Revenue Management Final Exam ch 5 Questions & Answers

Revenue Management Final Exam ch 5 Questions & Answers For revenue managers working in the lodging system the term "place" in the 4ps of the Marketing Mix refers to two items. One is the physical location of the hotel. What is the second? - ANS-the property distribution channels What is the industry term used to describe all of a hotels unique or distinct forms of guestroom products available for sale? - ANS-Rooms inventory What is a rate code? - ANS-A property specific description used to identify a particular room product Which of the following is not typically used by revenue managers to designate specific room products sold in their hotels? - ANS-Price What is the lodging term used to describe two independent data management systems that have been electronically connected? - ANS-Interface what would be the effect of an upon-arrival inventory management training program that resulted in a hotel significantly up selling a large percentage of its arriving guests? - ANS-ADR and RevPar would increase and occupancy % would be unchanged What are two synonymous lodging industry terms used to identify the difference between purchases a group pledges to make and the purchases it actually makes? - ANS-Attrition and Wash Tanika is the revenue manager at the Holiday House Hotel. Southeast airlines has requested that Tanika quote them a rate for the use of 20 rooms per night for a period of one year. If Southeast accepts Tanika's quote for both price and availability, what type of room rate will the hotel and airline agreed upon? - ANS-Contract Rate E wants Jesse, the revenue manager at the Hilton, to agree to contract terms that would require Jessie's hotel to apply the agreed upon Expedia rate to any room type (except suites) available at the time one of Expedia's customers wants to make a reservation. What is the industry term for E's contract request? - ANS-Last Room Availability Francisco is the revenue manager at the 1500 room BayShore hotel. Tonight he forecasts 750 stay-overs and 750 arrivals. Assume he is accurate in forecasting a 6% no-show rate. How many additional reservations could Angelina accept before she would be required to walk an arriving guest? - ANS-90 What is true about a revenue manager's rooms demand forecast? - ANS-It is based on customer demand at an established price Continues...