HTM 3524 - Final Exam - Chapter 7 (Revenue Management)

HTM 3524 - Final Exam - Chapter 7 (Revenue Management) Revenue Manager - ANS-The person at a hotel who is responsible for optimizing rooms, revenue through effective room pricing and inventory management (very important) REVPar - ANS-A revenue manager wants to maximize a hotel's ________(very important) Negotiated Rate - ANS-A special room rate offered for a fixed period of time to a client. For example, "All Wawa employees can book a room for $150 in 2019" Blackout Date - ANS-any day on which the hotel will not honor a negotiated rate (for example, 4th of July weekend at the beach) Length of Stay (LOS) - ANS-The number of nights a guest will be at a hotel Distribution Channel - ANS-Any source of a reservation (For example, , AAA, ...) Rate Resistance - ANS-Refusal to make a reservation because the rate quoted is perceived by the guest to be too high Room Rate Economics - ANS-The processes by which revenue managers price rooms while considering how consumers may react to the prices Law of Demand - ANS-When supply (of rooms) is held constant, price will rise as demand goes up Law of Supply - ANS-When demand (for rooms) is held constant but the supply of rooms is increased, the price will go down Rack Rate - ANS-the price of a room without a discount (will be different for singles, doubles, and suites) Seasonal Rate - ANS-A rate that is different during a time of year (A ski resort will charge more in the winter and less in the summer) Special Event Rate - ANS-A temporary increase in rack rate based upon a specific event such as a concert, sporting event, or holiday (hotel prices are really high where the super bowl is being played) Corporate Rate - ANS-A special rate for business travelers Continues...