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Summary: Revenue Management
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Read the summary and the most important questions on Revenue management
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Lecture 1
This is a preview. There are 51 more flashcards available for chapter 19/11/2020
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Q7)Describe per disciple what revenue management technique will be used to maximize revenue and optimize profit.
Right customer: segment market
Right product: different product and price fencing
Right time: forecasting and displacement
Right price:optimal balance between P&O/ cost/value-based
Right place: distribution management and inventory management per channel -
What does perishable inventory mean?
Perishable inventory is defined as products or service that possess the possibility of spoilage or loss -
Explain what demands means in this context
Demand means the amount of good or service a guest is willing and able to but for any given price and given time -
Give 2 example of stay control application
Minimun lenght of stay
Maximum lenght of stay
72 hrs cancellation -
Q2B)Why do hotels have dynamic pricing concepts
To increaserevenue and offering customers with a differentwillingness to pay a suitable price to prevent missing sellingopportunities -
Q3C)Give 1 example of a GDS and 1 example of a IDS
Amadues andBooking.com -
Q12A)How much is the elasticity of a hotel that sees a 5 percent increase in occupancy when its room rate from 100 to 90 euro
5/-10=-0,5 -
Q12B)What is the elasticity of a hotel that sees a 10 percent increase in occupancy when it lowers its room rates from 100 to 80 euro
10/-20=-0,5 -
Q12C)Why should revenue managers care about price elasticity of demand
They need to understand the impact of priceadjustments . -
The Mountain hotel has stermined 3 different best available rates for their hotel rooms: 90, 100 and 110 euro. How can this hotel apply effective rate fences to each of the different rates (explain by examples)
90 euro: advanced payment, no refund, min/ max stay, must arrive on sunday
100: pay upon arrival, 50 % refund
110L pay upon departe, 100 % refund
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