Hm 441 - Study guides, Class notes & Summaries

HM 441 Final Exam Questions And Answers What is revenue management? - Answer->>Selling the right product (rooms, space, spa, restaurant), to the right customer (group, transient, catering, local), at the right time (days out, years, time of the day), for the right price (rate, price, packaging) 4 C's of RM - Answer->>1. Calendar and clock 2. Capacity 3. Customer demand 4. Cost to manage a fifth C Revenue/Yield management is... - Answer->>-a set of strategies and tac...

Which of the following is NOT a criterion needed for an industry to unlock the full potential of revenue management? - Answer- low fixed costs and high variable costs What is the main reason that travelers today have more clout than ever before? - Answer- They have information on virtually everything at their fingertips. Identify which of these is not a positive of using revenue management strategies and tactics: - Answer- Motivate employees Revenue management can be defined as (choose...

HM 441 Exam #1|65 Questions with Answer 2023 Product, Customer, Time, Price - CORRECT ANSWER Revenue management is selling the right _______ to the right _________ at the right ________ for the right ________ Revenue/Yield Management - CORRECT ANSWER Maximize revenue by optimizing capacity, rates and prices and distribution under current and future demand/supply MARKET condition Demand Forecasting - CORRECT ANSWER The most important revenue management feature is They have informati...

HM 441 Final Exam 53 Questions with Answers 2023 Identify which of these is not a positive of using revenue management strategies and tactics: A.Increase revenues and profitability B. Increase market share C. Motivate employees D. Serve more guests - CORRECT ANSWER C When the American Airlines CEO developed yield management, what type of information was crucial to its success? A. forecasting B. employee wages C. destination times D. fuel prices - CORRECT ANSWER A Revenue Manag...

HM 441 Study Guide 91 Questions with Answers 2023 CHAPTER 1: What is Rev Management? - CORRECT ANSWER Identify which of these is not a positive of using revenue management strategies and tactics: - CORRECT ANSWER Motivate employees The Hurdle Rate is...? - CORRECT ANSWER The Lowest Rate for a Given Day A benefit of variable pricing within revenue management is the smoothing of demand. - CORRECT ANSWER True Revenue management can be defined as - CORRECT ANSWER A set of strateg...

HM 441 Chapter1,3,4,5 & 9 Questions with Answers 2023 Ch.1 Group Assignment Q's HM 441 The 3 major decisions of financial management involve - CORRECT ANSWER investing, financing, and payment of dividends Value is created if a projects - CORRECT ANSWER incremental benefits exceed incremental costs Disadvantage of the corporate form of organization - CORRECT ANSWER the tax treatment of dividends Difficulty in forming a Subchapter S Corporation - CORRECT ANSWER there can be no mo...

HM 441 Final Exam 55 Questions with Answers 2023 Positives of Revenue Management Strategies & Tactics - CORRECT ANSWER - Serve more guests - Increase market share - increase revenues & profitability - NOT to motivate employees What is the hurdle rate? - CORRECT ANSWER The lowest rate for a given day (T/F) A benefit of variable pricing within RM is the smoothing of demand - CORRECT ANSWER True Revenue Management can be defined as... - CORRECT ANSWER A set of strategies and techni...

HM 441 Quiz 3 (Ch.4&5) 30 Questions with Answers 2023 Pace of build refers to: a) How quickly new hotel rooms and new hotels are being added to a comp set's total supply b)The rate at which reservations are being made for a future date c)How quickly the demand for substitute products is reducing demand for hotel rooms d)The speed with which currency exchange rates are rising in a given market - CORRECT ANSWER b Denial reports from reservations show us how much more business we coul...

Identify which of these is not a positive of using revenue management strategies and tactics: - ANSWER-Motivate employees The Hurdle Rate is...? - ANSWER-The Lowest Rate for a Given Day A benefit of variable pricing within revenue management is the smoothing of demand. - ANSWER-True Revenue management can be defined as - ANSWER-A set of strategies and techniques used to sell the right product, to the right customer, at the right time and at the right prices. Revenue management is a s...