HFT 4502 - Exam 3 Questions with Correct Answers Latest Update 2025/2026
1. How many points are available in this class - Answers 750
2. Which of the following approaches to pricing most closely - Answers D) Value-Based Pricing
3. If the demand for a travel product is said to be price elastic, what does this mean? - Answers
D) 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 - Answers C)
Going-rate pricing
5. The factor that sets the floor for a products price is - Answers A) Cost
6. For which type of goods could the demand curve slope upward? - Answers B) Prestige good
7. For most travel/hospitality products (other than those that could be characterized as prestige
goods), the demand curve is - Answers C) Relatively elastic
8. The trade-off of intermediary use in the hospitality industry is - Answers C) Upstream vs.
Downstream
9. The companies Tauck and Vermont Bicycle Tours (VBT) are best described as what type of
marketing? - Answers C) Tour wholesalers
10. In a supply chain "downstream" from the company are a set of firms that: - Answers D)
Provide a connection between the firm and its customers
11. In terms of hotel room distribution channels, the abbreviation OTA stands for: - Answers C)
Online Travel Agencies
12. In channel conflicts, conflicts between different levels of the same channel are termed: -
Answers A) Vertical conflict
13. In the buyer readiness process, the state that immediately precedes purchase is - Answers C)
Conviction
14. The first stage of the communication process is - Answers C) Identifying the target audience
15. The four pillars of the AIDA model of communication design are - Answers A) Attention,
interest, desire, action
16. Unplanned static or distortion during the communication process, which results in the
receiver getting a message different from the one the sender intended, is called: - Answers D)
Noise
17. The type of message appeal that relates to an audience's self-interest is: - Answers D)
Rational
1. How many points are available in this class - Answers 750
2. Which of the following approaches to pricing most closely - Answers D) Value-Based Pricing
3. If the demand for a travel product is said to be price elastic, what does this mean? - Answers
D) 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 - Answers C)
Going-rate pricing
5. The factor that sets the floor for a products price is - Answers A) Cost
6. For which type of goods could the demand curve slope upward? - Answers B) Prestige good
7. For most travel/hospitality products (other than those that could be characterized as prestige
goods), the demand curve is - Answers C) Relatively elastic
8. The trade-off of intermediary use in the hospitality industry is - Answers C) Upstream vs.
Downstream
9. The companies Tauck and Vermont Bicycle Tours (VBT) are best described as what type of
marketing? - Answers C) Tour wholesalers
10. In a supply chain "downstream" from the company are a set of firms that: - Answers D)
Provide a connection between the firm and its customers
11. In terms of hotel room distribution channels, the abbreviation OTA stands for: - Answers C)
Online Travel Agencies
12. In channel conflicts, conflicts between different levels of the same channel are termed: -
Answers A) Vertical conflict
13. In the buyer readiness process, the state that immediately precedes purchase is - Answers C)
Conviction
14. The first stage of the communication process is - Answers C) Identifying the target audience
15. The four pillars of the AIDA model of communication design are - Answers A) Attention,
interest, desire, action
16. Unplanned static or distortion during the communication process, which results in the
receiver getting a message different from the one the sender intended, is called: - Answers D)
Noise
17. The type of message appeal that relates to an audience's self-interest is: - Answers D)
Rational
