FINAL EXAM HOSP 3100 QUESTIONS AND ANSWERS

FINAL EXAM HOSP 3100 QUESTIONS AND ANSWERS What is hotel Revenue Management? Explain your answer - ANS->>Selling the right product (suite, club etc.) to the right customer (what segment?) at the right time(lead time) for the right price(strategies) through the right channel (GDS, OTA, B etc.) with the best cost efficiency (margin, commission, labour); Optimizing revenue by using tools (reports, systems, recommendations, and competitive intelligence), experience and insight toward achieving best possible results What is a DORM responsible for? - ANS->>Achieving best possible results. Optimizing profitability. Budget. Forecast and forecast management. Managing upwards, across and downwards. Working with Sales, Catering, Front Office etc. as appropriate, toward achieving goals. Training/educating these departments to assist with revenue goals. Explain how a DORM works with a DOSM to best plan for their hotel's financial success. - ANS->>Planning for optimal transient/group mix of business. Working as a team to achieve hotel goals. Using each other's strengths. What is a STAR report? Why do you use it? - ANS->>The STAR program is used by the global hotel industry as a vital revenue management tool. The report benchmarks a hotel's performance against its competitive aggregate and local market. The STAR program tracks and delivers monthly, weekly and daily data. Explain what is meant by "fair share" of business as it relates to a hotel's comp set and STAR report. - ANS->>We utilize indexes to measure a property's performance in three key areas: Occupancy, ADR and RevPar. Property performance divided by competitive set performance multiplied by 100. An index of 100 indicates that the property has captured its fair share. Anything greater than 100 indicates a property is capturing more than its fair share, while anything below 100 indicates the property is capturing less than its fair share. What is Demand 360? Why do you use it? - ANS->>TravelClick's Demand360 is a total hotel forward-looking product that enables hotels to see how they are pacing versus their competitive set. Using historical and forward-looking demand data (ADR, OCC, RevPAR, rank), organized by date, segment and channel, Demand360 helps hoteliers optimize revenue management strategies and make informed marketing decisions. Explain what is meant by "market segment". - ANS->>Market segmentation allows you to target and market to a variety of consumer groups with different behaviours with an offer that matches their needs and budget level. It is a way of categorizing rate groups to assist with revenue optimization. main segments - ANS->>Group, Transient and Contract. The main Group segments are - Continues...