How would you satisfy both retailers and consumers when using revenue management tactics?

Expert Solution

Revenue management refers to predicting the consumer behaviour at market level to optimise production and price inorder to maximise the revenue . It makes the product available to right person on right time and at right price.

How revenue management tactics satisfy retailers?

Tracking the right market for product.
By suggesting optimal inventory levels keeping in mind the demand.
Analysing the best price to offer.
Make exutable Customer Plans to maximise sales.
Marketing and promotion of the product.

How revenue management tactics satisfy consumers?

By providing apt information about the product by demonstrations,marketing etc.
By enhancing the variety of products to choose from (through innovations etc)
Providing value for products.
Make the product easily accessible .
Offering the right and competitive price.
Making the product available at the right time (by lowering the lead time)

Rahul Sunny answered 6 months ago

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