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REVENUE MANAGEMENT FINAL EXAM, PRACTICE EXAM AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+ What is the term used to identify a management philosophy that place$24.49
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REVENUE MANAGEMENT FINAL EXAM, PRACTICE EXAM AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+ What is the term used to identify a management philosophy that place
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Course
REVENUE MANAGEMENT
Institution
REVENUE MANAGEMENT
REVENUE MANAGEMENT FINAL EXAM, PRACTICE
EXAM AND STUDY GUIDE LATEST 2024 ACTUAL
EXAM 500 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
What is the term used to identify a management philosophy that places customer gain ahead of shortterm rev...
REVENUE MANAGEMENT FINAL EXAM, PRACTICE
EXAM AND STUDY GUIDE LATEST 2024 ACTUAL
EXAM 500 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
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? - answer-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? - answer-the target market
Understanding the barter system is critical because it helps us understand the concept of - answer-value
without money
A company that focuses solely on generation of its profits is likely to go out of business in today's
marketplace. This is because successful organizations know that both the company and the
__________________ must profit in order to maintain a successful and profitable business. - answer-
customer
Revenue refers to the total amount of sales achieved in a specified time period. Therefore, the formula
isNumber of units sold X - answer-unit price
What is the fundamental assumption upon which the concept of consumer rationality is based? -
answer-Buyers act in ways that are of personal benefit to them
What is created when a seller communicates to a buyer a description of a product to be sold and the
price at which that product will be sold? - answer-A value proposition
What concept is displayed by the intersecting point on a supply and demand curve? - answer-An
estimate of the amount of a product that would be purchased at a known price and point in time
,Which of the following statements about the relationship between costs and pricing is true? - answer-An
appropriate selling price for a product or service must dictate its allowable costs
The minimum sales point is equivalent to - answer-the dollar sales volume at the break-even point
(revenue - cost = 0)
What special challenge do buyers of hospitality products such as hotel guestrooms or restaurant meals
face? - answer-Difficulty in quality evaluation prior to purchase
If quantity and quality are held constant how will a reduction in price affect buyers' perceptions of
value? - answer-Perceived value will increase
If quantity and price are held constant how will reductions in product or service quality affect buyers'
perceptions of value? - answer-Perceived value will decrease
Which individual would be most likely to spend the most money on incidentals (at the per person level)
in a hotel? - answer-Business traveler on a corporate account
In the consumer's mind, value for the product is equivalent to - answer-perceived benefit minus the
price
What is the formula revenue managers use to calculate Net ADR Yield? - answer-Net Room
Rate/Standard ADR = Net ADR Yield
What is an explanation of "consumer surplus"? - answer-When customers' willingness to pay is lower
than the price they paid
What is the name for the specific requirements that describe how and who is eligible for a special
pricing offer? - answer-price fence
If a RM identifies that a certain segment of customers is willing to pay a higher price for a product, but
that RM does not have an effective way for those customers to identify themselves, the RM is likely to
encounter which unfortunate effect of poorly managed differential pricing? - answer-cannibalization
, Which statement about revenue management in the hospitality industry is true? - answer-It is best
understood by experienced hospitality managers
Lisa is the revenue manager of a 500 room hotel property. Next week-end demand for her rooms will
exceed the number of rooms she has available for sale. Which high demand pricing strategy will
optimize revenue for her property? - answer-Implement a differential pricing strategy and allocate the
limited supply tothose market segments who value the rooms most highly
What is the name used to describe a consortium of independent organizations formed to limit
competition by controlling the production, distribution and pricing of a product or service? - answer-
cartel
What is the name of the US legislation that prohibits competing hospitality managers from meeting to
agree upon the room prices that will be charged for upcoming events or charged to specific groups of
customers? - answer-Sherman Antitrust Act
What is the name for the price perceived by consumers to be the normal or standard price for a product
or a service? - answer-reference price
Which group of employees is most responsible for implementing the revenueoptimization strategies and
tactics developed by a revenue management team? - answer-line-level employees
What is the lodging industry term for a revenue management strategy that instructs reservationists to
decline any room reservation request that does not equal or exceed the pre-determined minimum
number of nights allowed? - answer-MLOS
What is the most customer-centric strategy for revenue managers to employ if they seek to optimize
ADR and RevPAR in periods of temporarily heightened demand? - answer-eliminate discounts
One of the best ways to make decisions about future performance is to - answer-Understand historical
performance.
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