Revenue (or yield) management is best described as:
A) a situation where management yields to labor demands.
B) a situation where the labor union yields to management demands.
C) a process designed to increase the rate of output.
D) allocation of scarce resources to customers at prices that will maximize revenue.
E) management's selection of a product mix yielding maximum profits.
D
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A salesperson should most likely review the benefits of the product before making price concessions to a buyer who engages in ________ tactics
A) budget limitation B) take-it-or-leave-it C) let-us-split-the-difference D) "if...then" E) "sell low now, make profits later"
How long is the average wait at the soda machine?
The soda machine outside the lecture hall sees a steady stream of customers throughout the day. The machine takes 4 seconds to deliver a can of carbonated sugar water once the button is pressed and students generally know what they want from the machine - the average feeding of the machine takes two seconds. Over the course of a twelve hour lecture day, students arrive at the rate of 500 per hour. A) 15 seconds B) 20 seconds C) 25 seconds D) 30 seconds