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Empirical Evidence of Revenue Management in the Cruise Line Industry

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Date
2019
Author
Ayvaz-Çavdaroğlu, Nur
Gauri, Dinesh K.
Webster, Scott
Abstract
Revenue management (RM) has received considerable attention from both academic and business professionals. It encompasses several techniques regarding capacity allocation pricing and resource management of fixed time-sensitive capacity. RM can be roughly divided into two categories defined by the control mechanism that increases revenue: capacity allocation or price optimization. Our work falls in the latter category. In our model we allow for partial substitutability among products (e.g. a customer making a purchase decision may consider multiple alternatives-different departure dates different destinations different cabin types). We also include marketing expense in addition to prices as a lever for increasing revenue. These features are relevant to dynamic pricing in practice. The method is illustrated with booking data from a cruise company yielding optimal advertising and prices for 300 products. The application of the model results in an increase in revenue in the range of 8%-20%.

Source

Journal of Travel Research

Issue

1

Volume

58

Pages

104-120

URI

https://hdl.handle.net/20.500.12469/659
https://doi.org/10.1177/0047287517737178

Collections

  • Araştırma Çıktıları / Scopus [1319]
  • Araştırma Çıktıları / WOS [1335]
  • İşletme / Business Administration [75]

Keywords

Revenue management
Cruise industry
Multinomial choice model
Empirical application

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