fare can change throughout the day as an airline attempts to maximize their revenue for each flight. Whether you purchase this type of fare from the airline directly of from a travel agent, the price is usually the same. Private fares are generally given to agencies at a net price; meaning the fare sold to the customer will include a market-driven agency markup so the agency can make a profit (Lee, 2019). This type of fare is used to sell excess inventory while keeping the airlines advance purchase pricing structure intact. Lastly, we have Opaque fares which omit airline identification information until after the flight is purchased. The customer is not shown the airline, the flight number or the flight times until credit card information is entered and tickets are issued. Opaque fares can offer large discounts for the flexible traveler but are usually non- refundable and non-changeable (Lee, 2019). There are a number of other fare types such apex fares, discount fares, Unrestricted, flexible, full fare, or walk-up fare, Joint fare, Through fare, and Bereavement fare just to name a few (“A Beginner's Guide”, 2018). The type of airfare structure that Stay Woke Air will use will
AIRLINE REVENUE MANAGEMENT PROJECT 18 vary depending on the market. Our research team find best solution for us to employ to maximize revenue. Whatever type an airline chooses, they must have a team in place to do the right type of research to choose the appropriate one their airline. Doing this will overall maximize revenue for the airline and will aid with continue growth and improvement. Monitoring and the Audit Process Quality assurance is a must in any business. Stay Woke Air will be no different than any other company in regard to monitoring and Audits. They will be conducted at schedule intervals to maintain the highest quality of service and of course helping to maximize profits. There are a few steps to the auditing process which include quality management, auditing, corrective action, reporting, and action if required (Yazgan, 2017). The compliance of these step will ensure that overall quality is achieved in our day to day operations. This will ensure that Stay Woke Air will continue to grow and expand in a safe and reliable way. Let us break down the process of Quality Assurance and talk about how each step works to ensure quality is achieved and maintained. Audits What exactly is an audit? An audit is scheduled check of operations. Audits help to confirm that our services provided, policies and/or procedures are compliant with standards and requirements. Audits may also include compliance monitoring. When an audit is performed, it is to ensure that processes, policies, resources, procedures, and results are focused and relevant to operation of our airline and to the aviation industries standards. The main purpose of an audit is to identify unsatisfactory practices before they cause an accident (Khonjumpa, 2015).
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- Fall '16
- Kelly Lawton