Exam (elaborations)
FINAL EXAM HOSP 3100
- Module
- Institution
FINAL EXAM HOSP 3100
[Show more]
Seller
Follow
lizmwikali72
Reviews received
Content preview
FINALEXAM
HOSP
3100
What
is
hotel
Revenue
Management?
Explain
your
answer
-
ANS-Selling
the
right
product
(suite,
club
etc.)
to
the
right
customer
(what
segment?)
at
the
right
time(lead
time)
for
the
right
price(strategies)
through
the
right
channel
(GDS,
OTA,
Brand.com
etc.)
with
the
best
cost
efficiency
(margin,
commission,
labour);
Optimizing
revenue
by
using
tools
(reports,
systems,
recommendations,
and
competitive
intelligence),
experience
and
insight
toward
achieving
best
possible
results
What
is
a
DORM
responsible
for?
-
ANS-Achieving
best
possible
results.
Optimizing
profitability .
Budget.
Forecast
and
forecast
management.
Managing
upwards,
across
and
downwards.
Working
with
Sales,
Catering,
Front
Office
etc.
as
appropriate,
toward
achieving
goals.
Training/educating
these
departments
to
assist
with
revenue
goals.
Explain
how
a
DORM
works
with
a
DOSM
to
best
plan
for
their
hotel's
financial
success.
-
ANS-Planning
for
optimal
transient/group
mix
of
business.
Working
as
a
team
to
achieve
hotel
goals.
Using
each
other's
strengths.
What
is
a
STAR
report?
Why
do
you
use
it?
-
ANS-The
STAR
program
is
used
by
the
global
hotel
industry
as
a
vital
revenue
management
tool.
The
report
benchmarks
a
hotel's
performance
against
its
competitive
aggregate
and
local
market.
The
STAR
program
tracks
and
delivers
monthly ,
weekly
and
daily
data.
Explain
what
is
meant
by
"fair
share"
of
business
as
it
relates
to
a
hotel's
comp
set
and
STAR
report.
-
ANS-W e
utilize
indexes
to
measure
a
property's
performance
in
three
key
areas:
Occupancy ,
ADR
and
RevPar .
Property
performance
divided
by
competitive
set
performance
multiplied
by
100.
An
index
of
100
indicates
that
the
property
has
captured
its
fair
share.
Anything
greater
than
100
indicates
a
property
is
capturing
more
than
its
fair
share,
while
anything
below
100
indicates
the
property
is
capturing
less
than
its
fair
share.
What
is
Demand
360?
Why
do
you
use
it?
-
ANS-T ravelClick's
Demand360
is
a
total
hotel
forward-looking
product
that
enables
hotels
to
see
how
they
are
pacing
versus
their
competitive
set.
Using
historical
and
forward-looking
demand
data
(ADR,
OCC,
RevP AR,
rank),
organized
by
date,
segment
and
channel,
Demand360
helps
hoteliers
optimize
revenue
management
strategies
and
make
informed
marketing
decisions.
Explain
what
is
meant
by
"market
segment".
-
ANS-Market
segmentation
allows
you
to
target
and
market
to
a
variety
of
consumer
groups
with
different
behaviours
with
an
offer
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lizmwikali72. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.52. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now