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Call Center Consultants And Their Duties
When we deal with call centers, the term “call center consultant” is seldom used, for instead of calling the people working in call centers "consultants", we refer to them as call agents or call center workers. But despite the common knowledge about...
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We consistently face new and ever growing challenges in the workplace such as reorganizing, downsizing, and “left out sizing.” We are faced with the question, “How do we lead in this storm of change?” It may seem difficult at times and the decisions...
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Not too long ago ship captains could actually whip sailors who disobeyed orders; managers could fire workers on the spot for virtually any reason, or even no reason at all; and students could be expelled from school for any minor infraction of the...
Make Your Career Offshore Proof
There has been a lot of talk recently about American jobs moving overseas…offshoring is the buzzword for it. During difficult economic times it is often easy to find a scapegoat to blame for a downturn in jobs. While government reports and...
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According to US Department of Labor statistics, the average time to find employment is roughly six months. It could take as little as four to six weeks, or as long as ten to twelve months, or longer. Several factors determine your time to placement:...
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A Definition Of Yield Management
Yield Management:
A yield management system, which can also be referred to as
revenue management, is a system that attempts to understand,
anticipate and then react to consumer behaviour in order to
maximise revenue/profit.
How Does Yield Management Work?
To acheive maximum revenue/profit, a yield management system
needs to have an understanding of what has happened before and
what is happening now; using this historical data to predict
what may then happen in the future. So the yield management
system will periodically review transactions that have occurred
between the consumer and the hotel. Other external information
is then fed into the yield management system and this can
include statistical data, events such as public holidays,
competitor price information, seasonal buying patterns, etc. A
predictive modeller then attempts to forecast the total demand
within a specific period for the services on offer by market
segment and price point.
In simple terms yield management tries to answer the question
"Given our operating constraints, what
is the best mix of
services for us to sell within a particular timeframe, so that
we generate the highest revenue?"
The process of yield management optimisation helps an
organisation to adjust its prices so that they meet the total
demand characteristics of its markets. In order to maximise the
revenue, prices can be determined by:
==> Service
==> Group of services
==> Market (consumer type or geographical)
==> A combination of the above
Yield management models are most effective where the service
being supplied is characterised as:
==> Capital intensive
==> Perishable (revenue is lost if the product/service is not
sold by a particular point in time)
and the demand side is characterised with:
==> Variability of demand
==> Variability of value
About the author:
Dominic Martin is the Marketing Manager for Data Track Communications
ltd, who are Europe's leading hotel guest telephony strategy
and Call Yield Management experts.
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