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Questions and Answers
What is a key factor that determines the elasticity of demand?
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?
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?
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?
What has changed significantly over the past two decades in the hospitality industry?
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What is the impact of the fast-paced, dynamic booking environment on hotel revenue management strategies?
What is the impact of the fast-paced, dynamic booking environment on hotel revenue management strategies?
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