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Total Revenue Management (TRM)Total revenue management (TRM)

In: Total Revenue Management (TRM)

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  • Marc Helmold

    (IUBH International University)

Abstract

Revenue management (RM) is the concept of systematically increasing the revenue streams in an organization. The concept utilizes systematic analytics that predict consumer behaviour at the micro-market levels and optimize product availability and price to maximize revenue growth (Wikipedia 2020). RM is mainly applied in industries like aviation or hospitality area with service offerings. RM is associated with earnings, profits and any sort of income by the use of smart and intelligent tools or algorithms. It means the strategic orientation of product or service in the market and the long-term planning of sales and sales activities (Gallego and Topaloglu 2019). This includes cost calculations such as break-even calculations, price floor calculations, capacity analyses and sales costs. The ultimate goal is to increase earnings (Landmann 2019). Major objectives in RM are:

Suggested Citation

  • Marc Helmold, 2020. "Total Revenue Management (TRM)Total revenue management (TRM)," Management for Professionals, in: Total Revenue Management (TRM), chapter 1, pages 1-12, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-46985-6_1
    DOI: 10.1007/978-3-030-46985-6_1
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