Reference no: EM132813274

Problem 1: As discussed in class, one of the ways to avoid Pitfall #6, Failure to Measure Revenue Performance is to do what?

A. Forecast whenever you can and then validate the incremental sales and profit

B. Forecasting and reforcasting as often as is needed and quantifying the benefits of the pricing strategies

C. Measure revenue performance and success at least once a week for the weekly sales strategy meeting.

D. Celebrate the financial successess throughout the hotel by ensuring that the process of establishing a baseline forecast based on multiple years of historical daily data, documenting as many assumptions as possible and any unique events that might occur, and then comparing the daily assumptions and pricing strategies that worked and didn't work to quantify the financial benefits of the strategy.

Problem 2: As discussed in class, what was the definition of the "market" when we think in terms of RM?

A. All the hotels in the given location

B. The customers that choose hotels in the market

C. Supply, demand, competition/ products, customers

D. A market, just like on a map, is the geographic boundaries of a city