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Hospitality Revenue Management Final Exam Review Questions With 100% Correct Answers 2024
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Hospitality Revenue Management Final Exam Review Questions With 100% Correct Answers
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Hospitality Revenue Management FinalExam Review Questions With 100% Correct
Answers
Whatiisitheiindustryitermiuseditoidescribeitheisumiofipricesipaidibyiaibus
iness'sicustomers?i-iCorrectiAnswer-totalirevenues
Historically,iwhaticonceptihaveihospitalityimanagersichieflyiuseditoicalc
ulateitheirisellingiprices?i-iCorrectiAnswer-costs
Whatiisianialgebraiciequivalentiofitheiformula:iSalesi=iCostsi+iProfit?i-
iCorrectiAnswer-profit=sales-costs
Whatiisitheinameiforitheinetivalueiachievedibyibothipartiesiiniaibusinessi
transaction?i-iCorrectiAnswer-profit
Whatielementiisinotipresentiiniaibarterieconomy?i-iCorrectiAnswer-
money
Whatiisitheiformulaiuseditoicalculateianiowner'siROI?i-iCorrectiAnswer-
Owner'siInvestmentiReturni/iOwner'siOriginaliInvestmenti=iOwner'siRe
turnioniInvestment
,Sandyihasi100ihoteliroomsitoisell.iThisiSaturdayinightihasienoughicusto
mersitoiselli125iroomsisoisheiwillibeirefusingi25irequestsiforirooms.iWha
tiisithisianiexampleiof?i-iCorrectiAnswer-constrainedisupply
WhichiindustryiwasitheifirstitoiuseiYieldiManagementiprinciples?i-
iCorrectiAnswer-airline
Whatiisitheiindustryitermiuseditoidescribeitheisellingiofiroomsiwhichiarei
notiactuallyiavailableiforisale?i-iCorrectiAnswer-overbooking
WhatiisitheiformulaiuseditoicalculateiAverageiDailyiRate?i-
iCorrectiAnswer-
TotaliRoom'siRevenuei/iTotaliRoomsiSoldi=iAverageiDailyiRate
Tashia'sihotelisoldi175iroomsilastinightiatianiADRiofi$200.00.iHerihotelih
asi250irooms.iWhatiwasiTashia'sioccupancyi%ilastinight?i-
iCorrectiAnswer-70%
Tashia'sihotelisoldi175iroomsilastinightiatianiADRiofi$200.00.iHerihotelih
asi250irooms.iWhatiwasiTashia'siRevPARilastinight?i-iCorrectiAnswer-
$140
Whatiisitheiindustryitermiforitheiaverageirevenueigeneratedibyieachiocc
upiediguestroomiduringiaidefinediperiodiofitime?i-iCorrectiAnswer-
RevPOR
,WhatiisitheiformulaiuseditoicalculateiGOPPAR?i-iCorrectiAnswer-
(TotaliRevenuei-
iManagementiControllableiExpenses)i/iRoomsiAvailableitoiSelli=iGOPPA
R
Whatiisitheiindustryitermiforiaicustomerigroupiwhichicanibeireadilyiiden
tifiedibyioneiorimoreicommonicharacteristics?i-iCorrectiAnswer-
marketisegment
Whatiisiairackirate?i-iCorrectiAnswer-
Theipriceiofiroomsiwheninoidiscountsiofianyitypeiareioffered
Whatiis:i
Totaliperiodirevenuei
(Numberiofiavailableiseats)ixi(hoursiofiseatiavailability)i-
iCorrectiAnswer-RevPASHiformula
Whatiisitheitermiuseditoiidentifyiaimanagementiphilosophyithatiplacesic
ustomerigainiaheadiofishort-
termirevenueimaximizationiinirevenueimanagementidecisionimaking?i-
iCorrectiAnswer-Customer-centricirevenueimanagement
, Whatiisitheitermiuseditoidescribeitheipotentialicustomersitoiwhomiaibu
siness'simarketingiactivitiesiandimessagesiareidirected?i-
iCorrectiAnswer-targetimarket
Whatiisitheitermiuseditoidescribeieffortsiundertakenitoiencourageitrave
lianditourismitoiaispecificigeographiciareaioriattraction?i-
iCorrectiAnswer-destinationimarketing
Whatiisitheinameiforitheivalueigiveniupibyiaibuyeriandiaiselleriiniaibusine
ssitransaction?i-iCorrectiAnswer-price
Chargingiguestsiforiwatchingiai"Pay-Per-
View"imovieiinitheirihoteliguestroomiisianiexampleiofiwhatitypeiofiprici
ng?i-iCorrectiAnswer-two-tieredipricing
Whatiisitheifundamentaliassumptioniuponiwhichitheiconceptioficonsum
erirationalityiisibased?i-iCorrectiAnswer-
Buyersiactiiniwaysithatiareiofipersonalibenefititoithem
Whatiisitheirevenueimanagementitermiuseditoidescribeitheiperceivedib
enefitigained,iminusitheipriceipaid,iiniaibusinessitransaction?i-
iCorrectiAnswer-value
Whatiisicreatediwheniaisellericommunicatesitoiaibuyeriaidescriptioniofiai
productitoibeisoldianditheipriceiatiwhichithatiproductiwillibeisold?i-
iCorrectiAnswer-valueiproposition
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