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Revenue Management Final Exam Questions with 100% Correct Answers | Verified | Latest Update 2024
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Revenue Management Final Exam Questions with 100% Correct Answers | Verified | Latest Update 2024
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Revenue Management Final Exam Questions with 100% Correct Answers | Verified | Latest Update 2024 What is the industry term used to describe the sum of prices paid by a busine ss's customers? - ✔✔Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - ✔✔Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - ✔✔Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - ✔✔Profit What element is not present in a barter economy? - ✔✔Money What is the formula used to calculate an owner's ROI? - ✔✔Owner's Investment Return / Owner's Original Investment = Owner's Return on Investment Sandy has 100 hotel rooms to sell. This Saturday night has enough customers to sell 125 rooms so she will be r efusing 25 requests for rooms. What is this an example of? - ✔✔Constrained Supply Which industry was the first to use Yield Management principles? - ✔✔Airline What is the industry term used to describe the selling of rooms which are not actually availabl e for sale? - ✔✔Overbooking What is the formula used to calculate Average Daily Rate? - ✔✔Total Room's Revenue / Total Rooms Sold = Average Daily Rate Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250 rooms. What was Tashia 's occupancy % last night? - ✔✔70% Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250 rooms. What was Tashia's RevPAR last night? - ✔✔$140.00 What is the industry term for the average revenue generated by each occupied guest room during a defined period of time? - ✔✔RevPOR What is the formula used to calculate GOPPAR? - ✔✔(Total Revenue - Management Controllable Expenses) / Rooms Available to Sell = GOPPAR What is the industry term for a customer group which can be readily i dentified by one or more common characteristics? - ✔✔Market Segment What is rack rate? - ✔✔The price of rooms when no discounts of any type are offered What is: Total period revenue (Number of available seats) x (hours of seat availability) - ✔✔The for mula for RevPASH What is the term used to identify a management philosophy that places customer gain ahead of short -term revenue maximization in revenue management decision making? - ✔✔Customer -centric revenue management What is the term used to describe the potential customers to whom a business's marketing activities and messages are directed? - ✔✔The target marketThe benefits of buying summaries with Stuvia:
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