Revenue Management Section 1 Exam Questions With 100% Correct Answers

For a hotel, the ____________ is the room price available to the general public with no restrictions or limitations. a. CONUS rate b. Negotiated rate c. Floor rate d. BAR rate e. Premium rate - ANSWER-d. BAR Rate (best available rate or retail rate) Because of the cyclical demand characteristic of most hotels and the perishability of the hotel product (rooms), the emphasis of revenue management focuses on __________. a. inventory management b. human resource management c. cost management d. information systems management e. demand management - ANSWER-e. demand management Consumer willingness to pay pricing is based on trying to understand consumer __________ and their ___________. a. rate portfolio and cross product elasticity b. rate parity and rate cannibalization c. reference prices and price sensitivity d. market segmentation and rate perishability e. cost structures and income levels - ANSWER-c. reference prices and price sensitivity