A STRATEGY for INCREASING SALES REVENUE in SMALL BUSINESSES Shields, Jeff Journal of Small Business Strategy; Fall 2005/Winter 2006; 16, 2; ABI/INFORM Complete Pg

REVENUE MANAGEMENT: A STRATEGY FOR INCREASING SALES REVENUE IN SMALL BUSINESSES Shields, Jeff Journal of Small Business Strategy; Fall 2005/Winter 2006; 16, 2; ABI/INFORM Complete pg. 43

REVENUE MANAGEMENT: A STRATEGY FOR INCREASING SALES REVENUE IN SMALL BUSINESSES

Jeff Shields University of Southern Maine [email protected]

ABSTRACT

Revenue management is a strategy used hy companies in many industries to match products and services to customers in order to increase sales revenues. Although revenue management is well suited to meet some of the challenges of small businesses, there has heen no prior research on its use in a small husiness setting. This paper presents the results from a survey of 76 small husinesses on the use and effect of revenue management. The results demonstrate that revenue management is employed by small businesses and that it has a significant and positive effect on sales revenue. The results also reveal practices most commonly engaged in and the extent to which the strategy is applied by small businesses.

INTRODUCTION addresses many of the constraints faced by small businesses. Revenue management refers to a process of seeking to maximize a business's revenues. 3 These constraints include scarce resources It is a system of inventory controls and for marketing and data gathering, a pricing to manage capacity (Harris & Pinder, preference for relying on internal rather than 1995) that has been shown to increase external information, and a preference for revenues (Geraghty & Johnson, 1997; informal sources of marketing information Marmorstein, Rossomme, & Sare), 2003). (Pineda, Lerner, & Miller, 1998; Smeltzer, Initially developed in the airline industry as Fann, & Nikolaisen, 1988). Revenue yield management (Boyd & Bilegan, 2003), management may help small businesses to revenue management has spread to other increase their sales revenue. industries, including hospitality, media and broadcasting, retailing, and transportation The empirical evidence on revenue (Talluri & Van Ryzin, 2004). management's characteristics and effects is derived from a mix of anecdotal reports, case Although revenue management has been studies, and mathematical models, primarily developed and utilized by large companies, it reported in the operations management can be implemented in a simple form that literature (see Carroll & Grimes, 1995; Cross, 1997; Smith, Leimkuhler, & Darro,1992; Talluri & Van Ryzin, 2004;

3 Weatherford & Bodily, 1992). There has Revenue management here refers to maximizing been no research using large samples that revenue and should not be confused with the term revenue management as it is sometimes used in offers empirical evidence on how widely financial accounting to designate revenue revenue management is practiced. Thus, recognition issues. although revenue management represents a

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Journal o(Small Business Strategy Vol. 16. No. 2 Fall/Winter 200512006 potential opportunity for small businesses, as "selling the right product to the right there is no empirical evidence to show the customer at the right time for the right price" extent to which revenue management is (Smith, Leimkuhler, & Darro, 1992). It has practiced in small businesses, much less its spread to a broad range of industries such as effects on them. banking, broadcasting, electric utilities, healthcare, hospitality, printing. telecom In order to address this gap, the current munications, and transportation (Secomandi, research was guided by the following Abbott, Atan, & Boyd, 2002). Because the research questions. First, do small businesses existing studies of revenue management use revenue management practices? Second, practice have been in industries comprised if they do use revenue management then to mostly of large service companies and have what extent and which elements of revenue not focused on small business applications, management practice do small businesses the following review of the revenue use? Lastly, how does the use of revenue management literature and the examples of management affect small businesses? practice are, of necessity, drawn from these limited sources. The findings of this study should offer guidance for the application of revenue Revenue management began in service management in small business. Knowing the industries with companies that had three current level and nature of practice provides characteristics: I) perishable products; 2) a benchmark. Efforts to develop a systematic high fixed costs in the form of capacity program can use this as a foundation. costs; and 3) the ability to segment Identification of the relative importance of customers (Weatherford & Bodily, 1992). the various elements of revenue management For example, airlines have a perishable will enable a small business owner to product - a given flight on a given date to a implement a tailored program founded on given destination flies only once - high fixed empirical evidence from other small costs in their investment in fleets of planes, businesses. More information can help small and reservation systems that allow them to businesses avoid the potential pitfalls that track and record data on the characteristics of can arise from transferring management their customers' shopping and buying practices proven only in big businesses. Most profiles. Analysis of these data allows importantly, demonstration of positive airlines to segment their customers into effects on revenue from a large sample of categories such as leisure and business small businesses supports a decision to travelers. Airlines predict the demand for invest in revenue management activities. specific flights and adjust fares and seat availability to maximize revenues across In the next section, the practice of revenue customer segments. Seats are withheld for up management is defined and its elements are to a few hours before a flight so that seats are outlined. This is followed by presentation of available for business travelers who. are the study's methodology and results of the traveling at the last minute and who are investigation. Finally, the implications of willing to pay more for those seats than findings are discussed. leisure travelers reserving seats several weeks earlier. LITERATURE REVIEW While having all three characteristics Revenue management is defined as "an order facilitates revenue management, businesses acceptance and refusal process that employs can practice and benefit from revenue differential pricing strategies and stop sales management with only some of the tactics to reallocate capacity, enhance characteristics. Most businesses have limited delivery reliability and speed, and realize capacity for providing products and services revenue from changes in order responsive (e.g., taking orders, shipping, serving ness to maximize revenue from preexisting customers). Capacity is perishable in the capacity" (Harris & Pinder, 1995). In simpler sense that a business spends a given amount terms, revenue management has been defined of money over a fixed period of time to

