Revenue management of flexible products

Details Revenue management of flexible products Revenue management of flexible products

G - Physics

06

Q

G06Q 30/06 (2012.01)

Patent

CA 2450041

The present invention is directed to methods, apparatuses and media that use flexible products to enhance or maximize the revenue of perishable/constrained capacity and/or inventory providers such as airlines and hotels. The invention also provides algorithms or formulae with which the conditions of maximizing revenue of flexible products can be determined in relation to specific products and in relation to situations involving repeated transactions where demand varies. The revenue management methods provide lower priced flexible products that attract additional customers who would otherwise not choose to purchase and enable companies to wait for uncertainty on specific product demand to be resolved before assigning alternative products, which thereby enables maximized use of capacity/inventory and generation of revenue.

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