Booking

Posted in Operations and Supply Chain Terms, Total Reads: 615
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Definition: Booking

Booking is defined as the act of reserving a place or a channel or even engaging the services of a person or a team. To have a control over booking mechanisms is a major concern in today’s scenario.


Booking control is improved by customer value-related information and can be based on the availability of different booking classes and dynamic pricing. Revenue-management usually neglects the relationship-focused marketing since optimization and booking control are usually based on the willingness to pay i.e. prices of the booking classes and not on the basis of the customer’s long term value for the service provider.


On the operational level, there is a cycle of forecasting of uncertain variables in the booking period, allocation of capacity on different booking classes and customer segments, decisions on acceptance of booking requests, adaptations of forecast, booking control according to the actual level of booking and analysis.

 

Hence, this concludes the definition of Booking along with its overview.

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