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Journal ofSmall Business Strategy Vol. 16. No. 2 Fall/Winter 200512006 provide the resources necessary to engage in customer segments (Talluri & Van Ryzin, activities that produce sales (Elimam & 2004). Analysis of data can reveal Dodin, 200 I). This characteristic of capacity information such as profitability and patterns implies that revenue management ts of differential demand (Talluri & Van Ryzin, appropriate for adoption and practice in 2004). Segmentation is key to discovering many businesses, even very small ones. differences in willingness to pay among customers that can then be used to increase Revenue Management Practice revenue (Weigand, 1999). Criteria for segmentation will vary by industry. Increased revenues in large companies have Examples include segmentation of customers been attributed to revenue management by the number of nights stay (one night practices. For example, Marriott estimates versus several nights) and room type that revenue management added $150 (number of beds, view) as practiced by million to $200 million to sales of $I 0 hotels or segmentation of customers by billion in 1996 and added $400 million in reservation date (30 days versus day of 1998 (Marriott & Cross, 1997; Tomplin, flight) as practiced by airlines (Talluri & Van 1999). Some airlines have seen revenues Ryzin, 2004). Segmentation based on increase by seven percent as a result of customer data also can facilitate the revenue management applications (Marmor construction of models that predict demand stein, Rossomme, & Sare), 2003). In another for products and services across different example, National Rental Car attributes a customer segments (Talluri & Van Ryzin, $54 million turnaround in its revenues to 2004; Weigand, 1999). implementing a revenue management system (Geraghty & Johnson, 1997). The third element of revenue management involves targeting customers according to Revenue management practice can be broken their differential demand and limiting supply into four elements: I) tracking customers' by demand. Companies use the information demand for products and services by they have on differential demand to design accessing and recording data; 2) analyzing new products and services to target specific these data and segmenting customers; 3) customer segments' needs (Talluri & Van targeting customers according to their Ryzin, 2004). For example, banks use data differential demand and limiting supply by mining to build models to identify customer demand; and 4) pricing according to each segments and then to identify those segment's willingness to pay (Cross, 1997; customers who are most likely to purchase Talluri & Van Ryzin, 2004; Weigand, 1999). new product offerings (Hormozi & Giles, 2004). Revenue management practice begins by tracking customers' demand. Companies in a Limiting supply by demand involves using variety of industries track customer demand inventory controls. The ability to alter supply for products and services by using by customer segments according to current reservation and data warehouse systems forecasts of demand is important to effective (Berman, 2005; Graham, 1998; Talluri & revenue management (Geraghty & Johnson, Van Ryzin, 2004). The tracking of customer 1997). For example, hotels manage the data concerning demand, shopping habits, supply of rooms by length of stay; there are and buying is facilitated by technologies fewer rooms available for reservations for such as ATM machines, debit cards, point customers wanting to stay one night during of-sale scanners (barcodes), websites, and peak mid-week times than those wanting to reservation systems. These kinds of systems stay multiple nights (Marriott & Cross, provide companies with a ready source of 1997). data to analyze their customers. Pricing according to each customer The second element of revenue management segment's willingness to pay (i.e. demand) practice is the analysis of the data gathered constitutes a fourth element of revenue on customers and then the identification of management practice. Given limited

