Revenue Management in the Hospitality Industry, Exams of Business Economics

Download Revenue Management in the Hospitality Industry and more Exams Business Economics in PDF only on Docsity! HM 441 Final Exam 50 Questions with Answers 2023 false - CORRECT ANSWER revenue management is a computer system and is a price discounting logistics management - CORRECT ANSWER revenue management includes a multidisciplinary management techniques applied to several sub-sectors of the hospitality. Which of the following is NOT one discipline within revenue management? forecasting - CORRECT ANSWER when the american airlines CEO developed yield management, what type of information was crucial to its success? revenue management is new, as are all of the strategies that are employed to maximize profit - CORRECT ANSWER which of the following statements about hotel revenue management is FALSE? achieving 100% occupancy and a perfect science - CORRECT ANSWER revenue management is NOT necessarily about low fixed costs and high variable costs - CORRECT ANSWER which of the following is NOT a criterion needed for an industry to unlock the full potential of revenue management can be used to improve the profitability of certain businesses - CORRECT ANSWER revenue management is a set of revenue maximization strategies and tactics that $963,900 - CORRECT ANSWER if a 300-room hotel achieves 70% occupancy for april at an ADR of $153 per room, what will room revenue equal? the budget for the period industry or sector averages historical figures from comparable earlier periods at the hotel - CORRECT ANSWER to interpret measures of a hotel's performance, managers often compare those measures with the lowest rate for a given day - CORRECT ANSWER the hurdle rate is 92.5% - CORRECT ANSWER in january, the 200 room snow bound inn ran a skiers special that resulted in them selling 5,735 rooms during the month. what was the occupancy percentage for the month? true - CORRECT ANSWER a benefit of variable pricing within revenue management is the smoothing of demand motivate employees - CORRECT ANSWER identify which of these is not a positive of using revenue management strategies and tactics capacity utilization x average revenue per service transaction - CORRECT ANSWER the goal of revenue management is to maximize revenue per available time-based inventory unit (or revPATI). revPATI formula applied to all industries translates into..? a set of strategies and techniques used to sell the right product to the right customer at the right time for the right price - CORRECT ANSWER revenue management can be defined as they have information on virtually everything at their fingertips - CORRECT ANSWER what is the main reason that travelers today have more clout than ever before all of the above - CORRECT ANSWER a process flow diagram 54.8% and 59.1% - CORRECT ANSWER seat occupancy %= (total number of seats used/ total number of seats available) x 100 table occupancy %= (total number of tables used/total number of tables available) x 100 they've also demanded a long list of other accommodations that will keep the entire staff busy on the day of she checks in. what type of stay control tactic might the hip-hop hotel institute? overstay (or late checkout) - CORRECT ANSWER what is a guest called that decides to stay past than the scheduled check-out date? establish net room rev differential - CORRECT ANSWER which of the following is a step in the displacement analysis process? transient - CORRECT ANSWER an individual traveling, dining, attending a game or performance, or staying alone is usually referred to as a when accepting a group booking will mean turning other business away - CORRECT ANSWER a displacement analysis should be conducted because rather than a quick tactical interpretation of the numbers, one should consider information - CORRECT ANSWER why does gabor forgacs mention in regard to displacement analysis that "the numeric results of the displacement analysis should not be the only criteria for the decision"? an urban hotel during its busy season - CORRECT ANSWER which of the following hotels would be most likely to need and benefit from displacement analysis based only on these numbers and taking into consideration nothing more, i would accept this current group booking request - CORRECT ANSWER in displacement analysis, if a possibly group reservation will bring $3,850 in rooms revenue but according to your accurate forecast, you would expect to impact your future availability by displacing 33 transient demand rooms sold at $100 room/night would you be inclined to accept or deny this group reservation? accept the group reservation - CORRECT ANSWER in a property forecasted high period of demand, if the rm displacement analysis shows that by accepting a certain group overall net revenue gain is positive, increasing profitability, than its sales or reservations departments should be inclined to establish net room revenue differential - CORRECT ANSWER displacement analysis is an rm decision making and comparative scenarios tool with a four step process: 1. room rate, variable costs, and all costs and fees that apply to booking - CORRECT ANSWER what information is needed to calculate a net room rate when reliable forecast indicates that theres more demand than our capacity, it will be a period of high demand - CORRECT ANSWER displacement analysis can determine the quantifiable benefits of different options. however it needs to have the right circumstances. when is it appropriated? the group is a regular customer of the hotel or a key account group from your comp set - CORRECT ANSWER when might a revenue manager choose without questions to accept a less profitable group booking over more profitable transient business?