Strategic marketing in hospitality and tourism Study guides, Class notes & Summaries

Revenue Management Final Exam | Latest 2023 with complete solution What is the industry term used to describe the sum of prices paid by a business's customers? - Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - Profit What eleme...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues -total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits -costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits -costs=profit-sales -prof...

RHM Content Exam 1 How is good service defined? What constitutes superior service? - meeting customers' needs in the way they want and expect them to be met; superior service is exceeding customers' expectations What are some challenges service businesses face when managing and marketing their products and services? - 1. The nature of the product is different 2. Customers are more involved in the production process 3. People are part of the product 4. Its' harder to maintain quali...

Hospitality Revenue Management final exam review | LATEST 2023/2024 with complete solution What is the industry term used to describe the sum of prices paid by a business's customers? - total revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - profit=sales-costs What is the name for the net value achieved by both parties in a business transaction?...

Revenue Management Final Exam | latest with complete solution GRADED A+ What is the industry term used to describe the sum of prices paid by a business's customers? - Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - Profit What...

Revenue Management Final | with latest questions This formula represents a buyers view of a sales transaction? - Perceived Value-Selling Price=Personal Profit Effective revenue managers use this to best develop and evaluate their organizations pricing and revenue management strategies and tactics. - Regular Strategy meetings A pricing system based upon a buyers view of product or service value - Value-based pricing Included in the Place portion of a hotel's markieting mix - Distributi...

CMP Exam - Vol A: Strategic Planning (2023) Business Value - CORRECT ANSWER-Financial bottom line and expected outcomes. e.g. educational value, brand positioning, networking contacts, sales generated Strategic planning - CORRECT ANSWER-The process by which an organization develops its long range plan of action. Includes discovery, analysis, planning SMARTER - CORRECT ANSWER-Specific, Measurable, Attainable, Relevant, Timebased, Ethical, Recorded SMMP - CORRECT ANSWER-Strategic Meeting...

AHLEI Exam Q&A Solved 100% correct QUESTIONS AND ANSWERS 2023 Account receivable system - ANSWER a system to account for revenue that is due. has been earned but not yet collected Accrual accounting system - ANSWER An accounting system that matches revenue generated with the expenses incurred to generate the revenue Commercial food service operations - ANSWER Food service operations found in lodging properties, clubs, restaurants, and other businesses. These operations exist to make a...

CLA1501 - Commercial Law IA Assignment-1, Assignment-2, Assignment-3, Assignment-4 ECS1501 - Economics IA Assignment-1, Assignment-2, Assignment-3, Assignment-4 ECS1601 - Economics IB (Macroeconomics I) Assignment-1, Assignment-2, Assignment-3, Assignment-4 FAC1502 - Financial Accounting Principles, Concepts and Procedures Assignment-1, Assignment-2, Assignment-3, Assignment-4 FAC1601 - Financial Accounting and Reporting Assignment-1, Assignment-2, Assignment-3, Assignment-4 MNB1501 - Busin...

SEMESTER 1 Module (Please click on the module to see further information) Pre-requisite/Co-requisite/Recommendation Group A. Compulsory CLA1501 - Commercial Law IA Assignment-1, Assignment-2, Assignment-3, Assignment-4 ECS1501 - Economics IA Assignment-1, Assignment-2, Assignment-3, Assignment-4 ECS1601 - Economics IB (Macroeconomics I) Assignment-1, Assignment-2, Assignment-3, Assignment-4 FAC1502 - Financial Accounting Principles, Concepts and Procedures Assignment-1, Assignment-2, ...