Traveling? How can 2 Tickets Be Cheaper than One?
Ever wondered why the person seating next to you in the same flight and same class paid so much less than you? Why the hotel room across the hall was much cheaper? For a long time, airlines, hotels, and restaurants has used a system in making profits, filling up empty seats and room with their evolved methods of pricing.
Yield management was initiated by the airline industry in the early 1980s as a method of drawing additional revenue from unsold inventory. Yield management was developed by rapid advance of computer technology, which allowed the airlines to develop reasonable predictions regarding the number of seats that would be priced at different rates. Today the competences of effective yield management are increasingly used by many industries of the travel and tourism organizations to maximize revenues.
Although development of yield management created profitable opportunities, many organizations have not yet established the necessary strategic approach to assemble those tactics into a coherent revenue management strategy. However for those companies who have applied these strategies, we can easily take advantage of these savings when we have a better understanding in the world of travel industry.
Airlines use sophisticated computer algorithms to price their tickets called "yield management." Pioneered by American Airlines in the 1980s, the intensive development of yield management techniques launched American Airlines' Super Saver fares. The strategy appears to be rather complicated, sell the right seat to different percentages of the yield reserved for business travelers, leisure travelers, personal travelers, intermediaries, and frequent flyers program members, at the right time and for the right price. The key is to find the tradeoff between selling discount ticketing in order to fill up the plane and selling full fare tickets and only filling up a portion of the plane. Since this process involves consumer behavior and past data analysis, it can be very challenging. Basically, it tries to predict demand for tickets and sets the price accordingly base on your status. But it doesn't always work so well. That's why a one-way ticket can cost more than a round-trip ticket (business travelers often have no control of where they are staying or where they are going the tickets are usually company paid and the price is not something they are sensitive of). The solution to out smart the airline industry is to buy two early booked sets of roundtrip tickets, but to use only half of each for example, one set of roundtrip ticket for Monday thru Thursday and the second round-trip ticket for next week Monday thru Thursday (use roundtrip ticket one's Monday to fly to your destination and fly back on roundtrip ticket 2's Thursday.) a process called "back-to-back" ticketing. The trick works best with a short trip. Airlines frown on passengers who use this strategy, but eh, it saves you money!
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