REVENUE MANAGEMENT FINAL EXAM 2024-
m m m m
2025 QUESTIONS AND ANSWERS 100 % PASS SOLUTION A+ GRA
m m m m m m m m m
DE
The mrequirementmthatmambuyermpresentmamcouponmatmthemtime mof mpurchase mismanmexamplemo
f mwhatmtype mdifferentialmpricingmstrategy?
Pricingmbasedmonmdistributionmchannel
PricingmbasedmonmcustomermcharacteristicmPric
ingmbasedmonmproductmversioning
Pricingmbasedmonmpaymentmtermsm-mANSWER--pricingmbasedmonmcustomermcharacteristic
The mpremiummpricesmchargedmformdinnermservedmatmthe mrestaurantmLemJulesmVernesmonmthem
secondmlevelmof mthemEiffelmTowerminmParis,mFrancemcanmbe mattributed,minmpart,mtomwhichmtype
m of m differentialm pricingm strategy?
PricingmbasedmonmlocationmPrici
ngmbasedmonmtime
Pricingmbasedmonmproductmversioning
Pricingmbasedmonmbundlingm-mANSWER--pricingmbasedmonmlocation
whichmofmthemfollowingmtermsmwouldmbemincludedminmthemplace mportionmof mamhotel'smmarketi
ngmmix?
-advertising
-productmenhancements
-distributionmchannels
-promotionsm-mANSWER--distributionmchannels
Ambusinessmhotel'smpromotionmtargetingmlocalmareamresidence mandmdesignedmtomoffermthemm
significantlymreducedmroommratesmonmSundaymnightsmismanmexample mofmwhichmtypemofmdiffere
ntialmpricingmstrategy?
PricingmbasedmonmlocationmPric
ingmbasedmonmbundling
,Pricingmbasedmonmproductmversioning
Pricingmbasedmonmtime m-mANSWER--pricingmbasedmonmtime
Whatmtype mofmbenefitmismlackingminmmaterialmqualitiesmandmismnotmable mtombemtouchedmormsee
nmbutmnonethelessmcanmstillmbe mperceived?
Intangible mFri
nge mTangible
Materialm- mANSWER--intangible
Whatmwillmbe mthemtypicalmcase minmanmauctionmwhenmtheminitialmprice mbidmformthemitemmbeingms
oldmismverymlow?
The mnumbermof mpotentialmbiddersmwillmbe mlow
The mnumbermof mpotentialmbiddersmwillmbe mhigh
The mnumbermof mpotentialmbiddersmwillmincrease masmprice mincreases
The mnumbermof mpotentialmbiddersmwillmdecline m-mANSWER--
the mnumbermof mpotentialmbiddersmwillmbe mhigh
PennymLarsonmismtravellingmtomSanmFranciscomformampersonalmvacation.mWhichmof meconomistm
MiltonmFriedman'smbuyermvaluemformulasmwouldmapplymtomhermpurchase mof mthemhotelmrooms
m she m willm need m duringm herm trip?
Spendingmsomeonemelse'smmoneymonmherselfmS
pendingmhermownmmoneymonmsomeone melse
Spendingmhermownmmoneymonmherself
Spendingmsomeone melse'smmoneymonmsomeone melse m-mANSWER--
spendingmhermownmmoneymonmherself
,PennymLarsonmismtravellingmtomSanmFranciscomonmbusiness.mHermcompanymwillmreimbursem100
%mofmhermtravelmexpense.mWhichmofmeconomistmMiltonmFriedman'smbuyermvaluemformulasmwo
uldmapplymtomhermpurchase mofmthe mhotelmroomsmshe mwillmneedmduringmhermtrip?
Spendingmsomeonemelse'smmoneymonmherse
lf mSpendingmhermownmmoneymonmsomeonem
else mSpendingmhermownmmoneymonmherself
Spendingmsomeone melse'smmoneymonmsomeonemelsem-mANSWER--
spendingmsomeone melse'smmoneymonmherself
PennymLarsonmismbuyingmam$100.00mrestaurantmgiftmcardmasmampresentmformhermniece mwhomism
graduatingmfrommhospitalitymmanagementmschool.mWhichmof meconomistmMiltonmFriedman'sm
buyermvalue mformulasmwouldmapplymtomhermpurchase?
Spendingmsomeonemelse'smmoneymonmsomeonemelsmS
pendingmhermownmmoneymonmherself
Spendingmhermownmmoneymonmsomeone melse
Spendingmsomeone melse'smmoneymonmherself m-mANSWER--
spendingmhermownmmoneymonmsomeone melse
PennymLarsonmismamtravelmagentmarrangingmamone-
weekmSanmFranciscomvacationmformMr.mandmMrs.mRafaelmOchoa.mWhichmofmeconomistmMilton
m Friedman's m buyermvaluemformulas m would mapply mtomhermpurchasemofm the m hotelm rooms m the m
Ochoa'smwillmneedmduringmtheirmtrip?
