Revenue Management Final Exam/ 180 Correctly Answered Quizzes.
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Course
Revenue Management
Institution
Revenue Management
Revenue Management Final Exam/ 180 Correctly Answered Quizzes.
What is the industry term used to describe the sum of prices paid by a business's customers? - Answer: Total Revenues
Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer: ...
Revenue Management Final Exam/ 180
Correctly Answered Quizzes.
What is the industry term used to describe the sum of prices paid by a business's customers? -
Answer: Total Revenues
Historically, what concept have hospitality managers chiefly used to calculate their selling
prices? - Answer: Costs
What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer: Profit = Sales -
Costs
What is the most common guest complaint about hotel guest rooms? - Answer: Service
deficiencies
What is the most common guest complaint in the food service industry? - Answer: Service
Quality
Page 1 of 22
,Consider the formula: (A + B) - C = D
Where: A = Perceived tangible product benefit
B = Perceived intangible service benefit
C = Price
D = Value
If all other variables are held constant, which statement is also true? - Answer: As C decreases,
D increases
Which two factors do successful revenue managers employ when they devise and implement
strategic pricing plans? - Answer: Data management and insight
Which statement about revenue management in the hospitality industry is true? - Answer: Quiz
four Question one (??)
What is value-based pricing? - Answer: A pricing system based upon a buyer's view of product
or service value
All except one of the following pricing systems are marketing-based. Which one is not an
example of marketing-based pricing? - Answer: Return on Investment (ROI) pricing
What is the term used to describe a pricing system in which all customers are charged the same
price at all times? - Answer: Fixed pricing
What is true for franchised hotel operations in the United States? - Answer: Their prices are
established by their franchisors
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 consumer would willingly pay for it? -
Answer: Consumer surplus
Page 2 of 22
, What is the relationship between differential pricing and consumer surplus? - Answer:
Differential pricing is a strategy used by sellers to minimize consumer surplus
Which course of action would be most beneficial to the profit generating ability of a revenue
manager's business? - Answer: The majority of any consumer surplus is captured by the
business
Hottickets.com is a web-based business that buys popular concert tickets in bulk. It buys the
tickets at a low price because it qualifies for group ticket discounts offered by concert
promoters. Hotticket.com then marks up and immediately resells the tickets it has purchased to
interested individuals who visit the Hotticket website. What is the name of the activity
Hottickets.com is engaging in? - Answer: Arbitrage
What is the purpose of a price fence or barrier? - Answer: To identify who is and who is not
eligible for a special pricing offer
Which differential pricing strategy would in most cases be illegal or unethical if implemented? -
Answer: Pricing based on the ethnicity of the buyer
The use of a formal customer rewards program is an example of what type of differential pricing
strategy? - Answer: Pricing based on consumer characteristic
The requirement that a buyer present a coupon at the time of purchase is an example of what
type differential pricing strategy? - Answer: Quiz four number 13 (??)
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? - Answer: Pricing based on location
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