FEMA 480 ACTUAL EXAM WITH QUESTINS AND CORRECT VERIFIED ANSWERS GRADED
A+ GUARANTEED PASS
What is Benchmarking? - (answer)-Property
-Corporate
-Tourism Organizations
Competitive Sets - (answer)What?, Why?, Who?, When?, Rules
My hotel vs. the competition - (answer)each hotel has to compare themselves to the competition
Benchmarking in the Hotel Industry - (answer)-compare performance to comp set
-compare performance to hotels in pre-defined industry segments near their hotel (market/tract)
-can compare their own properties to variety of comparative groups of hotels to gauge performance of
their portfolio
-tourism orgs can also compare their local area to "comparable" markets
What is a Comp Set? - (answer)a group of hotels used primarily for comparison against subject property
for performance benchmarking purposes
-properties in a comp set are competitive in nature--> could be competing for the same guests
-Nittany Lion Inn will not compare to Roadway Inn because they are not going to have the same type of
guests
How are Comp Sets Used? - (answer)-compare to subject property for performance benchmarking
purposed
-aid sales and marketing team
-use in management contracts for performance requirements
-internal and external analysis
Why are Comp Sets Needed? - (answer)-the information is valuable
,FEMA 480 ACTUAL EXAM WITH QUESTINS AND CORRECT VERIFIED ANSWERS GRADED
A+ GUARANTEED PASS
-started in 1980s
Aggregating - (answer)finding the averages based on the data from a group of hotels so that each
individual hotel is protected from exploitation of their specific data
-from a STAR report, can only see how everyone as a whole is doing
When are Comp Sets Created? - (answer)-by the time the hotel opens
-sometimes long before the hotel opens/while the hotel is under construction--> "under construction"
STAR report
Why would a hotel want to put together a comp set before they open? - (answer)want to make sure
their price point is good or maybe see if the hotel is even worth building
Who chooses the Comp Set? - (answer)-management company
-GM
-Chain Company
-Sales and Marketing Team
all might have different goals or agendas
Choosing the comp set/ setting chain standards - (answer)-including/excluding specific chains
-including/excluding different properties of the same chain
-choosing properties within specific radial distance
-choosing properties within specific chain scales
4 P's - (answer)-Participation--> do they send STR their data?
-Proximity--> are competitors in the same town, state, region, country?
-Pricing--> competitors will have similar prices to your hotel
, FEMA 480 ACTUAL EXAM WITH QUESTINS AND CORRECT VERIFIED ANSWERS GRADED
A+ GUARANTEED PASS
-Product--> competitors will generally be similar to your hotel with amenities and features
Participation - (answer)Monthly- usually default
Daily- most hotels submit info daily or each week
Segmentation-many submit rooms sold, revenue broken down by transient, group, contract
Additional Revenue- F&B and other revenue
Proximity - (answer)Distance- how many miles away?
Market/Tract (Submarket)- will help you identify hotels that are geographically close to the subject
hotel, can also look at city, zip code, county
Location- airport, downtown area, beach/resort area
Pricing - (answer)Scale- if a chain hotel
Class- help you to identify independent hotels
-can also be found on the Internet
Product - (answer)Number of rooms- should be similar to you
Open Date- around same age, different occ% for new vs. old hotels
Hotel Type- Boutique, Extended Stay, Convention, etc.
Meeting Space- compare
Amenities- check (restaurant, spa, waterpark, etc.)
Rules to Creating a Comp Set - (answer)-Sufficiency--> in North America, comp sets MUST include 3+
hotels in addition to yours, but encouraged to have 4+
-outside of North America, comp sets must include 4+ hotels in addition to theirs
Rules : Percentage Checks - (answer)-No single property or chain can account for more than 40% of total
participating room supply of a comp set
A+ GUARANTEED PASS
What is Benchmarking? - (answer)-Property
-Corporate
-Tourism Organizations
Competitive Sets - (answer)What?, Why?, Who?, When?, Rules
My hotel vs. the competition - (answer)each hotel has to compare themselves to the competition
Benchmarking in the Hotel Industry - (answer)-compare performance to comp set
-compare performance to hotels in pre-defined industry segments near their hotel (market/tract)
-can compare their own properties to variety of comparative groups of hotels to gauge performance of
their portfolio
-tourism orgs can also compare their local area to "comparable" markets
What is a Comp Set? - (answer)a group of hotels used primarily for comparison against subject property
for performance benchmarking purposes
-properties in a comp set are competitive in nature--> could be competing for the same guests
-Nittany Lion Inn will not compare to Roadway Inn because they are not going to have the same type of
guests
How are Comp Sets Used? - (answer)-compare to subject property for performance benchmarking
purposed
-aid sales and marketing team
-use in management contracts for performance requirements
-internal and external analysis
Why are Comp Sets Needed? - (answer)-the information is valuable
,FEMA 480 ACTUAL EXAM WITH QUESTINS AND CORRECT VERIFIED ANSWERS GRADED
A+ GUARANTEED PASS
-started in 1980s
Aggregating - (answer)finding the averages based on the data from a group of hotels so that each
individual hotel is protected from exploitation of their specific data
-from a STAR report, can only see how everyone as a whole is doing
When are Comp Sets Created? - (answer)-by the time the hotel opens
-sometimes long before the hotel opens/while the hotel is under construction--> "under construction"
STAR report
Why would a hotel want to put together a comp set before they open? - (answer)want to make sure
their price point is good or maybe see if the hotel is even worth building
Who chooses the Comp Set? - (answer)-management company
-GM
-Chain Company
-Sales and Marketing Team
all might have different goals or agendas
Choosing the comp set/ setting chain standards - (answer)-including/excluding specific chains
-including/excluding different properties of the same chain
-choosing properties within specific radial distance
-choosing properties within specific chain scales
4 P's - (answer)-Participation--> do they send STR their data?
-Proximity--> are competitors in the same town, state, region, country?
-Pricing--> competitors will have similar prices to your hotel
, FEMA 480 ACTUAL EXAM WITH QUESTINS AND CORRECT VERIFIED ANSWERS GRADED
A+ GUARANTEED PASS
-Product--> competitors will generally be similar to your hotel with amenities and features
Participation - (answer)Monthly- usually default
Daily- most hotels submit info daily or each week
Segmentation-many submit rooms sold, revenue broken down by transient, group, contract
Additional Revenue- F&B and other revenue
Proximity - (answer)Distance- how many miles away?
Market/Tract (Submarket)- will help you identify hotels that are geographically close to the subject
hotel, can also look at city, zip code, county
Location- airport, downtown area, beach/resort area
Pricing - (answer)Scale- if a chain hotel
Class- help you to identify independent hotels
-can also be found on the Internet
Product - (answer)Number of rooms- should be similar to you
Open Date- around same age, different occ% for new vs. old hotels
Hotel Type- Boutique, Extended Stay, Convention, etc.
Meeting Space- compare
Amenities- check (restaurant, spa, waterpark, etc.)
Rules to Creating a Comp Set - (answer)-Sufficiency--> in North America, comp sets MUST include 3+
hotels in addition to yours, but encouraged to have 4+
-outside of North America, comp sets must include 4+ hotels in addition to theirs
Rules : Percentage Checks - (answer)-No single property or chain can account for more than 40% of total
participating room supply of a comp set
