HFT 4502- Exam 3 questions with
complete solutions
1. How many points are available in this class - correct answer ✔✔750
2. Which of the following approaches to pricing most closely reflects market orientation -
correct answer ✔✔Value based pricing
3. If the demand for a travel product is said to be price elastic, what does this mean? - correct
answer ✔✔A cut in price means more revenue generated at a higher price
4. The establishment of price based largely on those of competitors is called - correct answer
✔✔Going-rate pricing
5. The factor that sets the floor for a products price is - correct answer ✔✔Cost
6. For which type of goods could the demand curve slope upward? - correct answer ✔✔Prestige
good
7. For most travel/hospitality products (other than those that could be characterized as prestige
goods), the demand curve is - correct answer ✔✔Relatively elastic
8. The trade-off of intermediary use in the hospitality industry is - correct answer
✔✔Distribution vs. control
9. The companies Tauck and Vermont Bicycle Tours (VBT) are best described as what type of
marketing? - correct answer ✔✔Tour wholesalers
complete solutions
1. How many points are available in this class - correct answer ✔✔750
2. Which of the following approaches to pricing most closely reflects market orientation -
correct answer ✔✔Value based pricing
3. If the demand for a travel product is said to be price elastic, what does this mean? - correct
answer ✔✔A cut in price means more revenue generated at a higher price
4. The establishment of price based largely on those of competitors is called - correct answer
✔✔Going-rate pricing
5. The factor that sets the floor for a products price is - correct answer ✔✔Cost
6. For which type of goods could the demand curve slope upward? - correct answer ✔✔Prestige
good
7. For most travel/hospitality products (other than those that could be characterized as prestige
goods), the demand curve is - correct answer ✔✔Relatively elastic
8. The trade-off of intermediary use in the hospitality industry is - correct answer
✔✔Distribution vs. control
9. The companies Tauck and Vermont Bicycle Tours (VBT) are best described as what type of
marketing? - correct answer ✔✔Tour wholesalers
