HM 441 Chapter 4 & 5|30 Questions with Answers 2023,100% CORRECT

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HM 441 Chapter 4 & 5|30 Questions with Answers 2023 In terms of rates and economics, an airfare to remote locations (e.g. a resort in the middle of the Amazonian forest) is a good example of what... ? - CORRECT ANSWER complementary product In a property forecasted high period of demand period, if the RM displacement analysis shows that by accepting a certain group the overall net revenue gain is positive (more revenues than the costs of displacement transient demand in the future), increasing profitability, than its Sales or Reservations departments should be inclined to: - CORRECT ANSWER accept the group reservation Pace of build refers to: - CORRECT ANSWER the rate at which reservations are being made for a future date Nonphysical Price Fences, strategic controls or also commonly called Rates with "Fenced" Discounts e.g. Minimum Length of Stay (MLS) are: - CORRECT ANSWER "rules" or "criteria" or "conditions" that are put in place to govern the conditions and availability of a rate Wash Factor is...? - CORRECT ANSWER group members who check out early rather than stay the entire length of the event After customers have met their basic financial requirements, any remaining money is considered what? - CORRECT ANSWER discretionary income Denial reports from reservations show us how much more business we could have captured if we had additional capacity or inventory. Since there was more demand than supply, we need to assess whether our rates were too low for that time period. A denial occurs when: - CORRECT ANSWER a facility is not able to accommodate a guest due to unavailability of product or service at that price When demand levels rise above the hotel's capacity to meet it fully, demand becomes what? - CORRECT ANSWER constrained What is the booking pace (also called booking pattern)? - CORRECT ANSWER an indicator that compares the booking pace of the current year with those of previous years Which of the following contains a breakdown of all revenue and expenses reasonably planned and expected for a particular period and is not likely to change unless unforeseen events force a revision? - CORRECT ANSWER budget Melissa called the High Demand Hotel on Wednesday to make a weekend reservation. The reservation agent checked the computer and then politely told Melissa that the hotel was sold out and they wouldn't be able to provide her with a room. What type of guest would Melissa be classified as? - CORRECT ANSWER denial Which of the following is not a type of constraint? - CORRECT ANSWER business group Room rates are only one element of revenue; in constrained demand market situations, hotels want to capture what? - CORRECT ANSWER the highest yield guests based on total spend Personal income minus income taxes equals which of the following? - CORRECT ANSWER Disposable income HM 441 Chapter 5 Denial reports from reservations show us how much more business we could have captured if we had additional capacity or inventory. Since there was more demand than supply, we need to assess whether our rates were too low for that time period. A denial occurs when: - CORRECT ANSWER A facility is not able to accommodate a guest due to unavailability of product or service at that price Which are the rates which always apply to membership organizations? - CORRECT ANSWER promotional rates Which approach to pricing takes a long-term view? - CORRECT ANSWER strategic approach Which of the following rate types are NOT set by negotiation? - CORRECT ANSWER government rates How do we call the concept of changing room rates daily or even several times within a day based on up-to date changing market information (e.g. hotels overcharging people who needed a place to stay after an Hurricane devastated their homes)? - CORRECT ANSWER Demand-Based Dynamic Pricing The owner/manager of the Dew Drop Inn has a great deal of flexibility in responding to changes in local market conditions but cannot afford broad advertising exposure and pays relatively high prices for supplies. The Dew Drop Inn is probably a(n) ______________ property. - CORRECT ANSWER independent What is the lodging industry term for the situation that occurs when a hotel is unable to accommodate a guest's reservation preference due to the unavailability of the room or service at the price, or on the date, originally requested by the guest? - CORRECT ANSWER denied (reservation) What is a guest called who decides to stay past than his or her scheduled checkout date? - CORRECT ANSWER overstay What information do you need in order to calculate a Rate Achievement Factor (RAF)? - CORRECT ANSWER ADR and rack rate What is the industry term for a customer group which can be readily identified by one or more common characteristics? - CORRECT ANSWER market segment What is NOT part of the results or goals of Tactical Discounting? - CORRECT ANSWER Increases your property revenues, RevPAR and profitability What type of traditional market segmentation is often identified by postal code? - CORRECT ANSWER geographic What does up-selling ideally accomplish? a. increase revenues b. satisfy guests c. increase margins d. all of the above - CORRECT ANSWER all of the above From the following, which one is NOT part of Groups Business Partners? - CORRECT ANSWER catering managers Which of the following rate types is NOT a common rate type? - CORRECT ANSWER Continental rate A revenue manager notices that the hotel is filling up rapidly for a future date. In response, she decides to close a discount level for that day. This is an example of: - CORRECT ANSWER demand-based dynamic pricing [Show More]

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