacy carriers adapted to an unfamiliar competitive environment. As of 2024, there are four surviving legacy carriers, with Alaska Airlines and Hawaiian Airlines completing their merger on September 18, 2024: * Alaska Airlines/Hawaiian Airlines * American Airlines * Delta Air Lines * United Airlines Legacy carriers do not include: * Any airline founded after the regulated era. A few prominent examples of such carriers include America West Airl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vending Machine
A vending machine is an automated machine that dispenses items such as snacks, beverages, cigarettes, and lottery tickets to consumers after cash, a credit card, or other forms of payment are inserted into the machine or payment is otherwise made. The first modern vending machines were developed in England in the early 1880s and dispensed postcards. Vending machines exist in many countries and, in more recent times, specialized vending machines that provide less common products compared to traditional vending machine items have been created. History The earliest known reference to a vending machine is in the work of Hero of Alexandria, an engineer and mathematician in first-century Roman Egypt. His machine accepted a coin and then dispensed wine or holy water. When the coin was deposited, it fell upon a pan attached to a lever. The lever opened a valve which let some water flow out. The pan continued to tilt with the weight of the coin until it fell off, at which point a count ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Coca-Cola Company
The Coca-Cola Company is an American multinational corporation founded in 1892. It manufactures, sells and markets soft drinks including Coca-Cola, other non-alcoholic beverage concentrates and syrups, and alcoholic beverages. Its stock is listed on the New York Stock Exchange and is a component of the Dow Jones Industrial Average, DJIA and the S&P 500 Index, S&P 500 and S&P 100 indexes. Coca-Cola was developed in 1886 by pharmacist John Stith Pemberton. At the time it was introduced, the product contained the stimulants cocaine from coca leaves and caffeine from kola nuts which together acted synergistically. The coca and the kola are the source of the product name, and led to Coca-Cola's promotion as a "healthy tonic". Pemberton had been severely wounded in the American Civil War, and had become addicted to the pain medication morphine. At the time, cocaine was being promoted as a "cure" for opioid addiction, so he developed the beverage as a patent medicine in an effort to c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Software Bug
A software bug is a design defect ( bug) in computer software. A computer program with many or serious bugs may be described as ''buggy''. The effects of a software bug range from minor (such as a misspelled word in the user interface) to severe (such as frequent crashing). In 2002, a study commissioned by the US Department of Commerce's National Institute of Standards and Technology concluded that "software bugs, or errors, are so prevalent and so detrimental that they cost the US economy an estimated $59 billion annually, or about 0.6 percent of the gross domestic product". Since the 1950s, some computer systems have been designed to detect or auto-correct various software errors during operations. History Terminology ''Mistake metamorphism'' (from Greek ''meta'' = "change", ''morph'' = "form") refers to the evolution of a defect in the final stage of software deployment. Transformation of a ''mistake'' committed by an analyst in the early stages of the softw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amazon
Amazon most often refers to: * Amazon River, in South America * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon (company), an American multinational technology company * Amazons, a tribe of female warriors in Greek mythology Amazon or Amazone may also refer to: Arts and entertainment Fictional characters * Amazon (Amalgam Comics) * Amazon, an alias of the Marvel supervillain Man-Killer * Amazons (DC Comics), a group of superhuman characters * The Amazon, a '' Diablo II'' character * The Amazon, a '' Pro Wrestling'' character * Amazon (''Dragon's Crown''), a character from the ''Dragon's Crown'' game * '' Kamen Rider Amazon'', title character in the fourth installment of the ''Kamen Rider'' series Film and television * ''The Amazons'' (1917 film), an American silent tragedy film * ''The Amazon'' (film), a 1921 German silent film * '' War Goddess'', also known as ''The Amazons'', a 1973 Italian adventure fantasy drama * ''Amazons'' (1984 f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamic Packaging
Dynamic packaging is a method used in package holiday bookings to enable consumers to build their own package of flights, accommodation, and car rental instead of purchasing a pre-defined package. Dynamic packages differ from traditional package tours in that the pricing is always based on current availability, escorted group tours are rarely included, and trip-specific add-ons such as airport parking and show tickets are often available. Dynamic packages are similar in that often the air, hotel, and car rates are available only as part of a package or only from a specific seller. The term "dynamic packaging" is often used incorrectly to describe the less sophisticated process of interchanging various travel components within a package, however, this practice is more accurately described as "dynamic bundling". True dynamic packaging demands the automated recombination of travel components based on the inclusion of rules that not only dictate the content of the package but also c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Parcel Service
United Parcel Service, Inc. (UPS) is an American multinational corporation, multinational package delivery, shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500, ''Fortune'' 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses. UPS offers Air cargo, air shipping on an overnight or two-day basis and delivers to post office boxes through UPS Mail Innovations and UPS SurePost. UPS is the largest courier company in the world by revenue, with annual revenues around US$85 billion in 2020, ahead of competitors DHL and FedEx. UPS's main international hub, UPS Worldport in Louisville, Kentucky, is the List of busiest airports by cargo traffic, fifth busiest airport in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capacity Management
Capacity management's goal is to ensure that information technology resources are sufficient to meet upcoming business requirements cost-effectively. One common interpretation of capacity management is described in the ITIL framework. ITIL version 3 views capacity management as comprising three sub-processes: business capacity management, service capacity management, and component capacity management. As the usage of IT services change and functionality evolves, the amount of central processing units (CPUs), memory and storage to a physical or virtual server etc. also changes. If there are spikes in, for example, processing power at a particular time of the day, it proposes analyzing what is happening at that time and making changes to maximize the existing IT infrastructure; for example, tuning the application, or moving a batch cycle to a quieter period. This capacity planning identifies any potential capacity related issues likely to arise, and justifies any necessary inves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Car Rental
National Car Rental is a private American rental car agency based in Clayton, Missouri, United States. National is owned by Enterprise Holdings, along with other agencies including Enterprise Rent-A-Car, and Alamo Rent a Car. National typically caters to business travelers through its Emerald Club loyalty program that allows frequent customers to pick their own vehicles without stopping to fill out forms or deal with customer representatives. Overview National was founded by 24 independent rental car agents on August 27, 1947. It had grown from 60 locations in the United States in 1947 to over 2000 locations internationally . In 1987, Paine Webber, a historical American brokerage firm, gained majority ownership of National. In 1995, National was owned by an investment group containing William Lobeck of Tulsa, Alvin Swanner of New Orleans, and Archer McWhorter of Houston. Lobeck was a former president of Chrysler's car rental unit and a former owner of Thrifty Rent A Car, a co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
