Part 1: MCQ, with explanation:

-What is revenue generation in the hospitality industry?

A. Marketing products or services in an online format

B. Increasing hotel room prices to make more money

C. Decreasing prices to acquire more travelers

D. A plan for selling goods or services to produce income

-Changing the pricing structure to match low- and high-demand periods is referred to as what?

A. Yield management B. Renovating and upgrading

C. Re-branding D. Adding new revenue sources

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

A. Project management becomes more efficient. B. The company is able to use up its assets. C. It is easier to predict customer behavior.

D. It is a useful accounting information system.

-The strategy involves placing a price on hospitality-related products in a way that provides value to a customer. A. Marketing B. Forecasting

C. Pricing

D. Dynamic

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

B. Price sensitivities C. Pricing strategy D. Inventory management

-What is revenue generation in the hospitality industry?

A. Increasing hotel room prices to make more money

B. Decreasing prices to acquire more travelers C. Marketing products or services in an online format

D. plan for selling goods or services to produce income

-A hotel manager looking to add new revenue sources might consider which one of the following?

A. Selling the hotels line of bath and shower products

B. Renovating existing hotel rooms C. Upgrading amenities and features D. Branding the hotel to older travelers

-This simple technique for generating revenue might include asking guests for their feed- back, providing better training for hotel employees, or going the extra mile to deal with a guest complaint. A. Marketing through social media channels

B. Changing room prices during high-demand periods

C. Upgrading room features D. Improving customer service

-Which of the following would be considered a service industry?

A. A supermarket B. A security guard company C. An electronics store

D. A furniture store

-What is the term used to describe the art of balancing pricing and timing to maximize profits per customer while attempting to maximize capacity? A. Revenue optimization B. Price per earnings ratio

C. The bottom line

D. Free cash flow

-Why is it important to understand your competition as it pertains to revenue optimization?

A. You must beat out the prices of every other hotel in the area. B. Its important in order to ensure that you do not come close to maximizing your business capacity. C. A competitor may be offering a similar value of service at a lower price. D. You must have the highest price of any other hotel in the area.