GLOSSARY
Over +300 terms and definitions...
Hotel Revenue Management, Asset Management, Finance and Sales & Digital Marketing,
Online Reputation Management (ORM)
Marketing the Hospitality Brand Through Digital Media
An activity that involves monitoring and responding to information posted in digital
media about a firm to maintain and enhance its image from the perspective of the
consumer.
Presentation-based marketing communications
Marketing the Hospitality Brand Through Digital Media
A linear approach to marketing in which the hospitality marketer controls most of
the marketing communication, including developing the brand, choosing ways to
communicate that brand, deciding on media channels, and sending the message
out to target customers.
Psychographic
Marketing the Hospitality Brand Through Digital Media
One of two ways to acquire information about market segmentation. This approach focuses on consumers’ lifestyle, or pattern of living, and is usually measured by AIO variables.
Traditional marketing
Marketing the Hospitality Brand Through Digital Media
The marketing communications mix that involves print, television, outdoor or billboard advertising, public relations, etc.
Customer-relationship management
Non-Traditional Applications of Hotel Revenue Management
Management technique whereby collected customer-transaction information is
used to make personalized rate and discount decisions for individual customers.
Demand-based pricing
Non-Traditional Applications of Hotel Revenue Management
An approach to pricing in which prices are set higher for high-demand times and
lower for low-demand times.
Distribution channel
Non-Traditional Applications of Hotel Revenue Management
Any one of the channels through which a consumer can purchase a room at a
hotel: by phoning the hotel, through an online intermediary, through the hotel
Web site, through a travel agency, etc.
Duration
Non-Traditional Applications of Hotel Revenue Management
One of two strategic levers of revenue management. Duration includes length of
stay at a hotel, time of use for a function room, and dining time at a restaurant.
Fixed capacity
Non-Traditional Applications of Hotel Revenue Management
The condition of only being able to accommodate a limited number of customers
at one time. For example, a hotel has a fixed capacity determined by the number
of rooms it has.
Fixed costs
Non-Traditional Applications of Hotel Revenue Management
Costs that make the operation of a business possible rather than those costs
incurred by a business in its day-to-day operations. Fixed costs include those of
construction or rent for the facility in which a business operates and the salaries
and benefits of all indispensable personnel.
Price
Non-Traditional Applications of Hotel Revenue Management
One of the two strategic levers of revenue management.
Price-insensitive consumers
Non-Traditional Applications of Hotel Revenue Management
Consumers who are indifferent to changes in the price of a product or service,
i.e., who buy just as much when prices are high as they do when prices are low.
