i) Why should service firms be concerned with yield and provide an example? ii) How might the principles of yield management be applied to a rental car company? iii) Explain two Challenges and two risks in using yield management and offer clear examples of those
Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
i) Why should service firms be concerned with yield and provide an example?
ii) How might the principles of yield management be applied to a rental car company?
iii) Explain two Challenges and two risks in using yield management and offer clear examples of those
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