Successful Revenue Management Requires

question 38

Multiple Choice

Successful revenue management requires

• A) a proper understanding of customer preferences.
• B) a quantification of the impact of various tactics on consumer behavior.
• C) a clear focus on profitability.
• D) A and B only

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Definitions:

Independent Variables

Variables that are manipulated or controlled in an experiment to test their effect on dependent variables.

Dependent Variables

A measure that is expected to vary in response to changes in an independent variable within an experiment.

Pearson Correlation

A statistical measure that evaluates the linear relationship between two continuous variables, expressed as a value between -1 and 1.

Temperature

A measure of the average kinetic energy of the particles in an object or system, perceived as how hot or cold something is.