Revenue management final Already Passed 2023

ADR formula - ANSWERSTotal Rooms Revenue / Total Rooms Sold Value proposition - ANSWERSwhen a seller communicates to a buyer a description of a product to be sold and the price at which that product will be sold Owners ROI formula - ANSWERSOwners Investment Return/ Owner's Original Investment Profit - ANSWERSnet value achieved by both parties in a business transaction GOPAR formula - ANSWERSTotal revenue - Management Controllable Expenses / Rooms Available to sell Destination marketing - ANSWERSused to describe efforts undertaken to encourage travel and tourism to a specific geographic area or attraction What is the fundamental assumption upon which the law of supply is based? - ANSWERSThe higher the demand for a product, the more of it will be produced by sellers What must be true if a product is to continue creating and selling products? - ANSWERSRevenue must exceed costs T/F: Unit costs will vary based upon how high or low an item is priced? - ANSWERSTrue Sandy has 100 hotels rooms to sell. This Saturday night has enough customers to sell 125 rooms so she will be refusing 25 requests for rooms. What is this an example of? - ANSWERSConstrained supply What is an algebraic equivalent of the formula: Sales = Costs + Profit? - ANSWERSProfit = Sales - Costs Price - ANSWERSValue given up by a buyer and seller in a business transaction Cost Accounting - ANSWERSthe specialized branch of accounting that focuses on recording and analyzing the expenses incurred by an organization Rack rate - ANSWERSthe price of rooms when no discounts of any type are offered RevPOR definition - ANSWERSaverage revenue generated