INSIDE LVMH QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+

INSIDE LVMH QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+REVENUE MANAGEMENT FINAL EXAM 2024 STUDY QUESTIONS WITH ANSWERS GUARANTEED PASS | RATED A+ The major traditional market segmentation variables are geographic, demographic, psychographic, and behavioral traits and price-sensitivity. Which of these considers criteria such as social class, personality and lifestyle? - Answer Psychographic What is a potential drawback of competing solely based on offering the lowest price? - Answer Price-driven guests are loyal to lowest prices, not the hotel offering them; Any competitor can beat a low price if it wants to; Other ways of generating demand are more profitable and sustainable ..... All of the Above Which of the following is NOT a question that any Customer Relationship Management (CRM) system helps to answer of interest to a revenue manager? - Answer How do I forecast the best customers? Restaurant Revenue Management primarily focuses on front-of-house operations. However, other aspects of running a restaurant are also tied to RRM. These are: - Answer All of the above If a 210-seat restaurant is open 360 days a year for 8 hours a day and has total annual revenue of $6,000,000. Its RevPASH is: - Answer $6,000,000 ÷ 210 * 360 * 8 = $9.9206 $9.92 A process flow diagram: - Answer all of the above A diner has an average dining duration of 36 minutes at breakfast time. The standard deviation of dining duration is 5 minutes. Which of these RRM solutions would NOT help decrease the variation in duration? - Answer issuing a coupon for an late breakfast special Displacement Analysis can determine the quantifiable benefits of different options. However it needs to have the right circumstances. When is it appropriated? - Answer When a reliable forecast indicates that there's more demand than our capacity, it will be a period of high demand Displacement analysis is a RM decision making and comparative scenarios tool with four step process: (1.) ; (2.) Establish the net Food and Beverage revenue differential; (3.) Determine other revenue; (4.) Summarize. Following the computation of the Transients displaced costs and the group reservation revenues, what do we do in step 1.? - Answer Establish net room revenue differential Why does Gabor Forgacs (your RM book's author) mentions in regards to displacement analysis that "the numeric results of the (displacement) analysis should not be the only criteria for the decision" p.57? - Answer Because rather than a quick tactical interpretation of the numbers, one should consider other critical (and eventully strategic) information e.g. Existing competitor key account