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Revenue Management Final Exam 100% Pass

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Revenue Management Final Exam 100% Pass Total Revenues Costs Profit = Sales - Costs Profit Money Owner's Invest- ment Return / Owner's Origi- nal Investment = Owner's Return on Investment Constrained Supply Airline Overbooking Total Room's Revenue / To- tal Rooms Sold = Average ...

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revenue management final exam 100 pass

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Revenue Management Final Exam 100% Pass
1. Total Revenues What is the industry term used to describe the sum of
prices paid by a business's customers?

2. Costs Historically, what concept have hospitality managers
chiefly used to calculate their selling prices?

3. Profit = Sales - What is an algebraic equivalent of the formula: Sales =
Costs Costs + Profit?

4. Profit What is the name for the net value achieved by both
parties in a business transaction?

5. Money What element is not present in a barter economy?

6. Owner's Invest- What is the formula used to calculate an owner's ROI?
ment Return /
Owner's Origi-
nal Investment =
Owner's Return
on Investment

7. Constrained Sandy has 100 hotel rooms to sell. This Saturday night
Supply has enough customers to sell 125 rooms so she will be
refusing 25 requests for rooms. What is this an example
of?

8. Airline Which industry was the first to use Yield Management
principles?

9. Overbooking What is the industry term used to describe the selling of
rooms which are not actually available for sale?

10. Total Room's What is the formula used to calculate Average Daily Rate?
Revenue / To-
tal Rooms Sold
= Average Daily
Rate

11. 70%

, Revenue Management Final Exam 100% Pass
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?

12. $140.00 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?

13. RevPOR What is the industry term for the average revenue gener-
ated by each occupied guestroom during a defined period
of time?

14. (Total Revenue What is the formula used to calculate GOPPAR?
- Management
Controllable Ex-
penses) / Rooms
Available to Sell
= GOPPAR

15. Market Segment What is the industry term for a customer group which can
be readily identified by one or more common characteris-
tics?

16. The price of What is rack rate?
rooms when no
discounts of any
type are offered

17. The formula for What is:
RevPASH Total period revenue
(Number of available seats) x (hours of seat availability)

18. Customer-cen- What is the term used to identify a management phi-
tric revenue losophy that places customer gain ahead of short-term
management revenue maximization in revenue management decision
making?

19. The target mar- What is the term used to describe the potential customers
ket to whom a business's marketing activities and messages
are directed?

, 20. Destination Mar- What is the term used to describe efforts undertaken to
keting encourage travel and tourism to a specific geographic
area or attraction?

21. Price What is the name for the value given up by a buyer and a
seller in a business transaction?

22. Two-tiered pric- Charging guests for watching a "Pay-Per-View" movie
ing in their hotel guestroom is an example of what type of
pricing?

23. Buyers act in What is the fundamental assumption upon which the con-
ways that are of cept of consumer rationality is based?
personal benefit
to them

24. Value What is the revenue management term used to describe
the perceived benefit gained, minus the price paid, in a
business transaction?

25. A value proposi- What is created when a seller communicates to a buyer a
tion description of a product to be sold and the price at which
that product will be sold?

26. Proposition Which one of the following terms is not one of the 4 Ps of
the Marketing Mix?

27. Distribution Which of the following terms would be included in the
Channels Place portion of a hotel's marketing mix?

28. The higher the What is the fundamental assumption upon which the Law
demand for a of Supply is based?
product the more
of it will be pro-
duced by sellers

29. The demand According to Alfred Marshall's work, if the price of a prod-
fort he product uct is lower than the natural, or equilibrium price, what will
happen?

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