travel and tourism

Key Terms

The key terms from Unit 2 (Planning and Managing a Travel and Tourism Event) are listed below. Review these terms in preparation for the midterm exam. Terms that may be less familiar have been marked with an asterisk (*) for emphasis.

*Meetings, Incentives, Conferences, Event (MICE) tourism: business tourism (visiting destinations for work reasons)

Conference: a large event where many people meet together, sometimes for a few days to present or listen to talks and/or discuss travel industry business formally

Convention: a large event where many people who do a similar job or have a similar business, travel agents for example, meet each other to share ideas and information

Exhibition: an event where travel and tourism organisations show their products and services to, for example, tour operators and travel agents from abroad

Trade event: an event at which businesses show or exhibit their products and services to customers and potential customers. Travel fairs and travel exhibitions are a trade event at which, for example, hotel businesses show tour operator customers the range of facilities available at their hotels

*World Travel and Tourism Council (WTTC): assesses the benefits of events to destinations

Mega-events: major international events

Budget: an estimate of income and expenditure

Agenda: a list of points to be discussed at a meeting

Minutes: written notes that record the discussions that took place at a meeting

Consensus: a situation in which everyone agrees with an idea or decision

Harmonious: free from disagreements

Group dynamics: the ways in which people in a group interact with each other and the effect that these have on the team.

Customer focus: working within a team is challenging. Communication is the key to good collaborative working. If disagreements occur, be ready to listen, keep calm, make points clearly and try to resolve outstanding issues.

Apologies (regrets): received from people unable to attend the meeting. This is written in the meeting minutes.

Ad hoc: done for a special or immediate purpose

Seasonality: the way in which tourism demand fluctuates throughout the year

Perishability: the fact that some things cannot be stored or sold after a certain time, for example, an airline ticket that can only be used at a certain time and on a certain date

Intangibility: the fact that some things cannot be touched or held, as they do not have a physical presence (such as the experience of attending an event)

Logo: a symbol or design used by an organisation to identify itself

Motto: a short sentence or phrase linked to an organisation

Feasibility study: an investigation to assess whether a project will be a success or failure

Risk assessment: evaluation of potential risks such as injury, loss or danger that may be encountered during an event

Sponsorship: a way of supporting an event by providing products/services or money in return for advertising

Concept plan: a short, written plan, such as an itinerary

Itinerary: a schedule of events given to customers, including dates and times for each destination or activity

Delegate: a person who represents an organisation, for example, when attending a conference

Respondent: a person filling in a questionnaire or taking part in a survey (i.e. the person responding to the questions)

SWOT analysis: an analysis based on assessing Strengths, Weaknesses, Opportunities and Threats

Cash flow: the rate at which money is moved in and out of business

Phishing: the practice of trying to trick people into giving away their passwords and bank account details by sending them an email or text pretending to be from their bank or another well-known company

Bibliography: a list of books, journals and websites used during research

Gantt chart: an event management planning calendar, identifying tasks to be undertaken by whom and when

Contingency plan: a substitute plan that is put into place if something goes wrong with the original event

Marketing management: key strategies for any business plan must include marketing and management. Many events take several months to plan and prepare. The preparation for implementing marketing and management plans must be formulated at the beginning of any event to ensure maximum exposure and event success

*Audit trail: a record of transactions and changes made

Transparency: in a financial context, making information as clear and accessible as possible

Income: money that is received

Expenditure: money that is spent

Break even: earn enough income to cover all costs

Profit: financial gain; the difference between the amount spent on an event and the amount earnt

Surplus: money left over

Deficit: a loss of money (the opposite of a surplus)

Forecast: a prediction of what might happen

Balance: the amount of money in an account at any one time

Quotation: a document from a supplier showing details of goods or services with expected costs, usually valid for a specified time period