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Revenue Management Final Study Guide, Exams of Nursing

A comprehensive study guide covering revenue management topics like demand, data collection, pricing strategies, distribution channels, and industry-specific terminology. It provides definitions and explanations for key concepts such as trailing period, fixed average, rolling average, minimum length of stay, group rooms pace report, pick up, demand generator, demand drain, upsell, top-down selling, bottom-up selling, attrition, contract rate, negotiated rate, walk, price management, rate code, special event rate, stay restrictions, closed to arrivals, travel wholesaler, global distribution systems, internet distribution system, non-electronic distribution channels, commoditization, proprietary website, net rate, merchant model, referral site, opaque model, consumer-generated media, room-related occupation costs, minimum adr sales point formula, and smerf.

Typology: Exams

2023/2024

Available from 07/31/2024

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Download Revenue Management Final Study Guide and more Exams Nursing in PDF only on Docsity! Revenue Management Final study guide rated exam demand - >>>the number of potential buyers with the interest and ability to purchase the products sold by a business at the specific price offered trailing period - >>>a data collection method characterized by the act of discarding the oldest piece of data in a data set when the newest data are added, this updating the set's information while keeping the set size constant. fixed average - >>>an average calculated by using historical data generated during a specific and unchanged time period rolling average - >>>an average calculated by using historical data generated during a changing time period minimum length of stay (MLOS) - >>>a revenue management strategy that instructs reservationists to decline any room reservation request tat does not equal or exceed the predetermined minimum number of nights allowed. group rooms pace report - >>>a summary report describing the amount of future demand for a lodging property's group rooms and the rates at which the group business has been captured. pick up - >>>the proportion of previously reserved rooms that are ultimately occupied. (occupied/originally held=pick up rate) demand generator - >>>an entity or event that produces a significant increase in business demand drain - >>>a circumstance that produces a significant decrease in business rooms inventory - >>>all os the unique forms of guest room products offered for sale by a lodging facility room code - >>>a property-specific, shorten description used to identify a specific room product in a hotel (NSDD- nonsmoking, double-double room) upsell - >>>to increase seller revenues: 1. by selling the buyer a higher cost item than that which was originally intended to be purchased. 2. by increasing the number items purchased by the buyer top-down selling - >>>a selling approach tat seeks to sell an entity's highest priced items prior to the sale of its lower priced items bottom-up selling - >>>a selling approach that seeks to sell an entity's west priced items prior to the sale of its higher priced items attrition - >>>the difference between the purchases a group pledges to make and the purchase it actually makes. also called wash, wash down or slippage contract rate - >>>a long-term rate whose availability is agreed to in advance and for the duration of the contract agreement. For example, the agreement by a hotel to house every night for one year an airline's ten-person flight crew negotiated rate - >>>an agreement to provide a elect group of travelers, subject to availability, rooms at and agreed on discount rate. the discount rate is in effect for the term of the negotiated rate agreement. For example, a special given to all travelers employed by the Ford Motor Company. Also referred to as a volume discount rate. walk - >>>to relocate a guest wit a confirmed reservation at a hotel to an alternative property. price management - >>>the strategies and tactics employed by revenue managers to best match rates or prices charged with prospective customers' willingness to pay