HM 441- RM- Final JMU 45 Questions with Answers 2023,100% CORRECT

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HM 441- RM- Final JMU 45 Questions with Answers 2023 Revenue management is a set of revenue maximization strategies and tactics that: - CORRECT ANSWER Can be used to improve the profitability o... f certain businesses Revenue management includes a multidisciplinary management techniques applied to several sub-sectors of the hospitality. Which of the following is NOT one discipline within revenue management? - CORRECT ANSWER Logistics Management What is the main reason travelers today have more clout than ever before? - CORRECT ANSWER They have information on virtually everything at their fingertips Revenue Management is a computer system and is price discounting. - CORRECT ANSWER False Identify which of these is not a positive of using revenue management strategies and tactics: - CORRECT ANSWER Motivate employees To interpret measures of a hotel's performance, managers often compare those measures with: - CORRECT ANSWER historical figures, industry or sector averages and budget for the next period A benefit of variable pricing within revenue management is the smoothing of demand. - CORRECT ANSWER True If a 300-room hotel achieves 70 percent occupancy for April at an ADR of $153 per room, what will room revenue equal? - CORRECT ANSWER $963,900 Which of the following statements about hotel revenue management is false? - CORRECT ANSWER Revenue management is new, as are all of the strategies that are employed to maximize profit When the American Airlines CEO developed yield management, what type of information was crucial to its success? - CORRECT ANSWER Forecasting Throughput time measures: - CORRECT ANSWER the time a customer spends in the system from enter to exit The steps of an RRM program include: - CORRECT ANSWER Establishing the baseline Collecting Data Analyzing information and developing appropriate solutions Implementing & monitoring solutions If a restaurant had an overall average RevPASH of $14 and an overall seat occupancy of 66%, its average check would be: - CORRECT ANSWER $21.21 Which of these activities is the bottleneck and why? - CORRECT ANSWER Taking the order, because its throughput rate is lowest A diner has an average dining duration of 36 minutes at breakfast time. The standard deviation of dining duration is 5 minutes. Which of these RRM solutions would NOT help decrease the variation in duration? - CORRECT ANSWER issuing a coupon for a late breakfast special Time-variable demand means: - CORRECT ANSWER Different market segments use a service at different times A process flow diagram: - CORRECT ANSWER helps identify potential gaps useful when movement is a large part os system operations helps to identify potential redundancy in a service system traces how object move through a system Which is NOT a condition necessary for the successful application of RM to a service business: - CORRECT ANSWER low fixed and high variable costs The bottleneck activity of a service delivery system has the: - CORRECT ANSWER lowest throughput rate When RevPASH is low, RRM strategies to use include all of the following except: - CORRECT ANSWER Overbooking Displacement Analysis four step process - CORRECT ANSWER 1. Establish net room revenue differential 2. Establish a net F&B revenue differential 3. Determine other revenue 4. Summarize A displacement analysis should be conducted: - CORRECT ANSWER when accepting a group booking will mean turning other business away. When might a revenue manager choose without questions to accept a less profitable group booking over more profitable transient business? - CORRECT ANSWER the group is a regular customer of the hotel or a key account group from your comp set Which of the following is a step in the displacement analysis process? - CORRECT ANSWER Establish net room revenue What information is needed to calculate a net room rate? - CORRECT ANSWER Room rate, variable costs and all costs and fees that apply to the booking Which of the following hotels would be most likely to need and benefit from displacement analysis? - CORRECT ANSWER An urban hotel during its busy season An individual traveling, dining, attending a game or performance, or staying alone is usually referred to as a: - CORRECT ANSWER Transient Displacement Analysis can determine the quantifiable benefits of different options. However it needs to have the right circumstances. When is it appropriated? - CORRECT ANSWER When a reliable forecast indicates that there's more demand than our capacity, it will be a period of high demand To maximize profitability by allocating sufficient inventory to the most important segments is the objective of what? - CORRECT ANSWER Market Mix Management What is a successful positioning strategy based on? - CORRECT ANSWER A set of competitive advantages What type of traditional market segmentation is often identified by postal code? - CORRECT ANSWER Geographic What is the goal of rate parity? - CORRECT ANSWER To charge the same price for the same room regardless of booking channel A positive aspect of matching competitors prices is which of the following? - CORRECT ANSWER it drives the choice to other differentiations or competitive strategies Which is not a key category of rate fence? - CORRECT ANSWER non-physical fence related to buyer racial profiling The basic purpose of packaging is to: - CORRECT ANSWER Does not reveal the individual price of the different components so it creates a perception of value At what stage of the evolution of the revenue manager position were certification programs and. specialized training introduced? - CORRECT ANSWER Intermediate When the Director of Revenue Management (DORM) reports directly to the Hotel's general manager it's not only the most common case but it's what Forgacs call? - CORRECT ANSWER Evolutionary Stage The Revenue Team (or committee) should not include which member? - CORRECT ANSWER The engineering director Reference price should answer the following question: - CORRECT ANSWER The price perceived by consumers to be the normal price for a product of service? What type of revenue management systems execute all of the rate and capacity allocation controls necessary to achieve revenue management goals? - CORRECT ANSWER Decision Support System Which of the following statements about revenue managers is false? - CORRECT ANSWER A revenue manager's job is usually restricted to crunching numbers and producing reports What technological advance has made it possible for all room sellers to access each inventory unit, including designated room blocks? - CORRECT ANSWER Single-image inventory The price perceived by consumers to be the normal price for a product or a service is called the.. - CORRECT ANSWER Reference price Which of the following statements about revenue managers is absolutely true? - CORRECT ANSWER Since 2 customers booking the same type of room may be paying different rates based on the time of their booking, the customer may feel they are getting a "fair price" From an ethics perspective, a well designed service recovery program is the correct strategy to reduce conflicts in case of ____________________ . - CORRECT ANSWER overbooking [Show More]

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