ABSTRACT
This chapter introduces the concepts and principles of pricing and revenue management, areas of such great importance to the operation, management, and overall sustainability of tourism and hospitality businesses across the world. The chapter identifies some key performance indicators and encourages a deeper level of knowledge of the tools and levers of revenue management. The chapter also includes discussion of the contemporary challenges revenue management is facing such as big data, distribution, and loyalty so as to make the reader more aware of the future need to anticipate revenue management trends such as total revenue management (total RM), profit revenue management (profit RM), and net revenue.
