Pricing and revenue management
11 important questions on Pricing and revenue management
This approach involves determining the average room rate, which must be charged in order to generate the annual revenue that will be sufficient to cover all costs and taxes as well as to meet the owners expected profit levels. The name of this approach is?
Bottom up approach
Is an approach in which menu items are priced taking into consideration an analysis of the contribution margin of the item. The contribution margin is the difference between the food costs and its selling price. This pricing method helps in determining the specific contribution of each menu item towards covering for all the non- food costs in the operation as well as in generating profits. This approach is called?
Contribution margin pricing
This approach takes different room types into consideration before the room type rates are established and is called?
differential room pricing
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A level of occupancy that is required to maintain a constant level in the total revenues less the variable costs if the rack rate is discounted is called?
Equivalent occupancy (gelijkwaardig)
An amount that is added to the cost of goods that are sold in order to produce the desired profit is called?
Mark- up
A menu analysis and food pricing in which prices are regularly reviewed based on their popularity and profitability is called?
Menu engineering
These are the most significant costs in a F&B operation and primarily consist of direct material costs + labour costs this is called?
Prime costs
This approach takes the relative sizes of the various rooms within the hospitality operation in to account and is called
Relative room size approach
Reducing the room prices to levels below rack rate is also called?
Room rate discounting
An approach in which the price of a hotel room is set at one- thousandth(1.1000) of the value of the investment costs what were incurred towards the development of the room is called?
Rule of a thousand approach
This approach is based on the experiences of the decision makers rather than on precisely accurate (nauwkeurig) measures and is called?
Rule of thumb
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