Hospitality Revenue Management / 174 Quizzes with Certified Ans
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Module
Hospitality Revenue Management
Institution
Hospitality Revenue Management
Hospitality Revenue Management / 174 Quizzes with Certified Ans
Revenue management is the act of directing sources of income within the confines of - Answer: capacity, supply and demand
GOPPAR takes into account which of the following variables that is not considered in RevPAR? - Answer: Cont...
Hospitality Revenue Management / 174
Quizzes with Certified Ans
Revenue management is the act of directing sources of income within the confines of - Answer: capacity,
supply and demand
GOPPAR takes into account which of the following variables that is not considered in RevPAR? - Answer:
Controllable expenses
Name revenue optimization strategies - Answer: Market segmentation, Duration control , BAR (Best
Available Rate)
What are the three different operation types - Answer: Corporate, Franchise, Independent
What is a Reverse Comp Set? - Answer: Properties that name your hotel in their competitive set
Who creates a competitive set for a chain hotel? - Answer: It is a joint effort involving many stakeholders
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,Which is a true statement about Parent Companies? - Answer: Parent Companies and the related chains
have changed over time
In addition to rooms sold and rooms revenue, companies provide which other primary data point to
STR? - Answer: Rooms available
To check for data errors, STR first checks new data to _____ for consistency - Answer: Prior data
STR and the Uniform System of Accounts for the lodging industry refer to the number of rooms in a hotel
multiplied by the days in the month as the hotel's - Answer: Supply
STR and the Uniform System of Accounts for the lodging industry refer to the number of rooms sold by a
hotel as - Answer: Demand
ADR is calculated by Rooms revenue divided by - Answer: Demand
RevPAR should almost always be ___ than ADR - Answer: Lower
Which of the primary hotel KPIs is a GM typically evaluated by? - Answer: RevPAR
Which of the following is NOT an available condition in order to apply Revenue Management strategies
and tactics in theme parks? - Answer: Unrestricted access to valuable benefits
Available conditions:
Predictable demand
Technology to manage inventory and pricing
Variability of consumer pricing
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, Theme parks and attractions offer restricted access to valuable benefits such as "Speed Pass" tickets that
allow guests to jump to the front of the line for an extra fee; early (or exclusive) access for season ticket
holders. Just as in RM applications in other segments of the industry, theme parks and attractions have
also created valuable benefits based on consumer behavior and marketing.
According to Legoherel et al, the largest source of revenue in theme parks comes from which source? -
Answer: Admissions
Every individual pays to get in to the park, but not everyone buys merchandise or F&B. Parking is by the
car load and we've all seen guests walk across the street at SeaWorld or Universal. Notice that the
question refers to the greatest source of REVENUE, not PROFIT.
Generally speaking, today's theme parks employ which popular pricing strategy? - Answer:
Segmentation based admission pricing
Segmentation based admission pricing is focused on the type of guest (single day, multi-day, year round)
and allows the theme park to offer discounts to attract (or honor) certain types of guests, i.e., groups,
military, Florida residents, seniors, adults, children, etc. Segmentation pricing also allows for messaging
such as "Single day tickets starting at $xxx.xx. That helps the consumer set a reference point in their
mind so that when they go to purchase their ticket, they are not shocked by the price.
Which of the following pricing stratgies allows the theme park management to quickly reprice individual
attractions or services within the park to reflect changes in demand? - Answer: pay as you go pricing
Legoherel p 147
Which of the following is not a Theme Park Manager's benefit of online ticket sales - Answer: longer
lines at the ticket booths
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