Overbooking
The selling of rooms which are not actually available for sale
What is the purpose of a price fence or barrier?
To identify who is and who is not eligible for a special pricing offer.
A revenue manager usually works with what type of forecast?
Occupancy forecast
Revenue forecast
Demand forecast
Two dimensions of service
Time and price
What does STR stand for?
A Company that specializes in helping hospitality managers evaluate their effectiveness
Which menu pricing system utilizes an operations prime cost when calculating its selling prices?
Product Cost Plus
What is not typically used by revenue managers to optimize revenue during periods of high demand?
Implement a payment restriction to maximize revenue collections
This metric represents the percentage of the hotel industry sales that is achieved by a hotel
over a specified time period.
Actual market share
The speed at which reservations get confirmed at a hotel for a certain time period is called?
Booking pace
The Strategic Lever that helps to gain control of the duration of a given service cycle is
called?
clock
What places company gain ahead
of long-term revenue maximization in revenue management decision-making?
Traditional yield management
Profit yield management
Maximize profit not just revenue, taking costs into account
What is product versioning
Product strategy that sells same item in different sizes
