Hotels Try to Price Rooms to Maximize Resources by Quickly

question 36

Multiple Choice

Hotels try to price rooms to maximize resources by quickly adapting to changes in demand. Part of this involves anticipating consumer behavior and calculating a number of different factors, including demand for rooms at a particular time period, likely length of stay, types of rooms likely to be requested, etc. It wants to be able to sell rooms at the right price to the right people. This pricing strategy is an example of

• A) yield management.
• B) penetration pricing.
• C) price skimming.
• D) differential pricing.
• E) special-event pricing.

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Definitions:

Null Hypothesis

A basic assumption positing no meaningful difference or impact, usually examined in comparison with a different hypothesis.

Alternative Hypothesis

In statistical analysis, the hypothesis that proposes there is a significant difference between specified populations, distinct from the null hypothesis.

Unemployment Rate

The share of people in the labor force who are without jobs and are actively searching for employment.

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