Explain How Yield Management Works and Why Some Companies Are

question 57

Essay

Explain how yield management works and why some companies are able to use it to manage demand patterns.

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Definitions:

Sophisticated

Characterized by complexity, refinement, or developed to a high degree of complexity.

Targeted Advertising

A marketing strategy that directs advertising messages towards a specific demographic, audience segment, or user based on collected data.

Crowdsourcing

The method of acquiring necessary services, ideas, or content by requesting contributions from a wide audience, particularly from an online community, as opposed to relying on traditional employees or suppliers.

Decision Making

The process of selecting a course of action from several alternatives to achieve a desired result.