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Revenue Management Final Exam | Updated Question & Answers Graded A + 2023/2024 €15,11
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Revenue Management Final Exam | Updated Question & Answers Graded A + 2023/2024
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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...

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  • 13 november 2023
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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

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