Exam (elaborations)
Revenue Management Final Questions With Complete Answers (Graded A+)
- Course
- REVENUE MANAGEMENT
- Institution
- REVENUE MANAGEMENT
Revenue Management Final Questions With Complete Answers (Graded A+)
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Revenue Management Final Questions With CompleteAnswers (Graded A+)
This formula represents a buyers view of a sales transaction? Right Ans -
Perceived Value-Selling Price=Personal Profit
Effective revenue managers use this to best develop and evaluate their
organizations pricing and revenue management strategies and tactics.
Right Ans - Regular Strategy meetings
A pricing system based upon a buyers view of product or service value
Right Ans - Value-based pricing
Included in the Place portion of a hotel's markieting mix Right Ans -
Distribution channels
Tasha's hotel sold 175 rooms last night at an ADR of 200.00. Her hotel has 250
rooms. What was the RevPAR? Right Ans - 140.00
The term used to describe efforts undertaken to encourage travel and tourism
to a specific geographic area or attraction Right Ans - Destination
marketing.
An appropriate selling price for a product or service must dictate its allowable
costs. Right Ans - TRUE
(A + B) - C = D Right Ans - As C decreases, D increases
What differential pricing strategy would in most cases be illegal or unethical if
implemented? Right Ans - Pricing based on the ethnicity of the buyer.
50 rooms per week for the next 52 weeks, each room rented two days at a
time. How many room nights Right Ans - 5,200
Next week-end demand for her rooms(500)will exceed the number of rooms
available for sales. Which high demand pricing strategy will optimize revenue
for her property? Right Ans - Implement a differential pricing strategy and
, allocate the limited supply to those market segments who value the room
most highly
Revenue management seeks to maximize income while revenue optimization
seeks to maximize long-term profits. Right Ans - TRUE
Intangibility Right Ans - Refers to the fact that service most often cannot be
held, touched, or even seen before they are purchased.
Break Even point Right Ans - Term for the point at which an organization's
revenue is exactly equal its costs.
GOPPAR FORMULA Right Ans - Total Revenue-Management Controllable
Expense/Rooms available to sell
Charging guests for watching a PAYPERVIEW movie in their hotel is an
example of Right Ans - Two-tiered pricing
What two factors do successful revenue managers employ when they devise
and implement strategic pricing plans Right Ans - Data management and
insight
What is the relationship between differential pricing and consumer surplus:
Right Ans - differential pricing is a strategy used by sellers to minimize
consumer surplus.
The name for the price percieved by consumers to be the normal or standard
price for a product or a service Right Ans - Reference Price
The name for the net value achieved by both parties in a business transaction
Right Ans - Profit
STR Right Ans - A company that specializes in helping hospitality managers
evaluate their effectiveness.
The requirement that a buyer present a coupon at the time of purhcase is an
example of what differential pricing Right Ans - pricing based on customer
chracteristics.
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