Advance Purchase – requirement to pre purchase tourism product ahead of arrival (can involve small cost saving doing it this way)
Accessible– whatever the business it can be enjoyed by all people regardless of age, ability, physical or other limitations
Ad Hoc Group – one off group request
Allocation – pre negotiated number of rooms, places, seats held by a tour operator or wholesaler for sale
B2B – business to business.
B2C – business to consumer.
Best Available Rate– your customer facing pricing.
Bespoke/Niche – customised tour or itinerary.
Buyer – person working on behalf of Travel Trade intermediary who sources and negotiates contract from supplier.
Close Out Date – also known as blackout dates whereby accommodation or attraction is not available for purchase by the Travel Trade.
Commission – the fee paid to intermediaries for in turn marketing and selling your product to the end consumer. Usually a percentage of the best available rate.
Complimentary Policy – free meals, rooms, places in return for volume business.
Credit Agreement or Prepayment – will you extend credit facilities or require prepayment for bookings.
Distribution Channel – channels or places where the consumer may purchase your product. A managed group of businesses with primary aim of driving more business to their region.
DMC – Destination Management Company, provides services and expertise specialising in local knowledge.
DMO – Destination Marketing Organisation, typically a non-profit organisation or group dedicated to the promotion of their region.
Dynamic Pricing – fluid pricing that fluctuates along with market demand, Best Available Rate.
Experiential Travel – Immersive travel where visitors focus on experiencing a country, city or place by connecting closely to history, people and culture.
FAM Trip (or educational visit) – hosted trip to allow buyer to experience relevant tourism product first hand.
FIT – Fully Independent Traveller, travel on their own, in couples or smaller groups, plan their own itineraries and book elements of their holiday themselves or through specialist travel agents.
FOC – free of charge.
Freesale – ability for the tour operator or travel intermediary to see your product freely until you close out or stop sale. Eliminates the need for an enquiry for each individual booking.
GDS – Global Distribution System, international system that accesses databases and availability of many suppliers such as airlines and hotels.
Gross Rate – Price the consumer pays for your product (also known as Best Available rate, Rack Rate).
Group Rate – reduced rates for bookings of multiple travellers or guests.
Group Series – regular groups, organised travel over multiple dates, tend to arrive same dates each week for an agreed period time, same group organiser but different travellers each time.
Inbound Tourism – International travellers coming into a country.
Intermediary – anyone in the chain between the supplier and the end consumer ie travel agent.
Itinerary – the planed route for a trip.
Market Segment – an element of a wider market, for example travel could be broken down into transport, accommodation, tourist attraction etc.
MICE – Meetings, incentives, conference and events .
NET Rate – Gross or Best Available rate less the commission.
Online/Offline – booking via online intermediary rather than an offline one such as a high street travel agent.
OTA – Online Travel Agent.
Outbound Tourism – consumers travelling out with their home country.
Pax – meaning number of people.
Packages – where products are tied in with other products to create a package such as hotel, restaurant, transport and tourist attraction.
Policies – child, pet, cancellation.
Rack Rate – price the consumer pays for your product (also known as Best Available rate, Rack Rate) .
Responsible Tourism – making better places for people to live and people to visit.
Single supplement – a surcharge usually applied when a single person is staying in a room that can take 2 or more guests.
Special Interest Tour – tour catering for needs of guests with specific interest ie cycling, walking.
Segmentation – subdivision of a market to break it down.
Supplier – tourism business that sells to buyers.
Target Market/Audience – a specific demographic target to which communications are directed.
Tour Operator – develops tour programmes and travel experiences comprising of all elements from transport, accommodation, attractions, tours and meals.
Trade Show – a platform for buyers to meet suppliers can be in person or virtual held in country or overseas.
VFR – Visiting Friends and Relatives.
Wholesaler – company operating as intermediary between supplier and buyer, develops itineraries and programmes.
Yield Management – calculating profits earned per room or customer.