1|Page
Revenue Management Final Exam|| Most Recent Exam
Actual Complete Real Verified Exam Questions And
Correct Answers (Verified Answers) Already Graded
A+ | Guaranteed Success!! | Newest Exam!!!
What is rack rate? - Answer-The price of rooms when no
discounts of any type are offered
What is:
Total period revenue
(Number of available seats) x (hours of seat availability) -
Answer-The formula for RevPASH
What is the term used to identify a management
philosophy that places customer gain ahead of short-term
revenue maximization in revenue management decision
making? - Answer-Customer-centric revenue management
What is the term used to describe the potential customers
to whom a business's marketing activities and messages
are directed? - Answer-The target market
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What is the term used to describe efforts undertaken to
encourage travel and tourism to a specific geographic
area or attraction? - Answer-Destination Marketing
What is the name for the value given up by a buyer and a
seller in a business transaction? - Answer-Price
Charging guests for watching a "Pay-Per-View" movie in
their hotel guestroom is an example of what type of
pricing? - Answer-Two-tiered pricing
What is the fundamental assumption upon which the
concept of consumer rationality is based? - Answer-
Buyers act in ways that are of personal benefit to them
What is the revenue management term used to describe
the perceived benefit gained, minus the price paid, in a
business transaction? - Answer-Value
What is created when a seller communicates to a buyer a
description of a product to be sold and the price at which
that product will be sold? - Answer-A value proposition
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Which one of the following terms is not one of the 4 Ps of
the Marketing Mix? - Answer-Proposition
Which of the following terms would be included in the
Place portion of a hotel's marketing mix? - Answer-
Distribution Channels
What is the fundamental assumption upon which the Law
of Supply is based? - Answer-The higher the demand for a
product the more of it will be produced by sellers
According to Alfred Marshall's work, if the price of a
product is lower than the natural, or equilibrium price, what
will happen? - Answer-The demand fort he product would
exceed its supply
Assume an equilibrium price (P1) is in place for a product.
What would the law of supply and demand predict as an
outcome if demand for that product increased? - Answer-
The new price (P2) would be lower than the previous price
(P1) because supply would decrease
, 4|Page
What concept is displayed by the intersecting point on a
supply and demand curve? - Answer-An estimate of the
amount of a product that would be purchased at a known
price and point in time
What is the industry term used to describe the sum of
prices paid by a business's customers? - Answer-Total
Revenues
Historically, what concept have hospitality managers
chiefly used to calculate their selling prices? - Answer-
Costs
What is an algebraic equivalent of the formula: Sales =
Costs + Profit? - Answer-Profit = Sales - Costs
What is the name for the net value achieved by both
parties in a business transaction? - Answer-Profit
What element is not present in a barter economy? -
Answer-Money
Revenue Management Final Exam|| Most Recent Exam
Actual Complete Real Verified Exam Questions And
Correct Answers (Verified Answers) Already Graded
A+ | Guaranteed Success!! | Newest Exam!!!
What is rack rate? - Answer-The price of rooms when no
discounts of any type are offered
What is:
Total period revenue
(Number of available seats) x (hours of seat availability) -
Answer-The formula for RevPASH
What is the term used to identify a management
philosophy that places customer gain ahead of short-term
revenue maximization in revenue management decision
making? - Answer-Customer-centric revenue management
What is the term used to describe the potential customers
to whom a business's marketing activities and messages
are directed? - Answer-The target market
,2|Page
What is the term used to describe efforts undertaken to
encourage travel and tourism to a specific geographic
area or attraction? - Answer-Destination Marketing
What is the name for the value given up by a buyer and a
seller in a business transaction? - Answer-Price
Charging guests for watching a "Pay-Per-View" movie in
their hotel guestroom is an example of what type of
pricing? - Answer-Two-tiered pricing
What is the fundamental assumption upon which the
concept of consumer rationality is based? - Answer-
Buyers act in ways that are of personal benefit to them
What is the revenue management term used to describe
the perceived benefit gained, minus the price paid, in a
business transaction? - Answer-Value
What is created when a seller communicates to a buyer a
description of a product to be sold and the price at which
that product will be sold? - Answer-A value proposition
,3|Page
Which one of the following terms is not one of the 4 Ps of
the Marketing Mix? - Answer-Proposition
Which of the following terms would be included in the
Place portion of a hotel's marketing mix? - Answer-
Distribution Channels
What is the fundamental assumption upon which the Law
of Supply is based? - Answer-The higher the demand for a
product the more of it will be produced by sellers
According to Alfred Marshall's work, if the price of a
product is lower than the natural, or equilibrium price, what
will happen? - Answer-The demand fort he product would
exceed its supply
Assume an equilibrium price (P1) is in place for a product.
What would the law of supply and demand predict as an
outcome if demand for that product increased? - Answer-
The new price (P2) would be lower than the previous price
(P1) because supply would decrease
, 4|Page
What concept is displayed by the intersecting point on a
supply and demand curve? - Answer-An estimate of the
amount of a product that would be purchased at a known
price and point in time
What is the industry term used to describe the sum of
prices paid by a business's customers? - Answer-Total
Revenues
Historically, what concept have hospitality managers
chiefly used to calculate their selling prices? - Answer-
Costs
What is an algebraic equivalent of the formula: Sales =
Costs + Profit? - Answer-Profit = Sales - Costs
What is the name for the net value achieved by both
parties in a business transaction? - Answer-Profit
What element is not present in a barter economy? -
Answer-Money
