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Revenue Management Final Exam Question & Answers 2022/2023 Graded A +++
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Revenue Management Final Exam Question & Answers 2022/2023Revenue Management Final Exam Question & Answers 2022/2023
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Revenue Management Final Exam Question & Answers 2022/20231)What is the industry term used to describe the sum of prices paid by a business's
customers? - Correct answer Total Revenues
2)Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Correct answer Costs
3)What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Correct answer Profit = Sales - Costs
4)What is the name for the net value achieved by both parties in a business transaction? - Correct answer Profit
5)What element is not present in a barter economy? - Correct answer Money
6)What is the formula used to calculate an owner's ROI? - Correct answer Owner's Investment Return / Owner's Original Investment = Owner's Return on Investment
7)Sandy has 100 hotel rooms to sell. This Saturday night has enough customers to
sell 125 rooms so she will be refusing 25 requests for rooms. What is this an example of? - Correct answer Constrained Supply
8)Which industry was the first to use Yield Management principles? - Correct answer Airline
9)What is the industry term used to describe the selling of rooms which are not actually available for sale? - Correct answer Overbooking
Page 1 of 25 10)What is the formula used to calculate Average Daily Rate? - Correct answer Total Room's Revenue / Total Rooms Sold = Average Daily Rate
11)Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250
rooms. What was Tashia's occupancy % last night? - Correct answer 70%
12)Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250
rooms. What was Tashia's RevPAR last night? - Correct answer $140.00
13)What is the industry term for the average revenue generated by each occupied guestroom during a defined period of time? - Correct answer RevPOR
14)What is the formula used to calculate GOPPAR? - Correct answer (Total Revenue - Management Controllable Expenses) / Rooms Available to Sell = GOPPAR
15)What is the industry term for a customer group which can be readily identified by one or more common characteristics? - Correct answer Market Segment
16)What is rack rate? - Correct answer The price of rooms when no discounts of any type are offered
17)What is: 18)Total period revenue 19)(Number of available seats) x (hours of seat availability) - Correct answer The formula for RevPASH
20)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? - Correct answer Customer-centric revenue management
Page 2 of 25 21)What is the term used to describe the potential customers to whom a business's marketing activities and messages are directed? - Correct answer The target market
22)What is the term used to describe efforts undertaken to encourage travel and tourism to a specific geographic area or attraction? - Correct answer Destination
Marketing
23)What is the name for the value given up by a buyer and a seller in a business transaction? - Correct answer Price
24)Charging guests for watching a "Pay-Per-View" movie in their hotel guestroom is an example of what type of pricing? - Correct answer Two-tiered pricing
25)What is the fundamental assumption upon which the concept of consumer rationality is based? - Correct answer Buyers act in ways that are of personal benefit to them
26)What is the revenue management term used to describe the perceived benefit gained, minus the price paid, in a business transaction? - Correct answer Value
27)What is created when a seller communicates to a buyer a description of a product to be sold and the price at which that product will be sold? - Correct answer A value proposition
28)Which one of the following terms is not one of the 4 Ps of the Marketing Mix? - Correct answer Proposition
29)Which of the following terms would be included in the Place portion of a hotel's marketing mix? - Correct answer Distribution Channels
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