A Literature Review of Revenue Management in Retail Sectors and the Categorization of Solution Methods

Abstract

The revenue management is selling the right product, with the right price, at the right time, to the right customer as defined in literature. The importance of revenue management (RM) in retail sector is increasing so quickly in the recent past. Thus, the institutions begin to use it as a tool of their profitability under the developing technological conditions. However, the number of products makes the implementation so difficult. Every each study about RM is trying to simplify the system, the researches haven’t fully completed yet. In this study, a literature review of RM in retail sector is made to shed light for future researchers, by offering a review on various studies in the literature, research methods, concerned constraints and solution approaches.