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Journal ofSmall Business Strategy Vol. 16. No. 2 Fa/I/Winter 200512006 capacity, using inventory controls to limit research is presented, including the sample, supply according to demand across customer questionnaire items and administration, and segments reserves supply for those customer data analysis. segments willing to pay more (McGill & Van Ryzin, 1999). Pricing according to METHODS customer segment demand is facilitated by inventory controls that create barriers among Data were collected by means of a semi customer segments with respect to price structured mail questionnaire sent to small (Geraghty & Johnson, 1997). Inventory businesses in a rural county in a mid-Atlantic controls allow the use of pricing policies, state. Potential respondents were identified linked to demand forecasts from a data from the business membership list of the warehouse, to increase revenues. An local Chamber of Commerce and a list of example of this practice can be seen in manufacturing companies from the local Marriott's use of daily demand forecasts to Economic Development Commission. These adjust the rates on 160,000 hotel rooms in lists were cross-referenced with State tax Marriott, Courtyard, and Residence Inns records to identify current owners. One according to length of stay and length of hundred and ninety surveys were mailed advance purchase (Marriott & Cross, 1997). using components of the Tailored Design Method (Dillman, 2000). Two weeks after Pricing also can be used to bring demand and the initial mailing a reminder note was sent. supply into balance instead of changing the Two weeks later, an additional survey was level of capital investment (Weigand, 1999). sent. A total of 87 surveys were returned for For example, in locations that serve mainly an overall response rate of 46%. Of these 87 business travelers during the week and have responses, 76 were usable. Non-response lower utilization rates on weekends, rental bias was measured by comparing the early car companies offer lower prices on responders with the later responders. No weekends (Gearghty & Johnson, 1997). In evidence was found that there were any another case, companies in the delivery significant differences. industry balance supply and demand during peak demand times (e.g., holiday gift-giving Measures times) by raising rates instead of adding expensive capacity (Weigand, 1999). Prices Because no known prior research has typically are increased during busy periods examined the use of revenue management in (e.g., a restaurant's dinner periods on Fridays small businesses, questionnaire measures and Saturdays) and decreased during slow were developed for this study. Measures of times in order to shift price sensitive revenue management assessed small customers from periods of high demand to business owners' use of the different periods of low demand (Cross, 1997). elements of revenue management practice However, the use of pricing according to identified in the literature. The characteri demand as an element of revenue zation of these elements was adapted as management practice may be limited by necessary to reflect a small business customers' perceptions of fairness. Evidence orientation. Items were generated from the suggests that pricing according to demand revenue management literature. appears to be more accepted in some industries (e.g., airlines, rental car, hotel) The questionnaire response scales are seven than in others (e.g., restaurant, point Likert-type scales with response entertainment) (Kimes & Chase, 1999; categories ranging from "Strongly Agree" to Kimes & Wirtz, 2002). "Strongly Disagree." Scales were con structed from questionnaire items by using The four elements of revenue management confirmatory principal component factor practice that have been identified formed the analysis, using an olbimin rotation with basis for the development of questionnaire Eigen values greater than one. Items measures for this research. In the next included for a factor loaded at .50 or greater section, the methodology employed by this on that factor. After refinement, Cronbach 's

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Journal ofSmall Business Strategy Vol. 16. No. 2 Fall/Winter 200512006 alpha was used to assess the reliability of the factor solution that explained 64 percent of final scales. the variance emerged. Cronbach's alphas were run on each of these scales. Only the Accessing Data first factor had an acceptable reliability score (Nunnally, 1978) so the other two were For the revenue management practice excluded from further analysis (see Table I). element that addresses accessing customer This scale, Accessing Data, includes the data, respondents were asked, "To what following items: "email from customers," extent do you use the following methods to "letters from customers," and "telephone gather information from your customers?" calls from customers." The items were factor analyzed and a three-

Table I - Descriptive Statistics (N = 76)

Theoretical Actual Standard Cronbach Variable Mean Range Range Deviation Alpha Accessing Data 1-7 1.00-7.00 4.00 1.64 0.76 Analysis & Action 1-7 1.00-7.00 3.94 1.99 0.88 Average Monthly $ 0-N.A. $.583-775 $90.172 $166.517 N.A. Sales 2000(x1,000) Average Monthly $0-N.A. $.583-1 ,000 $101.203 $192.170 N.A. Sales 200l(xl,000) Pricing 1-7 1.00-5.33 2.52 1.28 0.65 Recording Basic 1-7 1.00-7.00 5.59 1.67 0.89 Data Recording 1-7 1.00-6.50 3.31 1.68 0.84 Profitability Data Recording Shopping 1-7 1.00-7.00 3.95 1.94 0.92 Data Revenue 1-8 1.15-5.76 3.61 1.22 N.A. Management Practice Segmenting 1-7 1.00-7.00 2.57 1.87 0.92 Targeting 1-7 1.00-6.67 2.76 1.44 0.63

