Hospitality and Tourism Unit 2 - Middleton

Economic multiplier

When consumers spend money it multiplies through that economy

Country of Origin

Country you are traveling from

Domestic Traveller

Traveling within your own country

Outbound Traveller

Leaving your home country

Inbound traveller

Coming into a country to visit

Transient

A person who doesn't stay in one place for an extended period of time

Globalization

Process in which the countries of different nations become interconnected

Transnational Corporation

A corporation that has major operations in several countries

Infrastructure

The basic physical and organizational structures needed for the operation of a society or a community

Forecasting

Predicting the number of guests or customers and their needs

Yield Management

Evaluating demand and setting prices that result in maximum profit

Level of demand LOS

Extent that customer insists on a certain product or service

Bookings

Reservation for accommodations

Reservations

Records for rooms that are pre-booked

Inventory

Goods or services that a business holds for resale

No Show percentage

Ratio of reserved rooms that expected guests did not arrive on their reservation

Supply chain

System that includes moving a product from producer to ultimate consumer

Ten-Day Forecast

Occupancy figures that consists of room arrivals, departures, rooms sold, number of group commitments, and a comparison of previous periods bookings

Walk ins

Unexpected guests who occupy rooms not held for guests

Overstays

Rooms occupied by guests who stay post their original departure date

Under stays

Rooms whose guests check out early

Revenue management

Key to maximizing profits by pricing and methods

Revenue manager

Role is maximization of revenue for each guest room

Annual budget

Estimated spending for one year often divided by department

Monthly budget

Used to operate the business daily. Especially important for seasonal hotels

Property management system PMS

The computer software and hardware used to run lodging properties; enables all departments of the hotel to communicate and share info

Labor

Workers who are members of a labor union

Schedule

Process of assigning staff to work at specific times

Staffing

All activities involved in hiring and keeping workers

Budget

Guideline for spending money

Work shifts

Regular period of time during which work is done

Day shift

7am-3pm

Afternoon shift

3pm-11pm

Night shift

11pm-7am

Full house

All rooms have been checked out

House count

The number of rooms occupied for specific night

Operational costs

Expenses that have to be met for implementing activities

Staff Costs

Expenses toward paying salaries and consultancy fee

Capital costs

Furnitures, fixtures, and equipment

Cyclical industry

Hospitality goes through ups and downs depending on the time of year, economy, etc