Hospitality Revenue Management Final Exam (Compilation of possible final exam questions based on exams 1-4) 200 Q&A/ A+ Score Solution.
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Hospitality Revenue Management
Institution
Hospitality Revenue Management
Hospitality Revenue Management Final Exam (Compilation of possible final exam questions based on exams 1-4) 200 Q&A/ A+ Score Solution.
Most of the entities below are classified as "Chains". Which one is a "Parent Company" consisting of multiple chains? - Answer: Accor Hotels
Which is a true...
Hospitality Revenue Management Final Exam
(Compilation of possible final exam questions
based on exams 1-4) 200 Q&A/ A+ Score
Solution.
Most of the entities below are classified as "Chains". Which one is a "Parent Company"
consisting of multiple chains? - Answer: Accor Hotels
Which is a true statement about Parent Companies? - Answer: Parent Companies and the
related chains have changed over time
What are the three different operation types? - Answer: Chain Management, Franchise,
Independent
What is the industry term for the average revenue generated by each occupied guestroom
during a defined period of time? - Answer: RevPOR
Page 1 of 26
,What is: Total period revenue? (Number of available seats) x (hours of seat availability) -
Answer: The formula for RevPASH
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 efforts undertaken to encourage travel and tourism to a
specific geographic area or attraction? - Answer: Destination marketing
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
Charging guests for watching a "Pay-Per-View" movie in their hotel guestroom is an example of
what type of pricing? - Answer: Two-tiered pricing
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 the revenue management term used to describe the perceived benefit gained, minus
the price paid, in a business transaction? - Answer: Value
Which one of the following terms is not one of the 4 Ps of the Marketing Mix? - Answer:
Proposition
Which of the following terms would be included in the Place portion of a hotel's marketing mix?
- Answer: Distribution channels
Page 2 of 26
, What is the fundamental assumption upon which the Law of Supply is based? - Answer: The
higher the demand for a product the more of it will be produced by sellers.
Assume an equilibrium price (P1) is in place for a product. What would the law of supply and
demand predict as an outcome if demand for that product increased? - Answer: The new price
(P2) would be higher than the previous price (P1) and supply would increase
What must be true if a product producer is to continue creating and selling products? - Answer:
Revenues must exceed costs
Which of the following food service costs is a variable cost? - Answer: Food
In a hospitality industry break-even analysis graph the Total Revenues line starts at 0. Why do
the Total Costs line always start farther up the y axis? - Answer: Because fixed costs are incurred
even if no guests are served or rooms are sold
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
Which of the following statements about unit costs in the hospitality industry is true? - Answer:
Unit costs will vary based upon how high or low an item is priced
Which formula represents a buyer's view of a sales transaction? - Answer: Perceived Value -
Selling Price = Personal Profit
What will be the typical case in an auction when the price bid for the item being sold is very
low? - Answer: The number of potential bidders will be high
Page 3 of 26
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