Recording Data purchases," "number of purchases," "product/services wanted but not available at For the revenue management practice the time," "products/services wanted but not element of recording data about customers, provided," and "returns." The scale respondents were asked, "To what extent do Recording Profitability Data included these you record the following information about items: "annual dollar purchases," "customer your customers?" From the factor analysis. a specific costs," "demographics," "least three-factor solution emerged that explained preferred product/service features," "most 64 percent of the variance. This resulted in preferred product/service features," and three scales that addressed recording "profitability." The Cronbach's alphas on all information: Recording Basic Data, three scales were acceptable (see Table I) Recording Shopping Data, and Recording (Nunnally, 1978). Profitability Data. The scale Recording Basic Data consisted of the following items: Analyzing and Segmenting "customer name," "email address," "mailing address," and "telephone number." The scale For the revenue management practice Recording Shopping Data included: element of analyzing customer data, "complaints," "compliments," "frequency of respondents were asked, "To whal extent do

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Journal ofSmall Business Strategy Vol. 16. No. 2 Fall/Winter 200512006 you do the following with customer ANALYSIS AND RESULTS information?" These responses were factor analyzed, resulting in a two-factor solution The sample consisted of the following types that explained 72 percent of the variance. of businesses: service (36%), manufacturing These factors addressed segmentation and (24%), retail (23%), multiple businesses analysis and action. The scale Segmenting types listed (11%), and wholesale (1%). included these items: "analyze information Fifty-four percent of the respondents were by category," "count the number of female and 46 percent were male. Mean sales customers in each category," "group were $1,214,44 7 with a range from $6,000 to customers into categories," and "weigh the $9,300,000. The mean number of full-time importance of categories." The scale employees was I 0.22. Analysis and Action has these items: "review the information," "set goals," "take actions The first research question asked, do small based on analysis," and "track trends." These businesses use revenue management scales had acceptable Cronbach's alphas (see practices? As shown on Table I, the mean Table I) (Nunnally, 1978). scores for the use of revenue management practices ranged from a low of 2.52 (Pricing) Targeting and Pricing to a high of 5.59 (Recording Basic Data), indicating an affirmative response to the first For the revenue management practice research question. The mean scores also element of targeting and pricing, respondents answer research question 2: to what extent were asked, "To what extent do you do the and which elements of revenue management following to adapt to your customers?" practice do small businesses use? In rank Factor analysis resulted in a two-factor order from most used to least used, revenue solution that explained 60 percent of the management practices included: Recording variance. The Targeting scale had the Basic Data, Accessing Data, Recording following items: "provide better services to Shopping Data, Analysis and Action, more profitable customers," "set aside Recording Profitability Data, Targeting, products/services for last minute customers Segmenting, and Pricing. A one sample t-test for a premium price," and "target specific was used to further investigate if small products/services to certain customers/ businesses' use of revenue management segments of customers." The Pricing scale would be greater than might be expected by had the following items: "discount prices chance, using the scale value of I (Never) as during slow periods," "mark up prices during the test value. As shown on Table 2, the t busy periods," and "price products/services test revealed that the means of all of the differently for different customer segments." scales measuring elements of revenue These scales had acceptable Cronbach's management practice were significantly alphas (see Table I) (Nunnally, 1978). greater than one.

Sales Revenue Pearson correlations were run to examme relationships among the revenue The dependent variable of sales revenue was management practices employed by small measured to assess the effect of revenue businesses. Results are shown on Table 3. management on small businesses. It was The correlation results demonstrate that there measured by two questions asking were positive and significant correlations respondents for their average monthly sales among the elements of revenue management revenue during 2000 and 200 I. Monthly practice. figures rather than annual figures were used in order to increase respondents' propensity The last research question asked, how does to disclose what might be perceived as the use of revenue management affect small sensitive financial information on sales businesses? Regression analysis was used to revenue. investigate the effects of revenue management on sales revenue. The eight scales of revenue management (Accessing

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Journal o{Small Business Strategy Vol. 16. No. 2 Fall/Winter 200512006 Data, Analysis and Action, Pricing, was the dependent variable. As shown on Recording Basic Data, Recording Profit Table 4, the model was significant (F = 2. 73, Data, Recording Shopping Data, Segment p = 01) with an Adjusted R2 of .16. Seg ing, and Targeting) were the independent menting was significant and positive (b = variables and monthly sales revenue for 2000 0.44, t = 2. 92, p = .0 I).

