Yield management is the practice of
A)determining production functions to minimize production costs.
B)forecasting competitors' responses to price changes.
C)using buyer data to rapidly adjust prices.
D)using information technology to find the best interest rate.

Question

Quizplus · Accepted Answer

Yield management involves using buyer data to adjust prices in real-time to maximize revenue. This relies on gathering and analyzing data about customers' behavior, preferences, and purchasing history to determine the optimal price for a product or service at a specific time. It is commonly used in industries such as airlines, hotels, and rental cars, where prices can fluctuate based on demand and supply.

Yield Management Is the Practice of