Term
| What organization is a strong revenue driver for the Hilton at Easton and always receives some type of discount? |
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Definition
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|
Term
| Which two factors do successful revenue managers employ when they devise and implement strategic pricing plans? |
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Definition
| Data management and Insight |
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Term
| What is the term for the process of managing, controlling, and directing sources of income given the constraints of supply and demand? |
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Definition
|
|
Term
| What does a hotel's mix of sales report compare? |
|
Definition
| actuals to previous years |
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Term
| Which department in the hotel relies on the MAR to direct decisions? |
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Definition
|
|
Term
| Total customer _____ is assessed from the perception of the hospitality provider. |
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Definition
|
|
Term
| Which one of the following is not an example of marketing-based pricing? |
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Definition
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|
Term
| With what 2 types of volume accounts would a hotel typically negotiate preferred rates? |
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Definition
|
|
Term
| The daily detail report defines P & M as: |
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Definition
|
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Term
| Which of the following is a strategy or tactic to consider for channel and inventory management? |
|
Definition
| Develop an electronic marketing plan |
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|
Term
| What is the range of rates offered by the Hilton Easton? |
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Definition
|
|
Term
| Which group of employees is most responsible for implementing the revenue optimization strategies and tactics developed by a revenue management team? |
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Definition
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Term
| Lisa is the revenue manager of a 500 room hotel property. Next week-end demand for her rooms will exceed the number of rooms she has available for sale. Which high demand pricing strategy will optimize revenue for her property? |
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Definition
| Implement a differential pricing strategy and allocate the limited supply to those market segments who value the rooms most highly |
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Term
| What is true about a revenue manager’s rooms demand forecast? |
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Definition
| It is based on customer demand at an established price |
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Term
| MAR as listed on the daily detail report refers to: |
|
Definition
|
|
Term
| What is true about a future room reservation booked for a guest whose original reservation was booked through expedia.com and who is presently checking out of the hotel? |
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Definition
| No IDS fees will be paid on the revenue the new reservation will generate |
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Term
| Ray sold 100 rooms on Monday at an ADR of $150.00. He sold 150 rooms on Tuesday at an ADR of $200.00. What was his ADR for the combined days of Monday and Tuesday? |
|
Definition
|
|
Term
| What percentage of business does the group market represent to the Hilton at Easton? |
|
Definition
|
|
Term
| Total customer _____ is assessed from the perception of the consumer |
|
Definition
|
|
Term
| What company owns 40% of the Hilton Easton? |
|
Definition
|
|
Term
| Where is the Revenue Manager for the Hilton Easton located? |
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Definition
|
|
Term
| Price is a function of demand |
|
Definition
|
|
Term
| What is the term for the process conducted when determining the total customer worth of competing pieces of business ? |
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Definition
|
|
Term
| What is the term that describes space available at a particular time? |
|
Definition
|
|
Term
| Total channel revenue generated divided by total number of channel transactions = |
|
Definition
| Average channel contributions |
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Term
| In the DCA Chapter 2, it states that because there are many ways a consumer can reach a hotel through the distribution landscape, it is important that a hotel ensure what 3 things about their online presence? |
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Definition
| content well represented, rates fresh & available, info is current and appropriate |
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Term
| Hotels have to layer in their business to try to find: |
|
Definition
|
|
Term
| Although all eyes are online these days and much of the attention and focus by marketers is as well, what channel is one not to be overlooked? |
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Definition
|
|
Term
| For every dollar that a traveler spends in direct costs to reach a destination, some multiple of that amount will be spent on indirect costs |
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Definition
|
|
Term
| If quantity and quality are held constant how will a reduction in price affect buyers’ perceptions of value? |
|
Definition
| Perceived value will increase |
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Term
| During our class discussion on the current bandwidth situation in hotels, what 3 items are frequently showing up on guest comment cards? |
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Definition
| They don't like paying for the Internet, the speed is too slow, they have difficulty connecting) |
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Term
| Which of the following does NOT provide information regarding consumer purchasing patterns? |
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Definition
|
|
Term
| Analyzing only primary data is all that is necessary to yield the most comprehensive portrait of a hotel's customers |
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Definition
|
|
Term
| To sell the right product to the right customer at the right time for the right price is the objective of: |
|
Definition
|
|
Term
| Travel Agencies no long represent a source of any reservations for hotels |
|
Definition
|
|
Term
| What is the term for the maximum allowable expenditure on hotel rooms and each daily meal permitted for government travelers? |
|
Definition
|
|
Term
| Most hospitality organizations determine their list of direct competitors based on: |
|
Definition
| Price, Location, facilities |
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Term
| Hotels were as quick as the airlines to adapt to technology on which to run and analyze data. |
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Definition
|
|
Term
| Business to Consumer is the largest segment of the E-commerce business |
|
Definition
|
|
Term
| The first method of trade was based upon an item's worth. |
|
Definition
|
|
Term
| At early marketplaces, supply and demand dictated the wares that were bought and sold. |
|
Definition
|
|
Term
