What does the term yield management typically influence in the travel industry?

Yield management is primarily concerned with optimizing pricing strategies to maximize revenue, particularly in industries such as travel and hospitality where demand can fluctuate significantly. This strategic approach uses data analysis and forecasting to determine the best possible pricing for services at various times. By understanding customer behavior and demand patterns, businesses can adjust prices in real-time to capitalize on higher demand periods or attract more customers during slower times.

For instance, airlines often employ yield management by adjusting ticket prices based on factors such as the time until departure, booking trends, and competitive pricing. The goal is to sell the right product to the right customer at the right time and price. Therefore, this ties directly to strategies that govern how prices are set and modified, making pricing strategies the core influence of yield management within the travel industry.