An advertisement to promote the rooms for a certain period of time is called a listing. The request for final payment confirming the services availed or to be availed is called Invoice. Distribution using the Internet, World Wide Web, Intranets, extranets and on-line services. Bleisure refers to a trend where business travelers add pleasure travelling to their business trips. This process entails the tracking of a user’s path through a website or a network of them and thereafter compiling a profile on the basis of the delivered ads and pages to the user. An Application Programming Interface allows software applications to exchange data easily and securely simplifying software development and innovation.
Inventory grid
The software solution which allows hoteliers to anticipate, understand and react to guest behaviour in order to optimize revenue is called Revenue Management System. RMS uses data from the market and compares hotel output to help hoteliers take informed decisions. Software that helps hoteliers to know the rates of competitors for a particular type of room and strategies against the hotel’s own rates accordingly is called Rate Shopper. However, hotels provide a leeway in most cases depending upon the demand available for the rooms.
In the hospitality industry, these rates are contracted rates that are not publicly available and which can also be booked via the GDSs, IBEs and call centers. A prerequisite for a secured rate is an access restriction which is controlled through rate access codes and pseudo city codes (PCC) in the GDSs. The synchronisation of data with hotel software in order to enhance the system and provide better customer experience can be termed as Integration. A promotional sale that is available to the customers of a hotel for a limited time period only. Encompasses all the electronic channels of distribution, which includes GDS, Online Travel Agencies and Web Booking Engines.
Unlike other service sectors, the hospitality industry has its own specialist management courses, often taught in hospitality departments within universities and colleges. This sector’s educational and training specialization has spawned a rich literature in dedicated hospitality journals. This study extends those works by creating an ABC menu engineering (ME) analysis, and comparing the results with traditional ME results. Four hypotheses were constructed that tested the relationships between the restaurant manager’s perceptions, traditional ME methods, and ABC-based ME. The results suggest that ABC-based ME may be a feasible alternative for examining menu profitability. At all levels of care, the ABC protocol exists to remind the person delivering treatment of the importance of airway, breathing, and circulation to the maintenance of a patient’s life.
Common hotel slang and phrases used in hospitality
RFPs outline the client’s requirements, expectations, and evaluation criteria. A Proposal is a formal document prepared by a hotel in response to a request for proposals (RFP) from a potential client or event organizer. Proposals outline the hotel’s offerings, pricing, and other details to win the business and secure a contract. A Point of Sale (POS) system manages transactions at hotel outlets like restaurants, bars, and shops.
The important thing is that you have the confidence to ask what a new or confusing term means, instead of guessing and hoping for the best. Leaders, meanwhile, can negotiate deals with confidence and make a good impression on staff and stakeholders. They can gain a deeper understanding of business performance and how to improve it.
HK is a shorthand abbreviation for Housekeeping; the department focuses on cleaning, tidying, and preparing hotel guest rooms and public areas. Early departure means a guest has checked out of their room before their scheduled and reserved checkout date, leaving early. Having the right hotel vocabulary empowers managers to lead their teams successfully. By clicking ‘Sign Up’, you consent to allow Social Tables to store and process the personal information submitted above to provide you the content requested.
Adjusted Gross Operating Profit (AGOP) is a performance metric used by hotels to measure the profitability of their operations. AGOP takes into account both revenue and expenses, providing a more accurate measure of a hotel’s financial performance. AGOP is calculated by subtracting all operating expenses, including labor costs, utilities, maintenance, and other costs, from the gross operating profit (GOP). Channel Manager is a software or hospitality management solution that provides Channel management. It allows the hoteliers to manage and control the inventory, rates and reservation on all distribution channels on a single dashboard.
GOP (Gross Operating Profit)
Using hierarchical regression analysis, results suggest that when ABC use interacts with AIS user satisfaction, hotel financial performance is improved. On the contrary, AIS user satisfaction and ABC use have no significant association with financial performance when they act independently. Whether you’re new to the hospitality industry or a seasoned veteran, this glossary will ensure you’re fluent in hotel-speak.
- A performance metric that calculates the total revenue generated from all sources (rooms, F&B, etc.) per available room.
- Profit Per Available Room (ProPAR) is a performance metric used by hotels to measure the profitability of each available room.
- Bed and Breakfast (B&B) is a type of accommodation that offers overnight lodging and breakfast in a private home or small inn.
- Below is a high level list of frequently used hotel abbreviations and acronyms.
Furthermore, it analyzes the basic characteristics of the firms that have complete ignorance of ABC (ABC unawares), a group that is rarely met in ABC research papers. ABC and its variations are initialism mnemonics for essential steps used by both medical professionals and lay persons (such as first aiders) when dealing with a patient. Airway, breathing, and circulation are all vital for life, and each is required, in that order, for the next to be effective.
The period between when a guest makes a booking and their scheduled check-in date. A promise by the hotel to match or beat any lower price found for the same room on another booking platform. On The Books (OTB) refers to reservations or sales that have been confirmed and recorded by the hotel. This stands for market penetration index, which is a unit of measurement that shows how the occupancy of a hotel compares to that of a preselected group of competitors. A restriction applied by hotels where guests are not allowed to check in on a particular date.
Double occupancy rates are typically based on the assumption that two guests will be sharing the room. Corporate Rate refers to a negotiated rate offered by a hotel to corporate clients or business travelers. Corporate rates are typically pre-negotiated between the hotel and the client, offering a discounted rate in exchange for a guaranteed volume of business.
A promotional strategy where discounted rates are offered to customers booking rooms well in advance. Dynamic Room Mapping is a feature of a channel manager which allows mapping of multiple channel rates and manage such rates based on a single room rate. Dynamic Pricing is pricing the inventory according to the changing demands in the market. Forecasting the demand and allotting prices accordingly is a abc full form in hotel industry key influence on revenue generation. Direct sales are sales or revenue generated from selling on Direct Channels which does not charge any commission for such sales, like the hotel’s own website.
RevPAR Index (RPI) is a performance metric used by hotels to measure their revenue per available room (RevPAR) relative to a specific market or competitor set. RPI provides insights into a hotel’s market share and performance compared to its competitors. A Group Booking refers to a reservation made for a large number of guests, typically for a specific purpose or event.
House Count provides a snapshot of the hotel’s occupancy level and helps monitor guest flow and capacity. An Extended Stay refers to a type of accommodation designed for guests who need lodging for an extended period, typically longer than a week. These properties offer amenities like fully equipped kitchens, laundry facilities, and spacious living areas, providing a home-like environment. They are particularly popular among business travelers, relocating families, and individuals undergoing long-term medical treatments. A Central Reservation System (CRS) manages and distributes a hotel’s room inventory across various channels, ensuring accurate and up-to-date availability.
