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REVENUE MANAGEMENTFINAL EXAM QUESTION & ANSWERS 2024."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...
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- January 21, 2025
- 16
- 2024/2025
- Exam (elaborations)
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- revenue management
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- Revenue Management
- Revenue Management
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REVENUE MANAGEMENT "What is rack rate? - CORRECT ANSWER The price of rooms when no discounts of any type are "What is an algebraic equivalent of the formula: Sales = Costs + Profit? - CORRECT ANSWER Profit = "What is the name for the net value achieved by both parties in a business transaction? - CORRECT "What element is not present in a barter economy? - CORRECT ANSWER Money" "What is the economic term used to describe the difference between what a consumer is charged for a "What is the relationship between differential pricing and consumer surplus? - CORRECT ANSWER "What is the formula used to calculate an owner's ROI? - CORRECT ANSWER Owner's Investment "Sandy has 100 hotel rooms to sell. This Saturday night has enough customers to sell 125 rooms so she "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 1|Page ,"What is the formula used to calculate Average Daily Rate? - CORRECT ANSWER Total Room's Revenue "Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250 rooms. What was "Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250 rooms. What was "What is the industry term for the average revenue generated by each occupied guestroom during a "What is the formula used to calculate GOPPAR? - CORRECT ANSWER (Total Revenue - Management "What is: "What is the term used to identify a management philosophy that places customer gain ahead of short- "What is the term used to describe the potential customers to whom a business's marketing activities "What is the term used to describe efforts undertaken to encourage travel and tourism to a specific "What is the name for the value given up by a buyer and a seller in a business transaction? - CORRECT "What is the fundamental assumption upon which the concept of consumer rationality is based? - "What is the revenue management term used to describe the perceived benefit gained, minus the price "What is created when a seller communicates to a buyer a description of a product to be sold and the 2|Page , "Which one of the following terms is not one of the 4 Ps of the Marketing Mix? - CORRECT ANSWER "Which of the following terms would be included in the Place portion of a hotel's marketing mix? - "What is the fundamental assumption upon which the Law of Supply is based? - CORRECT ANSWER "According to Alfred Marshall's work, if the price of a product is lower than the natural, or equilibrium "Assume an equilibrium price (P1) is in place for a product. What would the law of supply and demand "What concept is displayed by the intersecting point on a supply and demand curve? - CORRECT "What must be true if a product producer is to continue creating and selling products? - CORRECT "What is the specialized branch of accounting that focuses on recording and analyzing the expenses "What is the industry term for the point at which an organization's revenues exactly equal its costs? - "Which of the following foodservice costs is a variable cost? - CORRECT ANSWER Food" "Which of the following lodging costs is a fixed cost? - CORRECT ANSWER Mortgage payments" "In a hospitality industry break-even analysis graph the Total Revenues line starts at 0. Why does the "Which of the following statements about unit costs in the hospitality industry is true? - CORRECT 3|Page
FINAL EXAM QUESTION & ANSWERS 2024.
"What is the industry term for a customer group which can be readily identified by one or more
common characteristics? - CORRECT ANSWER Market Segment"
offered"
"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"
Sales - Costs"
ANSWER Profit"
product or service and the price that consumer would willingly pay for it? - CORRECT ANSWER
Consumer surplus"
Differential pricing is a strategy used by sellers to minimize consumer surplus"
Return / Owner's Original Investment = Owner's Return on Investment"
will be refusing 25 requests for rooms. What is this an example of? - CORRECT ANSWER Constrained
Supply"
sale? - CORRECT ANSWER Overbooking"
/ Total Rooms Sold = Average Daily Rate"
Tashia's occupancy % last night? - CORRECT ANSWER 70%"
Tashia's RevPAR last night? - CORRECT ANSWER $140.00"
defined period of time? - CORRECT ANSWER RevPOR"
Controllable Expenses) / Rooms Available to Sell = GOPPAR"
Total period revenue
(Number of available seats) x (hours of seat availability) - CORRECT ANSWER The formula for
RevPASH"
term revenue maximization in revenue management decision making? - CORRECT ANSWER Customer-
centric revenue management"
and messages are directed? - CORRECT ANSWER The target market"
geographic area or attraction? - CORRECT ANSWER Destination Marketing"
ANSWER Price"
CORRECT ANSWER Buyers act in ways that are of personal benefit to them"
paid, in a business transaction? - CORRECT ANSWER Value"
price at which that product will be sold? - CORRECT ANSWER A value proposition"
Proposition"
CORRECT ANSWER Distribution Channels"
The higher the demand for a product the more of it will be produced by sellers"
price, what will happen? - CORRECT ANSWER The demand fort he product would exceed its supply"
predict as an outcome if demand for that product increased? - CORRECT ANSWER The new price (P2)
would be lower than the previous price (P1) because supply would decrease"
ANSWER An estimate of the amount of a product that would be purchased at a known price and point
in time"
ANSWER Revenues must exceed costs"
incurred by an organization? - CORRECT ANSWER Cost Accounting"
CORRECT ANSWER Break-even point"
Total Costs line always start farther up the y axis? - CORRECT ANSWER Because fixed costs are
incurred even if no guests are served or rooms are sold"
ANSWER Unit costs will vary based upon how high or low an item is priced"