Respond to person 1 in a buisness manner:

Person 1: The article I chose discusses how the hotel industry uses yield management to maximize revenue and occupancy rates.Yield managementis a strategy used to adjust the pricing based on supply and demand, as this allows the hotel to sell the right room at a specific time to the perfect customer at the right price. By the use of yield management, hotels can ultimately increase their revenue as they can fill up the empty rooms during the periods when demand is low and can use it to charge higher prices when the demand is high. The article further discusses how yield management works and the key factors that impact it, like market conditions, competition, and customer behavior. It also shows the importance of data analytics and technical service to implement yield management effectively. Lastly, it even talks about the need for the hotel to be flexible and adaptive when pricing the hotel rooms.