Pricing has been around for as long as there has been trading. But pricing is distinct from revenue management. The new EURO Working Group (EWG)’s goal is to promote the concept of revenue management.
The latter focuses on data, mathematics and computers in order to achieve a better understanding of purchasing behavior and to produce a better pricing model. Pricing techniques that we focus on tend to be operational. They answer such questions as: "What price do I offer the next customer who walks through the door?" These are not the kinds of questions that marketing departments ask. They, for example, want to determine static price lists and run promotions. Revenue management techniques in particular are frequently used in high volume, computer-automated transactions of the kind that characterizes the travel industry, in which millions of forecasts and price changes occur every day.