* Lesson 8
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Business
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University
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Practice Problem
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Easy
K Lo
Used 1+ times
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3 Slides • 5 Questions
1
H323 L08 Recap Quiz
Some text here about the topic of discussion
2
Multiple Choice
A new attraction has offered special group rates to attract travel agencies to send group customers. This price is enough to cover the fixed costs of operating the attraction. This pricing strategy is an example of:
Value Based Pricing
Cost Based Pricing
Demand Based Pricing
Break-even Analysis Pricing
Target Rate of Return Pricing
3
Multiple Choice
Customers will always choose products/ services that offer the lowest price.
TRUE
FALSE
4
The consumers will choose products/ services that offer them the most economic value or utility for the price paid. Economic value is the value that person places on an economic good based on the benefit that they derive from the good. It is often estimated based on the person’s willingness to pay for the good, typically measured in units of currency
Some text here about the topic of discussion.
Pricing...
5
Multiple Choice
The “Value Equation” states that value is NOT equal to the services offered and experienced, divided by the price paid.
TRUE
FALSE
6
Multiple Choice
In a transient retail market, after conducting a rate value matrix, a competitor shows a higher customer experience differential score than the subject hotel but priced similarly. How should the subject hotel price as compared to this competitor in the retail market?
Price independently
Price at a discount
Price at a premium
Price at the same pice
7
The subject hotel should price at a discount as the perceived value of the product/ service is lower. This is a display of game theory. According to the game theory, the actions and choice of all the participants (in this case the subject hotel and its competitors) affect the outcome of each.
H323
Game Theory
8
Multiple Choice
Online customer reviews are usually favoured over professional reviews.
TRUE
FALSE
H323 L08 Recap Quiz
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