Pricing Strategy
Revenue Management eLearning Module Four - Pricing Strategy
- 1.
Which of the following is NOT the situation is likely to have elastic demand?
- A.
New Product
- B.
Many alternatives
- C.
Few alternatives
- D.
Insignificant price
Correct Answer
B. Many alternatives -
- 2.
Which of the following pricing approach is the most common approach now using in hotel industry?
- A.
Single-rate pricing
- B.
Cost-based pricing
- C.
Competitive pricing
- D.
Demand-based pricing
Correct Answer
C. Competitive pricing -
- 3.
Which of the following approach is not the common selling approach? Which one below is under “Auction Model”?
- A.
Top-down approach
- B.
Bottom-up approach
- C.
Best Available Rate approach
- D.
Random approach
Correct Answer
D. Random approach -
- 4.
Which of the following is NOT rate fence?
- A.
Control inventory
- B.
Control availability
- C.
Physical
- D.
Transaction
Correct Answer
A. Control inventory -
- 5.
Which of the following approach is not the strategy to position your pricing versus competition?
- A.
Skim
- B.
Match
- C.
Undercut
- D.
Stabilize
- E.
Penetrate
Correct Answer
D. Stabilize -
- 6.
One price model is the most profitable way to manage revenue at a hotel?
- A.
True
- B.
False
Correct Answer
B. False -
- 7.
When we experience high demand, we are able to charge a higher rate.
- A.
True
- B.
False
Correct Answer
A. True -
- 8.
Which of the following pricing approach is the recommended approach for LHG?
- A.
Single-rate pricing
- B.
Cost-based pricing
- C.
Competitive pricing
- D.
Demand-based pricing
Correct Answer
D. Demand-based pricing -
- 9.
Which of the following approach is the recommended selling approach by LHG?
- A.
Top-down approach
- B.
Bottom-up approach
- C.
Best Available Rate approach
- D.
Random approach
Correct Answer
C. Best Available Rate approach -
- 10.
Which of the following is NOT the key benefits of using rate fences effectively?
- A.
Increase revenue
- B.
Increase market share
- C.
Create negative business image
- D.
Understand customers' behaviour
Correct Answer
C. Create negative business image -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Apr 04, 2014Quiz Edited by
ProProfs Editorial Team -
Apr 04, 2014Quiz Created by
Emily Poon
- Accounting Quizzes
- Advertising Quizzes
- Agriculture Quizzes
- Automotive Quizzes
- Brand Quizzes
- Business Accounting Quizzes
- Business Analyst Quizzes
- Business Development Quizzes
- Business Environment Quizzes
- Business Etiquette Quizzes
- Business Finance Quizzes
- Business Math Quizzes
- Business Organization Quizzes
- Business Plan Quizzes
- Business Process Quizzes
- Business Study Quizzes
- Business Technology Quizzes
- CEO Quizzes
- Collaboration Quizzes
- Construction Quizzes
- Consumer Quizzes
- CSR Quizzes
- Customer Quizzes
- Customer Service Quizzes
- Development Quizzes
- Ecommerce Quizzes
- Employment Quizzes
- Entrepreneurship Quizzes
- Finance Quizzes
- Hospitality Quizzes
- Human Resources Quizzes
- Industry Quizzes
- International Business Quizzes
- Introduction To Business Quizzes
- Investment Quizzes
- Logistics Quizzes
- Management Quizzes
- Manufacturing Quizzes
- Material Quizzes
- Media Quizzes
- Office Quizzes
- Organization Quizzes
- Principles Of Business Quizzes
- Printing Quizzes
- Product Quizzes
- Publishing Quizzes
- Real Estate Quizzes
- Retail Quizzes
- Sales Quizzes
- SAP Business One Quizzes
- Source Quizzes
- Supply Quizzes
- Survey Quizzes
- Telecommunication Quizzes
- Trade Quizzes
- Training Quizzes
- Transportation Quizzes
- Warehouse Quizzes
- Welding Quizzes
Back to top