Milestones in the application of analytical pricing and revenue management

Abstract

This article identifies major milestones in the science of Pricing and Revenue Management. It starts with the first successes in travel and transportation, and it follows the progression of the discipline in those realms. It explores breakthroughs as the concepts evolved beyond airlines and other industries with perishable products. It examines the impact on traditional Pricing and Revenue Management thinking, as the adaptation of these concepts to diverse industries has necessitated strategic and tactical innovations to optimally manage discount, promotions, bulk and negotiated deals as well as customer retention. Finally, it suggests future milestones as the science continues to grow and evolve. © 2011 Macmillan Publishers Ltd.