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In recent years, many traditional practitioners of revenue management such as airlines or hotels were confronted with aggressive low-cost competition. In order to stay competitive, these firms responded by reducing fare restrictions that were originally meant to fence off customer segments. In markets where traditional practitioners faced low-cost competition, unrestricted fares were introduced. Some markets, including airline long-haul markets, were unaffected. And here restrictions could be maintained. company develop choice-based network revenue management approaches for such a mixed fare environment that can handle both the traditional opening or closing of restricted fare classes as well as handling pricing of the unrestricted fares simultaneously.
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