Prices are very powerful tools that can be used to increase revenue.
It seems simple, but it is more complex in real life, and this is what you are going to experience over the next 4 weeks.
As with uniform pricing, there are conditions for this demand-based pricing strategy to work, and there are some useful concepts to understand and practise before you will be able to do ‘revenue management’.
Managing prices is not an easy task, some strategies may or may not work in different circumstances. Focusing on the case study, we analyse the conditions under which a change in prices leads to an increase in revenue and propose to have a first look on how revenue management could lead to substantial increase in revenue.