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Entertainment Money Management > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

revenue management

A

helps us sell the right product at the right moment at the right price

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2
Q

Basic Elements of RM

A

Historical data, forecasts, price management tools, pricing policies, overall strategy

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3
Q

factors in setting price

A

production costs, market, competition, demand, product positioning

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4
Q

factors that affect availability

A

reservation terms, rates, guarantee rules, pre-payments, categories, groups, overbooking, waiting lists, peaks and valleys in planning

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5
Q

factors impacting elasticity

A

luxury/necessity, substitutes/compliments, time, price

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6
Q

inelastic

A

<1, not sensitive to price

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6
Q

case of high demand

A

close/restrict discounts, reduce late check out, increase rates

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6
Q

perfectly inelastic

A

quantity demanded/supplied remains same

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6
Q

case of low demand

A

lower prices, offer packages, incentivize upgrades

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7
Q

market pentration

A

attract customers with low prices then raise them

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8
Q

price skimming

A

high initial prices then lowers due to competition

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9
Q

economy

A

certain product get lower prices

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10
Q

competitive

A

copys competitors prices for similar products

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11
Q

bundle

A

bundles items for lower price if they were sold separately

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12
Q

experimental consumption dimensions

A

cognitive involvement, social involvement, peripheral perception, emotional involvement

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13
Q

cognitive involvement

A

doing things that make me think I’m part of the story

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14
Q

social involvement

A

shows and rides that enable me to understand different cultures

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15
Q

peripheral perception

A

enjoying variety of smells and sights around the park

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16
Q

emotional involvement

A

feeling like a kid again; emotions you dont feel everyday

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17
Q

perishable inventory

A

strive to minimize unsold tickets

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18
Q

cost structure

A

high fixed costs low variable costs

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19
Q

variable but predictable demand

A

seasonal operations

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20
Q

segmentable market

A

customers willing to pay different prices at different times

21
Q

capability limit

A

charge premium prices to time sensitive market

22
Q

minimum efficient scale

A

balance between demand, production volume, and costs

23
Q

variable costs

A

labor and noncapital costs, electricity, supplies

24
Q

fixed costs

A

rides, facilities, buildings, equipment

25
Q

cost-based

A

product - cost-price-value-customers

26
Q

value based

A

customers -value-price-cost-product

27
Q

restaurant trends during covid

A

those with high off-premise sales are doing better

28
Q

off-premise

A

liquor consumed off site (liquor stores, grocery stores)

29
Q

on premise

A

liquor to be consumed on site (bars, hotels, casinos)

30
Q

product formula

A

cost/% = selling price

31
Q

product cost plus

A

product cost plus # of additional related factors

32
Q

contribution margin

A

selling price-product cost

33
Q

factors affecting value perceptions

A

competition, service levels, guest type, image, product quality

34
Q

revenue centers

A

business section that contributes to operations total income

35
Q

day parts

A

any definable time period that is of interest to a revenue manager i.e. meal period

36
Q

day part contribution %

A

day part sales/total rev

37
Q

rev center contribution

A

sales/total rev

38
Q

service styles

A

drive through, carry out, curbside pickup

39
Q

rev per available seat hour (RevPASH)

A

total rev/available seat hours

seat utilization % * check average

40
Q

seat utilization %

A

guests served/actual seats

41
Q

check average

A

total rev/guests served

42
Q

restaurant RM strategies

A

establish baseline, understand drivers, develop RM strat, implement strat, monitor outcome

43
Q

gambling

A

playing for money

44
Q

gambling guest

A

white collar, entertainment experience, younger, willing to spend more

45
Q

motives for gambling

A

learning, pleasure, adventure, relaxation, socialization, prestige, benefits

46
Q

4 casinos with AAA

A

bellagio, skylofts at MGM, venetian, Wynn

47
Q

china gambling market

A

49 casinos in Macau, baccarat, only 5 % is slots

48
Q

first development phase

A

casino serving local market

49
Q

second phase

A

increased comp from other locations

50
Q

third phase

A

entertainment convergence

51
Q

2 objectives

A

extend stay for onsite guests; broaden appeal to increase potential market

52
Q

casino ops

A

proper staffing, casino cage

Entertainment Money Management (3 decks)

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