Chapter 7: Revenue Management Exam Questions With Accurate Solutions

Bench Rate - ANSWER-the base room rate that a hotel wants to achieve and sell to the public Booking Pace - ANSWER-the current rate at which reservations are being received for a specific DOA. The booking pace is compared to historical averages to determine if demand is stronger or weaker than historical averages for a specific DOA Day of Arrival (DOA) - ANSWER-the focus point of yield management systems. All historical reservation information and trends for a specific arrival say in the future Demand - ANSWER-this is reflected by the customer's preferences and willingness to pay a specific price or rate for a product or service Demand Tracking - ANSWER-the part of the Revenue Management utilizing computer programs to provide historical info of reservations booking patterns that provide historical averages and trends for a hotel. Also called "yield systems"