HOSPITALITY REVENUE MANAGEMENT FINAL/ HOSPITALITY REVENUE MANAGEMENT ACTUAL EXAM ELABORATED QUESTIONS AND CORRECTLY ANSWERS 100% ALREADY RANKED.

HOSPITALITY REVENUE MANAGEMENT FINAL/ HOSPITALITY REVENUE MANAGEMENT ACTUAL EXAM ELABORATED QUESTIONS AND CORRECTLY ANSWERS 100% ALREADY RANKED. Which two geographic categories are the most important for a hotel GM? You Answered - ANSWER- Market and Tract/Sub-Market The four key considerations when creating a Competitive Set are? - ANSWERParticipation, Proximity, Pricing and Product What is the average number of hotels in a competitive set? - ANSWER- between 5 and 6 When can a competitive set be created? - ANSWER- A competitive set may be created while the hotel is under construction What are the three different operation types - ANSWER- Corporate, Franchise, Independent What is a Reverse Comp Set? - ANSWER- Properties that name your hotel in their competitive set Revenue management is the act of directing sources of income within the confines of - ANSWER- capacity, supply and demand GOPPAR takes into account which of the following variables that is not considered in RevPAR? - ANSWER- Controllable expenses Name revenue optimization strategies - ANSWER- Market segmentation, Duration control , BAR (Best Available Rate) Legoherel, Poutier, & Fyall point out that revenue optimization is not only about product versioning, distribution channel selection, and pricing, but also - ANSWER- careful selection of the most profitable customers The net value achieved by a seller and a buyer in a business transaction - ANSWERProfit A Barter System is a - ANSWER- Trading system in which goods and services are exchanged without the use of money.