Revenue Management for the Hospitality Industry

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is an advantage of having a revenue management strategy?

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1. The _____ strategy involves placing a price on hospitality-related products in a way that provides value to a customer.

2. A customer who books their airfare online will be looking for a cheaper ticket than a customer who books the same ticket through the airline's physical office. Which statement best describes which concept?

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About This Quiz & Worksheet

This quiz will assess your understanding of revenue management for hospitality. To pass the quiz, you'll need to be familiar with data collection as part of a revenue management strategy.

Quiz & Worksheet Goals

Your knowledge of the following will be tested as you take this quiz:

  • Advantage of having a revenue management strategy
  • Strategy that involves setting costs of hospitality related products to provide value to a customer
  • Different distribution channels and what customers use them
  • Reason to use data collection when implementing a revenue management strategy in the hospitality industry
  • Determining which products and services will be on demand in the future

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about the advantage of having a revenue management strategy
  • Information recall - access the knowledge you've gained regarding the strategy that involves setting costs of hospitality related products to provide value to a customer
  • Critical thinking - apply relevant concepts to examine information about determining which products and services will be on demand in the future in a different light

Additional Learning

To gain an even deeper understanding of this topic, check out the related lesson titled Revenue Management for the Hospitality Industry. Here are topics you'll find in this lesson:

  • Revenue management pillars
  • Loyalty programs that provide discounts
  • Careful market segmentation
  • Enhancing profitability and customer value
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