Hospitality Economics: Unit 3 Part I - Consumer Demand
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Questions and Answers

What is a key factor that determines the elasticity of demand?

  • Availability of substitutes (correct)
  • Traveler's personality
  • Price relative to income
  • Type of accommodation

    • What has been the impact of new technology and online intermediaries on hotel revenue management?

  • It has disrupted traditional revenue management strategies focused on pricing and allocating rooms based on the time of purchase. (correct)
  • It has increased the booking window for travelers.
  • It has reduced the number of travel bookings.
  • It has increased the importance of pricing and allocating rooms based on the time of purchase.

    • What can influence the price elasticity of demand in the hospitality industry?

  • Traveler's age
  • Availability of substitutes (correct)
  • Hotel location
  • Type of accommodation available

    • What has changed significantly over the past two decades in the hospitality industry?

    <p>Travel booking behavior</p> Signup and view all the answers

    What is the impact of the fast-paced, dynamic booking environment on hotel revenue management strategies?

    <p>It has disrupted them</p> Signup and view all the answers

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