Exam 1, part 1 | HTM 4454 - Hospitality Revenue Management, Quizzes of Tourism Economics and management

Download Exam 1, part 1 | HTM 4454 - Hospitality Revenue Management and more Quizzes Tourism Economics and management in PDF only on Docsity! TERM 1 Perishability DEFINITION 1 -Service capacity cannot be held in inventory: Inability to inventory Cyclical/ variable demand Fixed capacity High fixed costs as a percentage of total cost TERM 2 Market Segments DEFINITION 2 The identification of types or categories of cutomers based on how they purchase, what they want, and/or how they consume products TERM 3 Taste Heterogeneity DEFINITION 3 Different tastes: Between Consumers / within consumers over time TERM 4 Target Markets DEFINITION 4 Those segments on which the business focuses and allocates marketing resources TERM 5 Differentiated Strategies DEFINITION 5 Marketing strategies that target specific markets segments with strategies designed specifically for that market TERM 6 Undifferentiated Strategies DEFINITION 6 Focus on an entire target market not just a segment of it. TERM 7 Market Cannibalization DEFINITION 7 The negative impact of new products on the sales and production of its current products.Rate fencing TERM 8 Revenue Management DEFINITION 8 The application of disciplined analytics that predict comsumer behavior at the micro-market level and optimize product availability and price to maximize revenue growth. TERM 9 Aim of Revenue management DEFINITION 9 Selling the right product to the the right customer at the right time for the right price TERM 10 Essence of Revenue Management DEFINITION 10 Understanding customer perception of product value and accurately aligning products , price , placement and availability with each customer segment