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Entertainment Money Management > Exam 1 > Flashcards

Exam 1 Flashcards

(55 cards)

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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

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A

customers willing to pay different prices at different times

21
Q

capability limit

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A

charge premium prices to time sensitive market

22
minimum efficient scale
balance between demand, production volume, and costs
23
variable costs
labor and noncapital costs, electricity, supplies
24
fixed costs
rides, facilities, buildings, equipment
25
cost-based
product - cost-price-value-customers
26
value based
customers -value-price-cost-product
27
restaurant trends during covid
those with high off-premise sales are doing better
28
off-premise
liquor consumed off site (liquor stores, grocery stores)
29
on premise
liquor to be consumed on site (bars, hotels, casinos)
30
product formula
cost/% = selling price
31
product cost plus
product cost plus # of additional related factors
32
contribution margin
selling price-product cost
33
factors affecting value perceptions
competition, service levels, guest type, image, product quality
34
revenue centers
business section that contributes to operations total income
35
day parts
any definable time period that is of interest to a revenue manager i.e. meal period
36
day part contribution %
day part sales/total rev
37
rev center contribution
sales/total rev
38
service styles
drive through, carry out, curbside pickup
39
rev per available seat hour (RevPASH)
total rev/available seat hours seat utilization % * check average
40
seat utilization %
guests served/actual seats
41
check average
total rev/guests served
42
restaurant RM strategies
establish baseline, understand drivers, develop RM strat, implement strat, monitor outcome
43
gambling
playing for money
44
gambling guest
white collar, entertainment experience, younger, willing to spend more
45
motives for gambling
learning, pleasure, adventure, relaxation, socialization, prestige, benefits
46
4 casinos with AAA
bellagio, skylofts at MGM, venetian, Wynn
47
china gambling market
49 casinos in Macau, baccarat, only 5 % is slots
48
first development phase
casino serving local market
49
second phase
increased comp from other locations
50
third phase
entertainment convergence
51
2 objectives
extend stay for onsite guests; broaden appeal to increase potential market
52
casino ops
proper staffing, casino cage

Entertainment Money Management (3 decks)

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