REVENUE MANAGEMENT FINAL
EXAM PRACTICE QUESTIONS
WITH VERIFIED ANSWERS
"I want my hotel to be the first to sell out in the market":
Correct or incorrect? - correct answer-
incorrect
"Values and lifestyles" is a criterion used to segment the
market according to - correct answer-
psychography
According to the Phocuswright Report (2018), more than
half (52%) of all U.S.
travel was booked online or offline? - correct
answer- offline
An example of a conflict between market segments? -
correct answer- skiing forbid snowboarding
,-because they didn't want the snowboarders to mess up
the snow for the skiers they just want to ski and that
snowboarders tend to be more aggressive
BAR and BRG - correct answer- The hotel
makes a promise that the room prices found on their
website are the best rates compared to any other sites.
Consumer reference prices: what is bigger, the increase in
demand derived from reducing a rate by $100 or the
decrease in demand resulting from augmenting a rate by
$100? - correct answer- the decrease in
demand resulting from augmenting a rate by $100
-because it is more impactful
cross selling - correct answer- selling additional
products or services to an existing customer
-when you add in breakfast, dinner, etc
Do we sell "time blocks" or "physical products"? -
correct answer- time blocks
, Do we use constrained demand to forecast unconstrained
demand, or do we use unconstrained demand to forecast
constrained demand? - correct answer- We
use constrained demand (which is what we have from last
year) to forecast the unconstrained demand
Example of BAR guarantee? - correct answer- If
you found a better rate then you will get that rate plus
some additional discount (within 24 hours of making the
reservation) in PA
Extensions of Revenue Management - correct
answer- Catering
Restaurants
Entertainment
Attractions
For nonstationary data, what method is employed? -
correct answer- Weighted Moving Average
EXAM PRACTICE QUESTIONS
WITH VERIFIED ANSWERS
"I want my hotel to be the first to sell out in the market":
Correct or incorrect? - correct answer-
incorrect
"Values and lifestyles" is a criterion used to segment the
market according to - correct answer-
psychography
According to the Phocuswright Report (2018), more than
half (52%) of all U.S.
travel was booked online or offline? - correct
answer- offline
An example of a conflict between market segments? -
correct answer- skiing forbid snowboarding
,-because they didn't want the snowboarders to mess up
the snow for the skiers they just want to ski and that
snowboarders tend to be more aggressive
BAR and BRG - correct answer- The hotel
makes a promise that the room prices found on their
website are the best rates compared to any other sites.
Consumer reference prices: what is bigger, the increase in
demand derived from reducing a rate by $100 or the
decrease in demand resulting from augmenting a rate by
$100? - correct answer- the decrease in
demand resulting from augmenting a rate by $100
-because it is more impactful
cross selling - correct answer- selling additional
products or services to an existing customer
-when you add in breakfast, dinner, etc
Do we sell "time blocks" or "physical products"? -
correct answer- time blocks
, Do we use constrained demand to forecast unconstrained
demand, or do we use unconstrained demand to forecast
constrained demand? - correct answer- We
use constrained demand (which is what we have from last
year) to forecast the unconstrained demand
Example of BAR guarantee? - correct answer- If
you found a better rate then you will get that rate plus
some additional discount (within 24 hours of making the
reservation) in PA
Extensions of Revenue Management - correct
answer- Catering
Restaurants
Entertainment
Attractions
For nonstationary data, what method is employed? -
correct answer- Weighted Moving Average