| What is the revenue management term used to describe the perceived benefit gained, minus the price paid, in a business transaction? |
|
Definition
|
|
Term
| Group purchasing behavior: |
|
Definition
is a more involved process
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| |
|
may have multiple decision makers
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| |
|
requires more time , more resources, more finesse
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|
Term
| According to the latest research, the typical customer for hospitality products vists _______ websites before booking a hotel |
|
Definition
|
|
Term
| It is important to know how the price and value of a good or service impacts the customers buying habits |
|
Definition
|
|
Term
| After deregulation, the airlines started manipulating yield and load factors to try and develop |
|
Definition
|
|
Term
| Which industry was the first to use Yield Management principles? |
|
Definition
|
|
Term
| Which federal government agency is responsible for establishing the government rate listing? |
|
Definition
| general services administration |
|
|
Term
| When identifying your hotel's competition, you only need to look at those properties closest to yours |
|
Definition
|
|
Term
| Which of the following is NOT an internal environmental factor for a hotel? |
|
Definition
|
|
Term
| What is the key element that differentiates hotel room revenue from airline seat revenue? |
|
Definition
|
|
Term
| What is the airline term for the percentage of seats sold? |
|
Definition
|
|
Term
| Which one of the following terms is not one of the 4 Ps of the Marketing Mix? |
|
Definition
|
|
Term
| Which parts of a SWOT analysis are future oriented? |
|
Definition
| Opportunities and threats |
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|
Term
| Which hotel company was the first to introduce wheelchair accessible rooms? |
|
Definition
|
|
Term
| What is the first fundamental element in the development of revenue management strategy? |
|
Definition
|
|
Term
| Primary research for marketing intelligence is conducted by colleges and universities |
|
Definition
|
|
Term
| Which decade saw a large number of hotels get into financial trouble? |
|
Definition
|
|
Term
| According to the Distribution Channel analysis, the percentage drop in use of Online Travel Agencies is between : |
|
Definition
|
|
Term
| Tashia’s hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250 rooms. What was Tashia’s occupancy % last night? |
|
Definition
|
|
Term
|
Definition
|
|
Term
| What is the term for the amount of a good or service that a seller is willing and able to sell for any given price at any given time? |
|
Definition
|
|
Term
| A market is considered as anywhere that buyers and sellers interact. |
|
Definition
|
|
Term
| Material value and quality+ benefits received from usage + esteem associated = |
|
Definition
| Percieved product or service value |
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|
Term
| When compiling your competitive set, your selection should be based on: |
|
Definition
| who most closely matches an established criteria |
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|
Term
| Inns were some of the very first establishments to set their prices based on: |
|
Definition
|
|
Term
| The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms is the definition of: |
|
Definition
|
|
Term
| What is the term for the amount of a good or service that a purchaser is willing and able to buy for any given price at any given time? |
|
Definition
|
|
Term
| From where did the information come that American Airlines used to develop a yield management strategy? |
|
Definition
|
|
Term
| What term best describes the perceptual placement in customer’s mind of your facility & your competitors? |
|
Definition
|
|
Term
| The strength of a brand to a hospitality product or service is the perception it creates with the consumer |
|
Definition
|
|
Term
| What is consumers most valuable commodity? |
|
Definition
|
|
Term
| What is the term that describes space available at a particular time? |
|
Definition
|
|
Term
| It is not necessary to list secondary competitors in an organization's competitive set |
|
Definition
|
|
Term
| The term that refers to the amount of revenue received by an airline for each mile flown per passenger is: |
|
Definition
|
|
Term
| What must be true if a hotel is to continue creating and selling products? |
|
Definition
| Revenues must exceed costs |
|
|
Term
| For the purpose of marketing intelligence it is important to understand those in the market not purchasing your product |
|
Definition
|
|
Term
| What is the term for the rate from which all discounts begin? |
|
Definition
|
|
Term
| What is defined as the process of satisfying the needs, wants and desires of customers? |
|
Definition
|
|
Term
| During second and third round NCAA action a few weeks ago, which US city boasted the biggest gains in 3 key metrics? |
|
Definition
|
|
Term
| Name the 3 key metrics that saw incredible increases in cities that hosted previous Final Four Championships. |
|
Definition
|
|
Term
|
Definition
| established to segment customer types |
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|
Term
|
Definition
| guests that would not stay with them otherwise |
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|
Term
| Fixed base operations (FBOs) |
|
Definition
| those companies operating out of airport |
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|
Term
RSS feeds
really simple syndication |
|
Definition
| enabling technology that allows customization |
|
|
Term
|
Definition
| based on individual selections made by customer. Requires enhanced communication between related industries |
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|
Term
|
Definition
| the process of developing, implementing, and evaluating strategies that enable an organization to achieve its objectives. |
|
|
Term
|
Definition
Identification of goals and objectives
Development of strategies and tactics
Execution of selected strategies and tactics
Analysis,evaluation, and adjustment of strategies and tactics |
|
|
Term
|
Definition
| When one process is complete, another begins |
|
|
Term
|
Definition
| reflects what the business currently is |
|
|
Term
|
Definition
| reflects what the business desires to become |
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|
Term
|
Definition
| the principles by which the organization operates |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| how the organization plans to achieve a goal or objective |
|
|
Term
|
Definition
| skillful methods used to achieve desired results |
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|
Term
|
Definition
Specific
Measurable
Achievable
Realistic
Trackable |
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|
Term
|
Definition
| Calendar used for planning and assigning tasks to be completed over the course of a year. |
|
|
Term
|
Definition
| Convincing managers and employees that this action is needed. |
|
|
Term
|
Definition
| the critical path leading to strategic revenue management |
|
|
Term
|
Definition
=Perceived Product or Service Value-Total Acquisition Cost
Assessed from the perception of the consumer |
|
|
Term
|
Definition
=(Primary Revenue+Ancillary Revenue-Acquisition Cost)xPropensity Y
assessed from the perception of the hospitality provider |
|
|
Term
|
Definition
Customer Knowledge
Market Segmentation and Selection
Internal Assessment
Competitive Analysis
Demand Forcasting
Channel Analysis and Selection
Dynamic Value-Based Pricing
Channel znd Inventory Management |
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|
