Introduction Of Revenue Management Quiz

10 Questions | By Emilypoon67 | Updated: Jul 23, 2022 | Attempts: 4278

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Introduction Of Revenue Management Quiz - Quiz

Revenue Management is an essential business technique that focuses on maximizing profit. This fun Introduction Of Revenue Management Quiz is specially made to test your knowledge of the various revenue management concepts. Take this quiz to test your awareness! Let's learn and grow! The quiz can be very helpful in exam preparation, so attempt it carefully. Don't forget to check your score after the quiz! We wish you all the very best!

Questions and Answers

1.

What is the definition of Revenue Management?
- A.
  
  Selling the right location to the right customer at the right price at the right time through the right channel
- B.
  
  Selling the right room to the right customer at the right price at the right time through the right channel
- C.
  
  Selling the right room to the right customer at the right price at the right season through the right channel
- D.
  
  Selling the right room to the right family at the right price at the right time
2.

We go thru the necessary conditions for Revenue Management. Please select which element below is not the necessary condition.
- A.
  
  Perishable inventory
- B.
  
  Advance reservations
- C.
  
  High variable cost, low fixed cost
- D.
  
  Fixed capacity
3.

Price is one of the strategic levers of Revenue Management. Please select below which one is another strategic lever.
- A.
  
  Customers
- B.
  
  Duration
- C.
  
  Demand
- D.
  
  Product
4.

What is the job role of Revenue Management in a hotel?
- A.
  
  Create demand
- B.
  
  Maximize revenue
- C.
  
  Excel service experience
- D.
  
  All of the above
5.

Which two elements on the 2 x 2 matrix axes?
- A.
  
  Duration and Price
- B.
  
  Location and Price
- C.
  
  Duration and Customers
- D.
  
  Time and Customers
6.

We aim to reduce duration uncertainty because we want to control the duration so that revenue management can be used effectively. Please select which element below is not to reduce duration uncertainty.
- A.
  
  Reduce arrival uncertainty
- B.
  
  Reduce length-of-stay uncertainty
- C.
  
  Reduce time between customers
- D.
  
  Reduce variable cost
7.

We can use internal and external approaches to reduce duration uncertainty. Please select which element below is involved for external approaches.
- A.
  
  No-show
- B.
  
  Credit card
- C.
  
  Customers
- D.
  
  Time
8.

What element we should consider when managing duration?
- A.
  
  Maximize profit
- B.
  
  Focusing the cost
- C.
  
  Function space
- D.
  
  Impact on customer satisfaction
9.

Restaurants or golf courses are belongs to which quadrant in 2 x 2 matrix?
- A.
  
  Quadrant 1
- B.
  
  Quadrant 2
- C.
  
  Quadrant 3
- D.
  
  Quadrant 4
10.

We can make use of revenue management in other hotel departments. Please select which departments below can apply revenue management.
- A.
  
  Spa
- B.
  
  Function Space
- C.
  
  Golf Course
- D.
  
  Restaurants
- E.
  
  All of the above