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FINAL EXAM HOSP 3100.
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FINAL EXAM HOSP 3100.
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FINAL EXAM HOSP 3100What is hotel Revenue Management? Explain your answer - ANS-Selling the right
product (suite, club etc.) to the right customer (what segment?) at the right time(lead
time) for the right price(strategies) through the right channel (GDS, OTA, Brand.com
etc.) with the best cost efficiency (margin, commission, labour);
Optimizing revenue by using tools (reports, systems, recommendations, and
competitive intelligence), experience and insight toward achieving best possible results
What is a DORM responsible for? - ANS-Achieving best possible results. Optimizing
profitability. Budget. Forecast and forecast management. Managing upwards, across
and downwards. Working with Sales, Catering, Front Office etc. as appropriate, toward
achieving goals. Training/educating these departments to assist with revenue goals.
Explain how a DORM works with a DOSM to best plan for their hotel's financial success.
- ANS-Planning for optimal transient/group mix of business. Working as a team to
achieve hotel goals. Using each other's strengths.
What is a STAR report? Why do you use it? - ANS-The STAR program is used by the
global hotel industry as a vital revenue management tool. The report benchmarks a
hotel's performance against its competitive aggregate and local market. The STAR
program tracks and delivers monthly, weekly and daily data.
Explain what is meant by "fair share" of business as it relates to a hotel's comp set and
STAR report. - ANS-We utilize indexes to measure a property's performance in three
key areas: Occupancy, ADR and RevPar. Property performance divided by competitive
set performance multiplied by 100. An index of 100 indicates that the property has
captured its fair share. Anything greater than 100 indicates a property is capturing more
than its fair share, while anything below 100 indicates the property is capturing less than
its fair share.
What is Demand 360? Why do you use it? - ANS-TravelClick's Demand360 is a total
hotel forward-looking product that enables hotels to see how they are pacing versus
their competitive set. Using historical and forward-looking demand data (ADR, OCC,
RevPAR, rank), organized by date, segment and channel, Demand360 helps hoteliers
optimize revenue management strategies and make informed marketing decisions.
Explain what is meant by "market segment". - ANS-Market segmentation allows you to
target and market to a variety of consumer groups with different behaviours with an offer
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