Revenue Management - Advanced Concept Overview Quiz With 100% Correct Answers

The 350-room St. Julien Hotel, in Boulder, Colorado, hosts the annual Ski Fest during the second week of January. The three-day-weekend event attracts an abundance of guests who will stay all weekend. If it booked Saturday-only rooms, it will lose revenue when those rooms go unused on Friday or Sunday. Facing such a situation, the St. Julien requires guests to make reservations for a three-night minimum. Such a restriction is referred to as a(n) - ANSWER-Minimum length of stay Which market segment is most likely to spend nights at The Downtowner Hotel (located in the heart of the city) Monday through Friday? - ANSWER-Business individuals and groups Which of the following refers to a situation in which a hotel sells more guest reservations than it has rooms available, assuming that some guests will cancel or fail to show up? - ANSWER-Overbooking The revenue manager at the 133-room Big Bluff Bunkhouse Hotel noticed that, based on information from the past several years, there was a trend in the first week of September: it was quite common on Monday, Tuesday, and Wednesday nights for four or five guests to cancel at the last minute or just not show up. Therefore, this year the revenue manager made a decision to accept 138 reservations to ensure filling every guest room. This business approach is referred to as - ANSWER-Selecti