Spendingmsomeonemelse'smmoneymonmsomeonemelsem
Spendingmhermownmmoneymonmherself
Spendingmhermownmmoneymonmsomeone melse
Spendingmsomeone melse'smmoneymonmherself m-mANSWER--
spendingmsomeone melse'smmoneymonmsomeone melse
Whatmspecialmchallenge mdombuyersmof mhospitalitymproductsmsuchmasmhotelmguestroomsmormre
staurantmmealsmface?
Difficultyminmprice mdeterminationmpriormtompurchas
, Difficultyminmquantitymselectionmpriormtompurchase
Difficultyminmpaymentmtermsmdeterminationmpriormtompurchase
Difficultyminmqualitymevaluationmpriormtompurchase m-mANSWER--
difficultyminmqualitymevaluationmpriormtompurchase
whatmismthe mfundamentalmassumptionmuponmwhichmthe mlawmof msupplymismbased?
-the mhighermthe mdemandmformamproductmthe mlessmofmitmwillmbe mproducedmbymsellers
-the mhighermthe mdemandmformamproductmthe mmore mofmitmwillmbe mproducedmbymsellers
-the mlowermthe mdemandmformamproductmthe mmore mofmitmwillmbe mproducedmbymsellers
-the mdemandmformamproductmdoesmnotmaffectmitsmsupplym-mANSWER--
the mhighermthe mdemandmformamproductmthe mmore mofmitmwillmbe mproducedmbymsellers
accordingmtomAlfredmMarshall'smwork,mifmthemprice mof mamproductmismlowermthanmthe mnatural,m
ormequilibriummprice,mwhatmwillmhappen?
-amsurplusmwillmoccur
-the mdemandmformthe mproductmwouldmexceedmitsmsupply
-the msupplymof mthe mproductmwouldmexceedmitsmdemand
-excessmcapacitymwouldmcreate mconstrainedmsupplym-mANSWER--
the mdemandmformthe mproductmwouldmexceedmitsmsupply
Assume manmequilibriummprice m(P1)misminmplace mformamproduct.mWhatmwouldmthe mlawmofmsuppl
ymandmdemandmpredictmasmanmoutcome mif mdemandmformthatmproductmincreased
-the mnewmprice m(P2) mwouldmbe mhighermthanmthe mpreviousmprice m(P1) mandmsupplymwouldmdecrease
-
the mnewmprice m(P2) mwouldmbemlowermthanmthempreviousmprice m(P1) mbecause msupplymwouldmd
ecrease
-the mnewmprice m(P2) mwouldmbe mhighermthanmthe mpreviousmprice m(P1) mandmsupplymwouldmincrease
m m m m
2025 QUESTIONS AND ANSWERS 100 % PASS SOLUTION A+ GRA
m m m m m m m m m
DE
The mrequirementmthatmambuyermpresentmamcouponmatmthemtime mof mpurchase mismanmexamplemo
f mwhatmtype mdifferentialmpricingmstrategy?
Pricingmbasedmonmdistributionmchannel
PricingmbasedmonmcustomermcharacteristicmPric
ingmbasedmonmproductmversioning
Pricingmbasedmonmpaymentmtermsm-mANSWER--pricingmbasedmonmcustomermcharacteristic
The mpremiummpricesmchargedmformdinnermservedmatmthe mrestaurantmLemJulesmVernesmonmthem
secondmlevelmof mthemEiffelmTowerminmParis,mFrancemcanmbe mattributed,minmpart,mtomwhichmtype
m of m differentialm pricingm strategy?
PricingmbasedmonmlocationmPrici
ngmbasedmonmtime
Pricingmbasedmonmproductmversioning
Pricingmbasedmonmbundlingm-mANSWER--pricingmbasedmonmlocation
whichmofmthemfollowingmtermsmwouldmbemincludedminmthemplace mportionmof mamhotel'smmarketi
ngmmix?
-advertising
-productmenhancements
-distributionmchannels
-promotionsm-mANSWER--distributionmchannels
Ambusinessmhotel'smpromotionmtargetingmlocalmareamresidence mandmdesignedmtomoffermthemm
significantlymreducedmroommratesmonmSundaymnightsmismanmexample mofmwhichmtypemofmdiffere
ntialmpricingmstrategy?
PricingmbasedmonmlocationmPric
ingmbasedmonmbundling
,Pricingmbasedmonmproductmversioning
Pricingmbasedmonmtime m-mANSWER--pricingmbasedmonmtime
Whatmtype mofmbenefitmismlackingminmmaterialmqualitiesmandmismnotmable mtombemtouchedmormsee
nmbutmnonethelessmcanmstillmbe mperceived?
Intangible mFri
nge mTangible
Materialm- mANSWER--intangible
Whatmwillmbe mthemtypicalmcase minmanmauctionmwhenmtheminitialmprice mbidmformthemitemmbeingms
oldmismverymlow?
