Definition
Yield management has become part of mainstream business theory and practice over the last fifteen to twenty years. Whether an emerging discipline or a new management science (it has been called both), yield management is a set of yield maximization strategies and tactics meant to improve the profitability of certain businesses that focus on yield. It is complex because it involves several aspects of management control, including rate management, revenue streams management, and distribution channel management, just to name a few of them. Yield management is multidisciplinary because it blends elements of marketing, operations, and financial management into a highly successful new approach. Yield management strategists frequently must work with one or more other departments when designing and implementing yield management strategies.
Read more about this topic: Yield Management
Famous quotes containing the word definition:
“Was man made stupid to see his own stupidity?
Is God by definition indifferent, beyond us all?
Is the eternal truth man’s fighting soul
Wherein the Beast ravens in its own avidity?”
—Richard Eberhart (b. 1904)
“According to our social pyramid, all men who feel displaced racially, culturally, and/or because of economic hardships will turn on those whom they feel they can order and humiliate, usually women, children, and animals—just as they have been ordered and humiliated by those privileged few who are in power. However, this definition does not explain why there are privileged men who behave this way toward women.”
—Ana Castillo (b. 1953)
“Scientific method is the way to truth, but it affords, even in
principle, no unique definition of truth. Any so-called pragmatic
definition of truth is doomed to failure equally.”
—Willard Van Orman Quine (b. 1908)