HFT4502 Exam 3 With
Correct Answers
1. How many points are available in this class? - ANSWER 750
2. Which of the following approaches to pricing most closely reflects a
market orientation? - ANSWER Value-based pricing
3. If the demand for a travel product is said to be price elastic, what does this
mean? - ANSWER A cut in price means more revenue generated than at the
higher price
4. The establishment of price based largely on those of competitors is called -
ANSWER Going rate pricing
5. The factor that sets the floor for a products price is: - ANSWER Cost
6. For which type of goods could the demand curve slope upward? - ANSWER
Prestige goods
, 7. For most travel/hospitality products (other than those that could be
characterized as prestige goods), the demand curve is - ANSWER Relatively
elastic
8. The trade off of intermediary use in the hospitality industry is - ANSWER
Upstream vs. downstream
9. The companies Tauck and Vermont Bicycle Tours (VBT) are best described
as what type of marketing intermediary? - ANSWER Tour wholesalers
10. In a supply chain, "downstream" from the company are a set of firms that
- ANSWER Provide a connection between the firm and its customers
11. In terms of hotel room distribution channels, the abbreviation OTA stands
for - ANSWER Online Travel Agencies
12. In channel conflicts, conflicts between different levels of the same
channel are termed - ANSWER Vertical Conflict
13. In the buyer readiness process, the state that immediately precedes
purchase is - ANSWER Conviction
Correct Answers
1. How many points are available in this class? - ANSWER 750
2. Which of the following approaches to pricing most closely reflects a
market orientation? - ANSWER Value-based pricing
3. If the demand for a travel product is said to be price elastic, what does this
mean? - ANSWER A cut in price means more revenue generated than at the
higher price
4. The establishment of price based largely on those of competitors is called -
ANSWER Going rate pricing
5. The factor that sets the floor for a products price is: - ANSWER Cost
6. For which type of goods could the demand curve slope upward? - ANSWER
Prestige goods
, 7. For most travel/hospitality products (other than those that could be
characterized as prestige goods), the demand curve is - ANSWER Relatively
elastic
8. The trade off of intermediary use in the hospitality industry is - ANSWER
Upstream vs. downstream
9. The companies Tauck and Vermont Bicycle Tours (VBT) are best described
as what type of marketing intermediary? - ANSWER Tour wholesalers
10. In a supply chain, "downstream" from the company are a set of firms that
- ANSWER Provide a connection between the firm and its customers
11. In terms of hotel room distribution channels, the abbreviation OTA stands
for - ANSWER Online Travel Agencies
12. In channel conflicts, conflicts between different levels of the same
channel are termed - ANSWER Vertical Conflict
13. In the buyer readiness process, the state that immediately precedes
purchase is - ANSWER Conviction