The mnumbermof mpotentialmbiddersmwillmbe mlow
The mnumbermof mpotentialmbiddersmwillmbe mhigh
The mnumbermof mpotentialmbiddersmwillmincrease masmprice mincreases
The mnumbermof mpotentialmbiddersmwillmdecline m-mANSWER--
the mnumbermof mpotentialmbiddersmwillmbe mhigh
PennymLarsonmismtravellingmtomSanmFranciscomformampersonalmvacation.mWhichmof meconomistm
MiltonmFriedman'smbuyermvaluemformulasmwouldmapplymtomhermpurchase mof mthemhotelmrooms
m she m willm need m duringm herm trip?
Spendingmsomeonemelse'smmoneymonmherselfmS
pendingmhermownmmoneymonmsomeone melse
Spendingmhermownmmoneymonmherself
Spendingmsomeone melse'smmoneymonmsomeone melse m-mANSWER--
spendingmhermownmmoneymonmherself
,PennymLarsonmismtravellingmtomSanmFranciscomonmbusiness.mHermcompanymwillmreimbursem100
%mofmhermtravelmexpense.mWhichmofmeconomistmMiltonmFriedman'smbuyermvaluemformulasmwo
uldmapplymtomhermpurchase mofmthe mhotelmroomsmshe mwillmneedmduringmhermtrip?
Spendingmsomeonemelse'smmoneymonmherse
lf mSpendingmhermownmmoneymonmsomeonem
else mSpendingmhermownmmoneymonmherself
Spendingmsomeone melse'smmoneymonmsomeonemelsem-mANSWER--
spendingmsomeone melse'smmoneymonmherself
PennymLarsonmismbuyingmam$100.00mrestaurantmgiftmcardmasmampresentmformhermniece mwhomism
graduatingmfrommhospitalitymmanagementmschool.mWhichmof meconomistmMiltonmFriedman'sm
buyermvalue mformulasmwouldmapplymtomhermpurchase?
Spendingmsomeonemelse'smmoneymonmsomeonemelsmS
pendingmhermownmmoneymonmherself
Spendingmhermownmmoneymonmsomeone melse
Spendingmsomeone melse'smmoneymonmherself m-mANSWER--
spendingmhermownmmoneymonmsomeone melse
PennymLarsonmismamtravelmagentmarrangingmamone-
weekmSanmFranciscomvacationmformMr.mandmMrs.mRafaelmOchoa.mWhichmofmeconomistmMilton
m Friedman's m buyermvaluemformulas m would mapply mtomhermpurchasemofm the m hotelm rooms m the m
Ochoa'smwillmneedmduringmtheirmtrip?
Spendingmsomeonemelse'smmoneymonmsomeonemelsem
Spendingmhermownmmoneymonmherself
Spendingmhermownmmoneymonmsomeone melse
Spendingmsomeone melse'smmoneymonmherself m-mANSWER--
spendingmsomeone melse'smmoneymonmsomeone melse
Whatmspecialmchallenge mdombuyersmof mhospitalitymproductsmsuchmasmhotelmguestroomsmormre
staurantmmealsmface?
Difficultyminmprice mdeterminationmpriormtompurchas
, Difficultyminmquantitymselectionmpriormtompurchase
Difficultyminmpaymentmtermsmdeterminationmpriormtompurchase
Difficultyminmqualitymevaluationmpriormtompurchase m-mANSWER--
difficultyminmqualitymevaluationmpriormtompurchase
whatmismthe mfundamentalmassumptionmuponmwhichmthe mlawmof msupplymismbased?
-the mhighermthe mdemandmformamproductmthe mlessmofmitmwillmbe mproducedmbymsellers
-the mhighermthe mdemandmformamproductmthe mmore mofmitmwillmbe mproducedmbymsellers
-the mlowermthe mdemandmformamproductmthe mmore mofmitmwillmbe mproducedmbymsellers
-the mdemandmformamproductmdoesmnotmaffectmitsmsupplym-mANSWER--
the mhighermthe mdemandmformamproductmthe mmore mofmitmwillmbe mproducedmbymsellers
accordingmtomAlfredmMarshall'smwork,mifmthemprice mof mamproductmismlowermthanmthe mnatural,m
ormequilibriummprice,mwhatmwillmhappen?
-amsurplusmwillmoccur
-the mdemandmformthe mproductmwouldmexceedmitsmsupply
-the msupplymof mthe mproductmwouldmexceedmitsmdemand
-excessmcapacitymwouldmcreate mconstrainedmsupplym-mANSWER--
the mdemandmformthe mproductmwouldmexceedmitsmsupply
Assume manmequilibriummprice m(P1)misminmplace mformamproduct.mWhatmwouldmthe mlawmofmsuppl
ymandmdemandmpredictmasmanmoutcome mif mdemandmformthatmproductmincreased
-the mnewmprice m(P2) mwouldmbe mhighermthanmthe mpreviousmprice m(P1) mandmsupplymwouldmdecrease
-
the mnewmprice m(P2) mwouldmbemlowermthanmthempreviousmprice m(P1) mbecause msupplymwouldmd
ecrease
-the mnewmprice m(P2) mwouldmbe mhighermthanmthe mpreviousmprice m(P1) mandmsupplymwouldmincrease
