Hospitality Revenue Management Exam Bundle

What is the industry term used to describe the sum of prices paid by a business's customers? - ANSWERSTotal Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - ANSWERSCosts What is an algebraic equivalent of the formula: Sales = Cost...

This formula represents a buyers view of a sales transaction? - ANSWERSPerceived Value-Selling Price=Personal Profit Effective revenue managers use this to best develop and evaluate their organizations pricing and revenue management strategies and tactics. - ANSWERSRegular Strategy meetings A ...

What is the main reason that travelers today have more clout than ever before? - ANSWERSThey have information on virtually everything at their fingertips. Revenue Management is NOT necessarily about... - ANSWERSAchieving 100 % occupancy and a perfect science The Hurdle Rate is...? - ANSWERSThe...

What is bigger in the tourism industry, fixed costs or variable costs? - ANSWERSfixed costs are bigger -Think of an airplane: staffing, airport fees (fixed) - huge amount of the costs for airplanes come from fixed costs; food, fuel (variable) - not as easy to determine the variable costs We can ...

Revenue - ANSWERSThe total amount of sales achieved in a specified time period Revenue is calculate as: - ANSWERSNumber of Units Sold x Unit Price Effective managers of an organization's revenues MUST do three things - ANSWERS1. Understand the importance of revenue management 2. Understand ...

What is the industry term used to describe the sum of prices paid by a business's customers? - ANSWERStotal revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - ANSWERScosts What is an algebraic equivalent of the formula: Sales = Cost...

ADR formula - ANSWERSTotal Rooms Revenue / Total Rooms Sold Value proposition - ANSWERSwhen a seller communicates to a buyer a description of a product to be sold and the price at which that product will be sold Owners ROI formula - ANSWERSOwners Investment Return/ Owner's Original Investment...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues - ANSWERS-total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? ...

Revenue Management Definition - ANSWERSSell the right room, to the right client, at the right price, at the right moment, on the right distribution channels. What data is used to generate a STAR report - ANSWERSADR, Occupied Rooms, Available Rooms Reference Prices - ANSWERSThe prices that cons...

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? - ANSWERScustomer-centric revenue management What is the term used to describe the potential customers to whom a business's marketin...

For revenue managers working in the lodging system the term "place" in the 4ps of the Marketing Mix refers to two items. One is the physical location of the hotel. What is the second? - ANSWERSthe property distribution channels What is the industry term used to describe all of a hotels unique o...