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Revenue Management Exam 1 Study Guide Questions and Answers
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Revenue Management Exam 1 StudyGuide
Historically, what concept have hospitality managers chiefly used to calculate their
selling prices? Ch. 1 - Question and answersCosts
What is an algebraic equivalent of the formula: Sales= Costs+ Profit? Ch. 1 - Question
and answersProfit = Sales - Costs
What element is not present in a barter economy? Ch. 1 - Question and answersMoney
What is the formula used to calculate GOPPAR? Ch. 1 - Question and answersTotal
Revenue- Management Controllable Expenses/Rooms Available to Sell
What is the industry term for a customer group which can be readily identified by one or
more common characteristics? Ch. 1 - Question and answersMarket Segment
What is Value-based pricing? Ch. 4 - Question and answersA pricing system based
upon a buyer's view of product or service value
What is the term used to describe the pricing system in which all customers are charged
the same price at all times? Ch. 4 - Question and answersFixed Pricing
What is the economic term used to describe the difference between what a consumer is
charged for a product or service and the price that the consumer would willingly pay for
it? Ch. 4 - Question and answersConsumer Surplus
What is the purpose of a price fence or barrier? Ch. 4 - Question and answersTo
identify who is and who is not eligible for a special pricing offer
The premium prices charged for dinner served at the restaurant Le Jules Vernes on the
second level of the Eifel Tower in Paris, France can be attributed, in part, to which type
of differential pricing strategy? Ch. 4 - Question and answersPricing based on Location
What is the name for the value given up by a buyer and seller in a business
transaction? Ch. 2 - Question and answersPrice
Charging guests for watching a Pay-Per-View movie in their hotel guestroom is an
example of what type of pricing? Ch. 2 - Question and answersTwo-tiered Pricing
What is the revenue management term used to describe the perceived benefit gained,
MINUS the price paid, in a business transaction? Ch. 2 - Question and answersValue
, Which one of the following terms is NOT one of the 4 P's of the Marketing Mix? Ch. 2 -
Question and answersProposition
In a hospitality industry break-even analysis graph the Total Revenues line starts at 0.
Why does the Total Costs line always start farther up the Y Axis? Ch. 2 - Question and
answersBecause Fixed Costs are INCURRED even if NO guests are served or rooms
are sold
Hotel revenue managers face hard supply constraints. In which industry below are hard
constraints also likely to be encountered? Ch. 5 - Question and answersHair Salons
What two factors establish a restaurant's weekly customer capacity? Ch. 5 - Question
and answersNumber of Seats and Number of Hours OPEN per week
What is the name for the laws and regulations aimed at preventing abusive business
behavior or anti-competitive practices? Ch. 5 - Question and answersAnti-TRUST
Legislation
What is true about the way buyers generally view variance in a seller's prices? Ch.5 -
Question and answersDiscounts are viewed more favorably than surcharges
What is the name of the hospitality management position responsible for the accounting
functions in a hotel? Ch. 5 - Question and answersController
What type of benefit is lacking in material qualities and is NOT able to be touched or
seen, but nonetheless can still be perceived? Ch. 3 - Question and answersIntangible
Penny Larson is traveling to San Francisco to do business. Her company will reimburse
100% of her travel expenses. Which of economist Milton Friedman's buyer value
formulas would apply to her purchase of the hotel rooms she will need during her trip?
Ch. 3 - Question and answersSpending someone else's money on herself
Which of the Four I's of service refers to the fact that the quality of service often
depends upon the skill level of the individual who supplies it? Ch. 3 - Question and
answersInconsistency
Which of the Four I's of service refers to the tendency of consumers to equate the
quality of service provided with the attitude of the person who actually provides the
service? Ch. 3 - Question and answersInseparability
Consider the formula: (A + B) - C = D
Where:
A = Perceived tangible product benefit
B = Perceived intangible service benefit
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