HM 441 Quiz 3 (Ch.4&5) 30 Questions with Answers 2023,100% CORRECT

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HM 441 Quiz 3 (Ch.4&5) 30 Questions with Answers 2023 Pace of build refers to: a) How quickly new hotel rooms and new hotels are being added to a comp set's total supply b)The rate at which re ... servations are being made for a future date c)How quickly the demand for substitute products is reducing demand for hotel rooms d)The speed with which currency exchange rates are rising in a given market - CORRECT ANSWER b Denial reports from reservations show us how much more business we could captured if we had additional capacity or inventory. Since there was more demand than supply, we need to asses whether our rates were too low for that time period. A denial occurs when: a)Business that had considered an organization's products or services, but in the end decided to purchase from another organization b)Certain "rules" or "criteria" that are put in place to govern the conditions and availability of a rate are not available c) A facility is not able to accommodate a guest due to unavailability of product or service at that price d) A facility has the product of service available, but the customer chooses not to buy based upon the price or some other factor - CORRECT ANSWER c 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: a) All of the above apply b) Decline the group reservation c) Regret the group reservation d) Accept the group reservation - CORRECT ANSWER d Personal income minus income taxes equals which of the following? a) net income b) disposable income c) discretionary income d) leisure income - CORRECT ANSWER b Was factor is? a) Number of rooms set aside in the group block that do not sell to members of the group block until the agreed-upon-cut-off-date b) When demand rises above a hotel's ability to meet it (number of available rooms) c) Sale of a good or service in excess of actual supply d) Group members who check out early rather than stay the entire length of the event - CORRECT ANSWER d Which of these statements is fully correct? a) Businesses that serve international customers must monitor currency exchange rates b) Businesses that serve international customers must monitor hotels failure rate c) Businesses that serve international customers must monitor similar products d) Businesses that serve international customers must monitor employment rates - CORRECT ANSWER a Which forecasts are less detailed and accurate? a) Strategic forecast b) All of the above c) Tactical forecast d) Operational forecast - CORRECT ANSWER a Nonphysical Price Fences, strategic controls or also commonly called Rates with "Fenced" Discounts e.g. Minimum Length of Stay (MLS) are: a) Tactical system controls to be deployed to control rate and room type b) Devices used to slow down customer turnover c) "Rules" or "criteria" or "conditions" that are put in place to govern the conditions and availability of a rate d) "Rules" or "regulations" that are used to target different market segments - CORRECT ANSWER c After customers have met their basic financial requirements, any remaining money is considered what? a) nominal income b) constrained income c) disposable income d) discretionary income - CORRECT ANSWER d A long-term forecast of demand is based on: a) gross domestic product b) a given hotel's past performance c) all of the above d) the disposable income of feeder markets - CORRECT ANSWER c When demand levels rise above the hotel's capacity to meet it fully, demand becomes what? a) unconstrained b) spill factor c) constrained d) overbooked - CORRECT ANSWER c Which of the following is not a type of constraint? a) minimum length of stay b) capacity allocation c) closed to arrival (CTA) d) business group e) rate threshold - CORRECT ANSWER d A _______ 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. a) budget b) market c) forecast d) revenue management tactic - CORRECT ANSWER a 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? a) denial b) undesirable c) unconstrained d) regret - CORRECT ANSWER a What is true about a revenue manager's rooms demand forecast? a) It is based on the total number of hotels in an area b) It is based on customer demand at an established price c) It cannot be altered in the future via price management strategies d) It is based on customer demand at a yet to be determined price - CORRECT ANSWER b What is the booking pace? a) It's all of the above b) An indicator that compares the revenue pace of the current year with those of previous years c) An indicator that compares the sales pace of the current year with those of previous years d) An indicator that compares the booking pace of the current year with those of previous years - CORRECT ANSWER d 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? a) revenue management tactic b) budget c) forecast d) market - CORRECT ANSWER b Inflation affects how we measure growth. If a hotel raises its room rates by 5 percent during a period with a 2 percent inflation, its nominal growth is 5 percent, but its real growth is: a) 2% b) 3% c) 4% d) 1% - CORRECT ANSWER b What is not part of the results or goals of tactical discounting? a) It can attract brand-neutral, price-sensitive guests b) Increases your property revenues, RevPAR and profitability c) It can increase occupancy and grow market share d) It can generate cash flow in the short run - CORRECT ANSWER b What does up-selling ideally accomplish? a) increase margins b) satisfy guests c) all of the above d) increase revenues - CORRECT ANSWER c 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: a) a stay-sensitive hurdle rate b) demand-based dynamic pricing c) up-selling d) using a flexible rack rate - CORRECT ANSWER b Which of the following rate types is NOT a common rate type? a) rack rate b) government rate c) corporate rate d) complimentary rate e) continental rate - CORRECT ANSWER e Which approach to pricing takes a long-term view? a) tactical approach b) constrained approach c) strategic approach d) unconstrained approach - CORRECT ANSWER c From the following, which one is NOT part of Groups Business Partners? a) Tour operations or travel agents b) Meeting planners c) Convention and visitor bureaus d) Catering managers - CORRECT ANSWER d What information do you need in order to calculate a Rate Achievement Factor (RAF)? a) RevPAR and rack rate b) ADR and rack rate c) occupancy and hurdle rate d) occupancy and ADR - CORRECT ANSWER b Which are the rates which always apply to membership organizations? a) group rates b) government rates c) promotional rates d) event rates e) rack rates - CORRECT ANSWER c What type of traditional market segmentation is often identified by postal code? a) geographic b) psychographic c) behavioral d) demographic - CORRECT ANSWER a Which of the following is NOT another term for the rack rate? a) premium rate b) posted rate c) hurdle rate d) walk-in rate - CORRECT ANSWER c 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? a) block (reservation) b) denied (reservation) c) fenced (reservation) d) tacked (reservation) - CORRECT ANSWER b 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)? a) tactical discounting b) GOPac c) demand-based dynamic pricing d) unfair practice - CORRECT ANSWER c [Show More]

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