Revenue Management Is a Way to Manage Demand by Varying

question 108

True/False

Revenue management is a way to manage demand by varying price at the right time for various customer segments to maximize revenues generated from existing supply capacity.

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Definitions:

Consumer Purchase Decision Process

The stages a consumer goes through in making a decision to buy a product, typically including recognition of needs, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

Energizing Force

A motivating factor or influence that drives or stimulates activity or change.

Satisfy A Need

Fulfilling a requirement or desire, often through the provision of products or services that address a specific deficiency or aspiration.

Motivation

The energizing force that stimulates behavior to satisfy a need.