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35 Cards in this Set
- Front
- Back
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What is Day Rate?
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special rate that includes 8-12 hours (but not overnight) use
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competitive set
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group of competing hotels against which an individual hotel's operating performance is compared
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yield management
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set of tech. and procedures to manipulate occupany, ADR, to maximize revenue yield
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room mix
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ratio! of room types
-DOUBLE BEDDED ROOMS - smoking -suits -standards |
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travel wholesaler
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an entitiy that purchases large # of hotel room and sell to travel agents
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concierge hotel
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section of hotel reserved for a special guests paying higher rates for special amenities
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CRS
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central reservation system: - entity that offers guests the opportunity to make reservations at affiliated hotels by phone, fax, internet
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fiduciary
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a relationship based upon trust and responsibility to act in best interest of another
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lowest rate guarantee
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program that assures travelers the lowest available rate for specific room type on a specific date found on web site
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MLOS
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minimum length of stay
- require guests who seek a room stay for minimum # of nights |
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other revenue
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revenue derived from sale of hotel products and services that are not classified rooms, beverages,
-golf fee - heath card - pool |
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CTA
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"closed to arrival"
- decline reserations for guests attempting to arrive a specific date |
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LOS
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"length of stay"
- number of nights a hotel's individual guests use their rooms room nights sold/room sold to guests |
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call around
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"telephone shopping technique in which a hotel staff member calls competitive hotels to inquire about room rates and avialablity
"help determine room rates" |
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fade rate
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- reduced rate authorized for use when a guest seeking a reservation exhibits price resistance
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HALF DAY RATE
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- special rate that includes 1-4 nights but no overnight use of room
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blackout rates
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any day a hotel doesn't honor negociated rates " new years"
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negotiated rate
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a special room rate offered for a fixed period of time of specific client
ex - negociated rate offer for walmart employees |
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MAP
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modified American plan
- guests have rate that includes specially identified guest meal " usualy one per day , breakfast" |
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rate type
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single rate for specific type or room, typcially preprogrammed into hotel's PMS
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AP
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American Plan
- special rate that includes identified guest meals (breakfast, lunch, dinner) |
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walk, walked
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situation when a guest with a reservation is relocated from reserved hotel to another hotel with rooms available
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stay over
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when a guest not scheduled to checkout of the hotel on the day his or her room status is assessed
guest stay one more day |
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rate resistance
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refusal to make reservation because rate quote perceived is too high
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room rate economics
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process by which revenue mangers price rooms while considering how consumers may react fo pricing strategies
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EP
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european plan
- no guest meals (day rate/ half day rate) |
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Frequent guest program
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promotional effort to reward travelers each time they choose to stay at the brands affiliated hotels - upgrades free nights
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law of supply
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concept of economics that recognizes, demand is held constant, an increase in supply = decrease selling
conversely demand constant decrease supply increase price |
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demand
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total amount of a good or service consumers want to buy at a specific price
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law of demand
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conept of economics when supply constant
increase in demand = increase in selling price decrease demand, decrease selling price |
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merchant model
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internet sales method in which hotels sell rooms to Internet site operators - sites allow to enter specific locations and dates and have choice rooms available
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overbooking
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situation in which hotel has more guest reservations for rooms than it has rooms available "oversold"
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supply
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total amount of a good or service available for sale
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rate (special event)
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temporary increase in rack rate based on specific event such as concert, sport event, holiday
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opaque model
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internet sales mthod which consumers bid an amount they are willing to pay for a room on a date and 3rd party matches it with a hotel willing to sell rooms at that rate
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