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Revenue Management (Source: www.wikipedia.org)

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Yield management, also known as revenue management, is the process of understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, perishable resource (such as airline seats or hotel room reservations).

It is a method of price discrimination wherein a firm charges different customers different prices for goods or services which are otherwise identical. A typical example is airline tickets. For three different seats in the same row different passengers would have paid different amount depending on conditions like their seat preference, time of booking etc.

An interesting article was published in NY Times recently about how airlines are charging more for "that extra leg room". It is another innovative way to understand the consumer behavior and improve revenue for the airlines. Here is the link for that article:


If you want to know more about this field do search on internet and you'll discover a very interesting field.
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