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Revenue Management Exam 1/ Revenue Management for the Hospitality Industry Exam 2 & Hospitality Revenue Management Final Exam Review/ Quizzes with Certified Ans. Room Night - Answer: The single night's use of a guest room EX: 1 room sold for 3 c£14.19
Revenue Management Exam 1/ Revenue Management for the Hospitality Industry Exam 2 & Hospitality Revenue Management Final Exam Review/ Quizzes with Certified Ans. Room Night - Answer: The single night's use of a guest room EX: 1 room sold for 3 c
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Module
Revenue Management
Institution
Revenue Management
Revenue Management Exam 1/ Revenue Management for the Hospitality Industry Exam 2 & Hospitality Revenue Management Final Exam Review/ Quizzes with Certified Ans.
Room Night - Answer: The single night's use of a guest room
EX: 1 room sold for 3 consecutive nights yields three room nights
re...
Revenue Management Exam 1/ Revenue
Management for the Hospitality Industry Exam
2 & Hospitality Revenue Management Final
Exam Review/ Quizzes with Certified Ans.
Room Night - Answer: The single night's use of a guest room
EX: 1 room sold for 3 consecutive nights yields three room nights
reference price - Answer: the price perceived by consumers to be the normal price for a product
of service
Hard constraint - Answer: a supply constraint that cannot be removed regardless of product
demand
EX: natural gas pipelines, number of hotel rooms
,Characteristics of scales - Answer: - one of the most popular ways
-7 categories: luxury, upper upscale, upscale, upper midscale, midscale, economy, independents
-positioned in scale based on ADR
Characteristics of classes - Answer: -same categories as scale except no independent group
What are the three different hotel industry operation types - Answer: Corporate, Franchise,
Independent
What does your book say ADR should be analyzed in conjunction with? - Answer: GOPPAR
There are 4 alternative formulas for understanding value when buyers spend money? - Answer:
Formula A- Your money on you
Formula B - Your money on somebody else
Formula C - Someone else's money on you
Formula D - Someone else's money on someone else
Which alternative value
formula/relationship results in the most personal value? - Answer: Formula A - your money on
you
Which alternative value formula/relationship results in a
buyer being most likely to purchase upgrades or more expensive products? - Answer: Formula C
- Someone else's money on you
What is the relationship between quality and price, service and price, and both of those
relationships with value? - Answer: High quality doesn't represent good value. Nor does a low
price represent good value. The relative quality of services old must be well understood. The
variation in quality levels, service levels and price affect buyer perceptions of value.
,What is the relationship between service and price? - Answer: Four I's of Service
What is the relationship between quality service and price? - Answer: Perceived benefit-price=
value
OR
(perceived tangible product benefit+perceived intangible service benefit)-price = value (profit)
Changes in quality not only impact a customer's perceived value, but impact the prices a seller
should set for a product. What hinders a franchisee from substantial increasing or decreasing a
products quality? - Answer: Corporate rules and rights
What is the single most important economic concept you can apply to optimize hospitality
revenues - Answer: bundling
What does the law of supply and demand predict when demand or supply shift? - Answer: -
Demand Increase: price increases, quantity increases.
-Demand Decrease: price decreases, quantity decreases.
-Supply Increase: price decreases, quantity increases.
-Supply Decrease: price increases, quantity decreases.
What is price fairness? - Answer: A consumer's assessment and associated emotions of whether
the difference (or lack of difference) between a seller's price and the price of a comparative
other party is reasonable, acceptable, or justifiable
soft constraint - Answer: a supply constraint that can, with sufficient lead time, and/ or a
reasonable expense, be removed or lessened
EX: food, hotel decorations
, price fence - Answer: the specific requirements that describes who is and is not eligible for a
special pricing offer
consumer surplus - Answer: the difference between the amount a buyer would be willing to pay
for a product or service and the amount they are charged
fixed pricing - Answer: the practice of a seller charging the same price to all buyers
differential pricing - Answer: the practice of a seller charging different prices to different buyers
for the same product or slightly different versions of the same product
inventory management - Answer: the process of allocating and modifying the number of
products available for sale at various prices and through various distribution channels
revenue - Answer: total amount of sales acieved in a specified time period
= number of units sold x unit price
supply - Answer: the higher the demand for product, the more of it will be produced by sellers
demand - Answer: the higher the price of a product, the less of it will be wanted by buyers
ADR= - Answer: total room revenue/total rooms sold
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