Robert Crandall, called an industry legend by observers, is responsible for coining what term, regarding a pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource?
Yield management Yield management is a variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource (such as airline seats or hotel room reservations or advertising inventory). As a specific, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell it to the right customer at the right time for the right price. This process can result in price discrimination, in which customers consuming identical goods or services are charged different prices. Yield management is a large revenue generator for several major industries; Robert Crandall, former Chairman and CEO of American Airlines, gave yield management its name and has called it "the single most important technical development in transportation management since we entered deregulation."
Put option In finance, a put or put option is a stock market device which gives the owner of a put the right, but not the obligation, to sell an asset (the "underlying"), at a specified price (the "strike"), by a predetermined date (the "expiry" or "maturity") to a given party (the "seller of the put"). The purchase of a put option is interpreted as a negative sentiment about the future value of the