Cedar is an award winning global consulting, research & analytics Firm with 16 network offices all over the world, 500 professionals & over 1000 clients. Since its inception in 1985, Its team of professionals, has been assisting clients in the field of strategy, process, strategic human capital & business technology as a general Management Consutling company. It is able to assist its clients from Formulation to Execution in an integrated manner, across these areas. As an advisory company, it helps its clients in areas such as global M&A, International JV’s & Capital raising.
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Its legacy includes being part of the former $ 1 Billion Renaissance Worldwide, whose leadership included the creators of the Balance Scorecard, which is the world’s leading strategy deployment and performance management system. Over the years, hundreds of projects have been executed globally, across industry sectors, thereby making Cedar’s experienced team known for execution excellence and successfully making strategy work for its clients.
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Cedar’s journey of Comittment to the Middle east Started way back in 1999, with its Office in Dubai. Since then over 177 financial and diversified clients across the MENA region and Turkey have been served by Cedar. Best Advisory Firm Awards 2010 – 16 Multiple Awards have been won by Cedar. It’s the Five time winner of Banker Middle East – Best Advisory Firm Award.
Cedar Management Consulting Company has a fixed pricing structure for our Resources (which is our Consultants), due to which many a times we have to reject a project, when the Project value is even Marginally less than our fixed pricing structure. The Research of Creating a Yield Management Model (Variable Pricing Strategy) for our Management Consulting Company, is very relevant to over-come the above-mentioned Business issue of a Fixed Pricing Structure. So, by creating the right Yield Management Model for the available Resources (Consultants) in the company, with a variable pricing strategy the Revenue can be maximized for the the company.
The Research Objective is to create the Right Yield Management Model for the available Resources (Consultants) in the company, using a variable pricing strategy using other industries like Airlines and Hotel as guidelines to maximize the Revenue and Profit for the company.
Yield Management as a term is synonyms with Revenue Management. The main aim of Yield Management is to maximize yield or Revenue. Service organizations across all spheres have adopted the yield Management practice, to maximize Revenue. It started orginially as a Airline Industry concept in 1978 when American Airlines started using it, but soon other industries started using it.
There are various definitions of Yield Management, the following by Anderson A. (1997) clearly defines it in terms of Sales, Pricing and Inventory: “Yield Management is an approach to maximizing profit by carefully monitoring and managing pricing, inventory availability and sales. It means managing the trade-off between filling all available capacity and charging the highest unit price, and ensuring that those customers most willing to pay for a product or service can do so”.
All the industries using Yield Management have had positive impact on their yield or Revenue, following are a few examples :
Airlines Industry : As a result of using Yield Management policies, American Airlines had a $500 million revenue increase, per year. Similarly Delta Airlines also accredited Yield Management policies for a revenue increase of $300 million per year.
Hotel Industry : Marriott Hotels credits the Yield Management practices for a $100 million per year increase in revenue.
Car Rental Industry : National Car Rental used Yied Management practices as an integral part of their turnaround strategy and in one year itself, their revenues improved by $56 million.
The research work would be based on the Secondary Data from the Airline and Hotel Industry as they work on a Yield Management concept for their Fixed Resources like the No. of Seats or Rooms, to Maximize their Revenue and Profit, Basically I would be studying how these two industries use the Yield Management Concept to their Advantage and based on those lines I would develop a Yield Management Model for our Industry i.e. Management Consulting, Considering our Fixed Pricing methods and Costs related to our Consultants, who are our Resources to get the Revenue for us. Both Qualitative and Quantitative Methods would be used for the research. The basic Secondary Data collection would be done from the Internet as there would be many listed companies in the Airline and Hotel Industry, For the Primary Data, I would take my company data, plus there would be other Data collection techniques used such as Interviews and Questionnaire’s. Qualitative Data Analysis would be done on the Data collected, Including Regression Analysis, The resulting outcome of these Analysis would be used to create a Financial Yield Management model to suit the Management Consulting Industry.
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