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Anatomy - ANSWERSStudy of body structures Physiology - ANSWERSStudy of how all body structures function Anterior or Ventral (Anatomical term of direction) - ANSWERSFront or belly side Posterior or Dorsal (Anatomical term of direction) - ANSWERSBack side Superior (Anatomical term of direction) - ANSWERSCloser to the head (used for head, neck and trunk) Inferior (Anatomical term of direction) - ANSWERSFarther from the top of the head (used for head, neck and trunk) Medial (Anatom...

anatomy - ANSWERSstudy of structure and form; derived from Greek word Anatome which means to cut apart or dissect; Anatomists study structure and form of organims studying the relationships among parts of the body and the structure of individual organs physiology - ANSWERSthe study of function of the body parts; physiologists examine how organs and body systems function under normal circumstances as well as how their functions are altered with medication or disease branches of anatomy - AN...

For revenue managers working in the lodging system the term "place" in the 4ps of the Marketing Mix refers to two items. One is the physical location of the hotel. What is the second? - ANSWERSthe property distribution channels What is the industry term used to describe all of a hotels unique or distinct forms of guestroom products available for sale? - ANSWERSRooms inventory What is a rate code? - ANSWERSA property specific description used to identify a particular room product Which...

What is the term used to identify a management philosophy that places customer gain ahead of short-term revenue maximization in revenue management decision making? - ANSWERScustomer-centric revenue management What is the term used to describe the potential customers to whom a business's marketing activities and messages are directed? - ANSWERSthe target market Understanding the barter system is critical because it helps us understand the concept of - ANSWERSvalue without money A compan...

Revenue Management Definition - ANSWERSSell the right room, to the right client, at the right price, at the right moment, on the right distribution channels. What data is used to generate a STAR report - ANSWERSADR, Occupied Rooms, Available Rooms Reference Prices - ANSWERSThe prices that consumers anticipate to pay or they considerable reasonable to pay for a particular product or service. Market Segmentation is a key component of revenue management, resulting in the objective: - ANSWE...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues - ANSWERS-total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits - ANSWERS-costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits -costs=profit-sales ...

ADR formula - ANSWERSTotal Rooms Revenue / Total Rooms Sold Value proposition - ANSWERSwhen a seller communicates to a buyer a description of a product to be sold and the price at which that product will be sold Owners ROI formula - ANSWERSOwners Investment Return/ Owner's Original Investment Profit - ANSWERSnet value achieved by both parties in a business transaction GOPAR formula - ANSWERSTotal revenue - Management Controllable Expenses / Rooms Available to sell Destination mar...

What is the industry term used to describe the sum of prices paid by a business's customers? - ANSWERStotal revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - ANSWERScosts What is an algebraic equivalent of the formula: Sales = Costs + Profit? - ANSWERSprofit=sales-costs What is the name for the net value achieved by both parties in a business transaction? - ANSWERSprofit What element is not present in a barter economy? - ...

Revenue - ANSWERSThe total amount of sales achieved in a specified time period Revenue is calculate as: - ANSWERSNumber of Units Sold x Unit Price Effective managers of an organization's revenues MUST do three things - ANSWERS1. Understand the importance of revenue management 2. Understand the many complex factors that influence revenue management strategy and tactics 3. Become better at making revenue management decisions than their competitors Proft Formula - ANSWERSRevenue - Exp...

What is bigger in the tourism industry, fixed costs or variable costs? - ANSWERSfixed costs are bigger -Think of an airplane: staffing, airport fees (fixed) - huge amount of the costs for airplanes come from fixed costs; food, fuel (variable) - not as easy to determine the variable costs We can reduce prices (even below total cost per room), as long as the reduced price covers, fixed cost per room or variable cost per room? - ANSWERSWe can reduce prices as long as the reduced price covers t...