[Excerpt] Pricing is one of the key drivers of firm profits. Revenue management (RM) is predicated on variable and responsive pricing actions in an effort to optimally match supply with demand. Historically, the matching of supply and demand via RM has been a process of rejecting lower valued demand or reserving capacity for higher yielding demand in the face of excess demand. More recently, RM has been taking a more active pricing role as supply has exceeded demand. The following is a commentary on the four chapters comprising Part VI, with some extensions and discussion of the future role of integrated pricing and marketing within an RM framework—more succinctly referred to as demand management (Anderson & Carroll, 2007).
Anderson, C. K. (2010). Demand Management [Electronic version]. Retrieved [insert date], from Cornell University, School of Hospitality Administration site: http://scholarship.sha.cornell.edu/articles/350.