A Professional Services Firm Is Investigating Revenue Management as a Means

question 20

Essay

A professional services firm is investigating revenue management as a means of taking advantage of unused capacity. Analysts for this firm estimate a demand curve for the firm's service, which is sold by the hour. Points on this demand curve include 9000 hours at the current rate of $60 per hour, 9500 hours at $55, 10,000 hours at $50, and 10,500 hours at $45. Based on this demand curve, what price point would be best for the firm, if its objective is maximum revenue?

Understand the emergence and relevance of virtual brand communities.

Acknowledge the role of consumer behavior trends in strategic marketing planning.

Comprehend the blurring boundaries between consumers and producers and its implications.

Recognize the importance of ethical considerations in global and local marketing practices.

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Definitions:

Intellectual Benefits

Advantages gained through engaging in activities that stimulate the mind, such as improved problem-solving skills and increased knowledge.

Social Benefits

Advantages or positive effects that accrue to individuals or communities from social policies, relationships, or actions, enhancing well-being and quality of life.

Daily Average

The daily average refers to the mean value of a certain variable (such as temperature, traffic volume, or sales figures) calculated over a specified period of one day.

Kind Of Media

Refers to the various forms of communication channels through which news, entertainment, education, data, or promotional messages are disseminated.