Table 2 - Use of Revenue Management

Panel A' t-test° Standard Variable Mean t p Deviation Accessing Data 4.00 1.64 20.62 .00 Analysis and Action 3.94 1.99 11.89 .00 Pricing 2.52 1.28 10.27 .00 Recording Basic Data 5.59 1.67 23.78 .00 Recording Profitability Data 3.31 1.68 11.08 .00 Recording Shoooing Data 3.95 1.94 12.05 .00 Segmenting 2.57 1.87 6.85 .00 Revenue Management Practice 3.61 1.22 15.40 .00 Targeting 2.76 1.44 10.24 .00 • test value = I

Panel B: Rank Order of Means Variable Mean Recording Basic Data 5.59 Accessing Data 4.00 Recording Shoaaing Data 3.95 Analysis and Action 3.94 Recording Profitability Data 3.31 Targeting 2.76 Segmenting 2.57 Pricing 2.52

DISCUSSION revenue management. Further, the set of revenue management practices had a Large businesses have developed expensive significant positive effect on sales revenue. information systems for accessing, These results provide evidence that small recording, and analyzing data on their businesses should be practicing revenue customers, for segmenting and targeting their management to increase their sales revenue. customers, and for applying pricing based on differential demand. These companies use The results show that small businesses data mmmg to replace the intimate routinely employ the first element of revenue relationships with customers that are a management. They gather data on their characteristic of many small businesses customers, ranging from their addresses to (Chye & Gerry, 2002). However, revenue the frequency of their purchases. Small management does not have to be businesses have the capability to access, implemented at the level of complexity and record, and analyze customer data in order to sophistication of the big businesses in the develop information about their customers, airline, hotel, and other industries such as their buying and shopping behaviors. (Lieberman, 1993 ). The results of this This information can be developed by simple research provide the first large sample act1v1t1es such as direct or indirect evidence that small businesses do practice observations of their customers including

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Regression t for Ffor Total Independent Variables VIF Coefficient Variable Equation Adi R2 Accessing Data -.12 -0.90 2.73 ... .16 1.46 Recording Basic Data -.00 -0.01 1.74 Recording Shoooing Data .18 1.22 1.97 Recording Profitability Data -.21 -1.45 1.81 Segmenting .44 2.93 2.04 Analysis and Action .03 0.17 2.89 Pricing .03 0.18 1.81 Targeting .10 0.69 1.75 Level of siimificance = < .0 I; •· = < .05; and = ~ .10

interacting with them in person, over the (e.g., extra services such as free shipping to phone, by letters, or by email. Accessing the customers purchasing high margin products). data from customers and recording data on their buying and shopping behaviors can be The results show that the fourth and last done by keeping a log or using a spread element of revenue management, pricing, sheet, without the need for capabilities such was the least extensively employed. Similar as a data warehouse or data mining. to targeting, pricing by segment is dependent on segmenting customers into identifiable The results of this study show that groups. The infrequent use of pricing is information is analyzed and reviewed. Small consistent with prior evidence that pricing businesses are tracking trends and setting according to demand is viewed as unfair in goals, demonstrating the second element of certain industries (Kimes & Wirtz, 2002). revenue management. However, the results The infrequent use of pricing may also show that customer segmentation was not represent a reluctance of owners to use this extensively employed. When customers practice. This reluctance is consistent with a exhibit different shopping and buying written comment from a respondent that, "I behaviors (e.g., willingness to pay, lead treat all customers that same whether they time) then they can be segmented based on spend $1,000 or $10,000." Despite its these differences (Talluri & Van Ryzin, infrequent use, pricing can be simple to 2004 ). The regression results indicate that implement such as raising prices during busy segmenting is an important revenue times (e.g.. Saturdays) and discounting management practice. Findings here suggest prices during slow periods (e.g., that some small businesses may not have the Wednesdays) to shift differential customer capability to take full advantage of demand (e.g., price sensitivity). Shifting segmenting in this fashion or may not yet be demand in this way increases the sales fully aware of the benefits of doing so. revenue generated from capacity. Capacity can be set aside in some small businesses in The results show that the third element of order to service customers willing to pay revenue management, targeting, was not more to better meet their needs. A small extensively employed. Infrequent use of business also can provide profitable segmenting would make targeting more customers with better services to extend difficult because of the lack of distinct sales and in an effort to retain these groups of customers for targeting efforts. customers. Targeting customers according to their differential demand can be accomplished in This study employed a cross section of small businesses through means such as different types of small businesses, providing developing new products and services for a heterogeneous sample that enhances the different customer segments (e.g .. offering generalizability of the findings. However, the expedited service or delivery) or providing sample was limited in its overall size and it better services for more profitable customers was drawn from a single location. Future

