Midterm Exam

  1. Discuss the relationship between value and fair price. Consider the following questions in your discussion. What is meant by a fair price? How is a fair price determined? When is a price unfair? When is a price too high? Discuss why a customer might find a price too high? 
  2. Discuss the topic of pricing. In your discussion address how revenue managers should price their products? Should increased costs automatically justify an increase in selling price? Explain why or why not. 
  3. What is differential pricing? Why is it an effective strategy to use in optimizing revenue? Discuss factors revenue managers can use to differentiate prices in a hotel. 
  4. Why are measures such as ADR and occupancy rate not appropriate as standalone measures of a revenue manager’s performance? Explain. If these are not appropriate what is/are better measures of a hotels performance?
  5. The discipline of revenue management has undergone dramatic change. Historically, the role was that of “inventory management.” Today it is dramatically different. What is the future role of the revenue manager? Discuss changes in the discipline of professional revenue management.
  6. Coca-Cola has developed dynamic pricing technology that will allow automated pricing of its beverages based on daily weather conditions. For example, the normal price of a coke product on campus is $1.50 per 20-ounce bottle. This technology monitors ambient temperatures so that on a hot and humid day when consumers have a higher desire for cold beverages from a vending machine the price can increase to, let’s say, $2.50. Is this fair? Why or why not? Do similar examples of dynamic pricing exist?
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