Marketing of travel and tourism Study guides, Class notes & Summaries

Revenue Management Final Q&A 100% All Verified what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues - ANS--total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits - ANS--costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits ...

ADR formula - ANSWERSTotal Rooms Revenue / Total Rooms Sold Value proposition - ANSWERSwhen a seller communicates to a buyer a description of a product to be sold and the price at which that product will be sold Owners ROI formula - ANSWERSOwners Investment Return/ Owner's Original Investment Profit - ANSWERSnet value achieved by both parties in a business transaction GOPAR formula - ANSWERSTotal revenue - Management Controllable Expenses / Rooms Available to sell Destination mar...

TAP Test- Chapter 1 Overview of the Travel and Tourism Industry Verified 100% Correct!! ASTA American Society of Travel Agents Benefit A positive result that a feature brings to a particular client Business Travel Or Corporate Travel- includes all trips that are purchased by businesses and made for their purpose Commission a fee or percentage of a sale Commodity Something that varies little and has the same value everywhere Conference System a system by which a group of suppliers c...

This formula represents a buyers view of a sales transaction? - Answer- Perceived Value-Selling Price=Personal Profit Effective revenue managers use this to best develop and evaluate their organizations pricing and revenue management strategies and tactics. - Answer- Regular Strategy meetings A pricing system based upon a buyers view of product or service value - Answer- Value-based pricing Included in the Place portion of a hotel's markieting mix - Answer- Distribution channels Tas...

Certified Meeting Professional (CMP) Exam Questions and Answers Latest Updated 2024/2025 (100% Verified) Evaluation - ANSWER 1) Critiquing and rating the overall success of an event. 2) Developing an event profile from accurate event statistics. Objective - ANSWER Formalized statement of outcomes to be anticipated as a result of the educational process. Outsourcing - ANSWER Hiring an outside firm or individual to perform the task instead of using in-house staff; to subcontract a task or res...

Revenue management final ADR formula - ANS->>Total Rooms Revenue / Total Rooms Sold Value proposition - ANS->>when a seller communicates to a buyer a description of a product to be sold and the price at which that product will be sold Owners ROI formula - ANS->>Owners Investment Return/ Owner's Original Investment Profit - ANS->>net value achieved by both parties in a business transaction GOPAR formula - ANS->>Total revenue - Management Controllable Expenses...

Event Management Exam 1 verified solution event organized occasion such as meeting, convention, exhibition components of an event - events are organized - organizing takes place over time - events have several functions that are all connected - events are temporary -- clearly defined - events are gatherings of people - producer/consumer - events are a display of ritual/habit - events are unique experiences MEEC Meetings: no expositions Expositions: closed to public Events: fe...

This formula represents a buyers view of a sales transaction? - ️️Perceived Value-Selling Price=Personal Profit Effective revenue managers use this to best develop and evaluate their organizations pricing and revenue management strategies and tactics. - ️️Regular Strategy meetings A pricing system based upon a buyers view of product or service value - ️️Value-based pricing Included in the Place portion of a hotel's markieting mix - ️️Distribution channels Tasha's ho...

Identify and explain why marketing and promotion is important to travel and tourism providers - Answer - increase sales, usage, profitability, market share and customer base - competitive advantage (expose the providers to more customers) - positive organisational and product image - increase customer satisfaction, brand loyalty and for repeat business -MARKET RESEARCH TECHNIQUES- primary market research - Answer eg. - self completion questionnaires - telephone surveys - internet ...

Sport Management final exam Question and answers rated A+ 2023What are the functions performed by sport management and marketing agencies? Talent properties, corporate brands and media companies Why are research and evaluation crucial roles performed by sport management and marketing agencies? As the sports industry, spending becomes increasingly mainstream and garnered greater amounts of corporate marketing budgets, the need for accountability across stakeholders and agencies has grown...