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Journal ofSmall Business Strategv Vol. 16. No. 2 Fall/Winter 200512006 research should be conducted by replicating Geraghty, M.K. & Johnson, E. (1997). the study with a large sample drawn from a Revenue Management Saves National different location. Future research can also Car Rental. Interfaces, (January extend the results of this study. For example, February), 107-127. research can investigate the types of Graham, A.B. ( 1998). All for One and One information and methods used by small for All. Forbes, (September), 24-28. businesses to segment customers, such as Harris, F. & Pinder, J. (1995). A Revenue what customer attributes or characteristics Management Approach to Demand are employed to delineate segments. Management and Order Booking in Assemble-To- Order Manufacturing. In summary, this research presents evidence Journal of Operations Management, 13, that small businesses practice revenue 299-309. management. Results demonstrate that these Hormozi, A.M. & Giles, S. (2004). Data practices positively affect sales. This mining: A Competitive Weapon for evidence supports the conclusion that Banking and Retail Industries. "Selling the right product to the right Information Systems Management, customer at the right time for the right price" (Spring), 62-71. (Smith et al., 1992) can be an effective Kimes. S.E. & Wirtz, J. (2002). Perceived strategy for small businesses. Fairness of Demand-based Pricing for Restaurants. Cornell Hotel and REFERENCES Restaurant Administration Quarterly, (February), 31-37. Berman, B. (2005). Applying Yield Kimes, S.E. & Chase, R.B. ( 1998). The Management Pricing to Your Service Strategic Levers of Yields Management. Business. Business Horizons, 48, 169- Journal of Service Research. 1(2), 156- 179. 166. Boyd, E.A. & Bilegan, I. C. (2003) .Revenue Lieberman, W.H. (1993). Debunking the Management and E-Commerce. Myths of Yield Management. The Management Science, 49 (10), 1363- Cornell Hotel and Restaurant 1386. Administration Quarterly, (February), Carroll, W.J. & Grimes R.C. (1995). 34-41. Evolutionary Change in Product Marmorstein, H., Rossomme, J., & Sarel. D. Management: Experiences in the Car (2003). Unleashing the Power of Yield Rental Industry. Interfaces, 25(5), 84- Management m the Internet Era: 104. Opportunities and Challenges. Chye, K.H. & Gerry, C.K.L. (2002). Data California Management Review, 45(3), mining and Customer Relationship 147-167. Marketing in the Banking Industry. Marriott, J. Jr. & Cross, R. ( 1997). Room at Singapore Management Review, 24(2), the Revenue Inn. Chief Executive, 1-27. (July), 54-57. Cross, R. ( 1997). Revenue Management: McGill, J.1., & Van Ryzin, J.G. (1999). Hard-Core Tactics for Market Revenue Management: Research Domination. Overview and Prospects. Transportation New York: Broadway Books. Sciences, 33(2). 233-256. Dillman, D.A. (2000). Mail and Internet Nunnally, J. ( 1978). Psychometric Theory Surveys: The Tailored Design Method (2"d ed.). New York McGraw-Hill Book (2nd ed.). New York: John Wiley & Company. Sons, Inc. ). Pineda, R.C.. Lerner. L.D., Miller. M., & Elimam, A.A. & Dodin, B .. M. (2001). Phillips, S.J. ( 1998). An Investigation of Incentives and Yield Management in Factors Affecting the Information Improving Productivity of Manu Search Activities of Small Business facturing Facilities. //£ Transactions, Manager. Journal of Small Business 33, 449-462. Management, 36( I ), 60-71.

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Jeff Shields is an Assistant Professor of Accounting at the University of Southern Maine. His research interests include management accounting, small business, and entrepreneurship.

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