Revenue Management Final Exam 2023

Revenue Management Final Exam 2023 demand - ANS-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 - ANS-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 - ANS-an average calculated by using historical data generated during a specific and unchanged time period rolling average - ANS-an average calculated by using historical data generated during a changing time period minimum length of stay (MLOS) - ANS-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 - ANS-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 - ANS-the proportion of previously reserved rooms that are ultimately occupied. (occupied/originally held=pick up rate) demand generator - ANS-an entity or event that produces a significant increase in business demand drain - ANS-a circumstance that produces a significant decrease in business rooms inventory - ANS-all os the unique forms of guest room products offered for sale by a lodging facility room code - ANS-a property-specific, shorten description used to identify a specific room product in a hotel (NSDD- nonsmoking, double-double room) upsell - ANS-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 - ANS-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 - ANS-a selling approach that seeks to sell an entity's west priced items prior to the sale of its higher priced items Continues...