Revenue Management Final Exam | Updated Question & Answers Graded A + 2023/2024
30 views 1 purchase
Course
CRME - Certified Revenue Management Executive
Institution
CRME - Certified Revenue Management Executive
Revenue Management Final Exam | Updated Question & Answers Graded A + 2023/2024
What is the industry term used to describe the sum of prices paid by a business's customers? Correct Answer Total Revenues
Historically, what concept have hospitality managers chiefly used to calculate their selli...
what is the industry term used to describe the sum
historically what concept have hospitality manag
what is an algebraic equivalent of the formula s
Written for
CRME - Certified Revenue Management Executive
CRME - Certified Revenue Management Executive
Seller
Follow
SavvyMind
Reviews received
Content preview
Revenue Management Final Exam | Updated Question &
Answers Graded A + 2023/2024
What is the industry term used to describe the sum of prices paid by a business's
customers? Correct Answer Total Revenues
Historically, what concept have hospitality managers chiefly used to calculate their
selling prices? Correct Answer Costs
What is an algebraic equivalent of the formula: Sales = Costs + Profit? Correct Answer
Profit = Sales - Costs
What is the name for the net value achieved by both parties in a business transaction?
Correct Answer Profit
What element is not present in a barter economy? Correct Answer Money
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
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
Which industry was the first to use Yield Management principles? Correct Answer
Airline
What is the industry term used to describe the selling of rooms which are not actually
available for sale? Correct Answer Overbooking
,What is the formula used to calculate Average Daily Rate? Correct Answer Total
Room's Revenue / Total Rooms Sold = Average Daily Rate
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%
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
What is the industry term for the average revenue generated by each occupied
guestroom during a defined period of time? Correct Answer RevPOR
What is the formula used to calculate GOPPAR? Correct Answer (Total Revenue -
Management Controllable Expenses) / Rooms Available to Sell = GOPPAR
What is the industry term for a customer group which can be readily identified by one or
more common characteristics? Correct Answer Market Segment
What is rack rate? Correct Answer The price of rooms when no discounts of any type
are offered
What is:
Total period revenue
(Number of available seats) x (hours of seat availability) Correct Answer The formula for
RevPASH
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
, 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
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
What is the name for the value given up by a buyer and a seller in a business
transaction? Correct Answer Price
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
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
What is the revenue management term used to describe the perceived benefit gained,
minus the price paid, in a business transaction? Correct Answer Value
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
Which one of the following terms is not one of the 4 Ps of the Marketing Mix? Correct
Answer Proposition
Which of the following terms would be included in the Place portion of a hotel's
marketing mix? Correct Answer Distribution Channels
What is the fundamental assumption upon which the Law of Supply is based? Correct
Answer The higher the demand for a product the more of it will be produced by sellers
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SavvyMind. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R287,80. You're not tied to anything after your purchase.
