Online quiz ch. 3 | HTM 4454 - Hospitality Revenue Management, Quizzes of Tourism Economics and management

Download Online quiz ch. 3 | HTM 4454 - Hospitality Revenue Management and more Quizzes Tourism Economics and management in PDF only on Docsity! TERM 1 perceived value - selling price = personal profit DEFINITION 1 Which formula represents a buyer's view of a sales transaction? TERM 2 Intangible DEFINITION 2 What type of benefit is lacking in material qualities and is not able to be touched or seen but nonetheless can still be perceived? TERM 3 Spending someone else's money on someone else DEFINITION 3 Penny Larson is a travel agent arranging a 1-week San Fransisco vacation for Mr. & Mrs. Rafael Ochoa. Which of economist Milton Friedman's buyer value formulas would apply to her purchase of the hotel rooms the Ochoa's will need during their trip? TERM 4 difficulty in quality evaluation prior to purchase DEFINITION 4 What special challenge do buyers of hospitality products such as hotel guestrooms or restaurant meals face? TERM 5 Perceived value will increase DEFINITION 5 If quantity and quality are held constant how will a reduction in price affect buyers perceptions of value?