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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.$16.49
Revenue Management Exam 1/ Revenue Management for the Hospitality Industry Exam 2 & Hospitality Revenue Management Final Exam Review/ Quizzes with Certified Ans.
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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 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
Page 1 of 48
,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
What are some factors that can help us predict whether or not a buyer will perceive a price as
fair or not fair? - Answer: Price expectation
reference price
familiarity
perceptions
Assume the ADR of the competitive set increased significantly (e.g., more than 7 percent)
last month. What would be your assessment of the Branchwater's revenue management
performance compared to its comp set? - Answer: They are winning the battle with other
lodging company's because they are selling more rooms
Assume the ADR of the competitive set decreased very significantly last month (e.g., more
than 10 percent). What would be your assessment of the Branchwater's revenue management
performance compared to its comp set? - Answer: That they are losing the battle with other
lodging company's because they are not selling a lot of rooms
What is an economic impact analysis? Be able to describe why they are done, and what they
show - Answer: -a net increase in the wealth of residents resulting from tourism, measured in
monetary terms, over and above the levels that would prevail in its absence
Page 2 of 48
,-shown through direct, indirect and induced effects
direct economic effects - Answer: -take into account only the immediate effects of the
additional demand
EX: sales, jobs, wages
Indirect economic effects - Answer: All of direct effects can be measured as indirect, but
measuring those impacts for other organizations that are indirectly impacted by primary
organization
EX: vendors at an event
Induced economic effects - Answer: Spending of direct and indirect
EX: jobs, wages, spending of employees
Which one of the following is an accurate statement regarding Scale and Class groups and a
single chain?
a. A Ritz Carlson hotel in the US can be in one Scale group and a Ritz Carlton hotel in Japan can
be in a different Scale Group
b. A Ritz Carlson hotel in the US can be in one Class group and a Ritz Carlton hotel in Japan can
be in a different Class group
c. A Ritz Carlson hotel will always be in the same Scale and Class groups in every country
throughout the world
d. A Ritz Carlson may choose which Scale and which Class they are in - Answer: c. A Ritz Carlson
hotel will always be in the same Scale and Class in every country throughout the world
All of the following are good reasons for a hotel to have an additional comp set, expect which
one?
a. Have a local comp set based upon geography and another based upon a special feature or
niche
Page 3 of 48
, b. Have different sets for weekday/weekend or group/transient business
c. Have one set that you can easily beat and another which is a realistic target
d. different entities may not agree, for example, chain versus management company - Answer:
c. Have one set that you can easily beat and another which is a realistic target
Which is NOT a valid rule related to changing a comp set?
a. If adding 2 hotels to a comp set, both must be in different chains
b. A single hotel may be added to a comp set if it has been open less than six months
Which is NOT a valid rule related to changing a comp set?
c. A single hotel may be added to a comp set at any time
d. Any change must involve two or more hotels - Answer: c. A single hotel may be added to a
comp set at any time
Which statement is true regarding RevPar?
a. it is almost always higher than ADR
b. It can be thought of as a combination of supply and demand
c. When a hotel or GM is evaluated, the RevPAR metric is rarely considered
d. It can be thought of as a combination of Occupancy and ADR - Answer: d. It can be thought of
as a combination of Occupancy and ADR
Which one of the following statements is true regarding "sufficiency" as it is related to comp set
data?a. If a comp set is not sufficient for 3 consecutive months, you will no longer receive a
STAR report
b. If a comp set number for just a single month is not sufficient, it will still be displayed on the
STAR report
c. Percent change number for a single month will appear on the STAR report if either the "This
Year" or "Last Year" data is sufficient
d. The sufficiency rules are in place to protect the confidentiality of the data - Answer: d. The
sufficiency rules are in place to protect the confidentiality of the data
Page 4 of 48
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