Glossary of Industry Terms

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Macroenvironment

The broad forces in society and the business world that impact most companies.

Management company

A firm that owns several lodging properties.

Manifest

Final official listing of all passengers and/or cargo aboard a transportation vehicle or vessel.

Market

All existing and potential customers for a product or service.

Market demand

The amount of a specific product or service that may be purchased during a certain period of time in a particular geographic area.

Market forecast

The realistic demand within a given time period for the products produced by all companies within a ceratin industry or product category.

Market segmentation

The process of dividing a broad market into smaller, specific markets based on customer characteristics, buying power, and other variables.

Market share

The measure of company sales versus total sales for a specific product category or industry.

Marketing mix

The 4 Ps of marketing: product, price, promotion, place (distribution).

Marketing plan

A written report that details marketing objectives for a product or service, and recommends strategies for achieving these objectives.

Marketing research

The function that links the consumer, customer, and public to the marketer through the systematic gathering and analyzing of information.

Markup

A percentage added to the cost of a product to achieve a selling price.

Markup pricing

Pricing a product by adding a standard markup to costs. Also called cost-plus pricing.

Master account

The guest account for a particular group or function that will be paid by the sponsoring organization. See folio.

Media

Communications channel such as broadcast (radio, TV), print (newspapers, magazines, direct mail), outdoor (billboards), and multimedia (Internet).

Meet-and-greet service

A pre-purchased service for meeting and greeting clients upon arrival in a city, usually at the airport, pier, or rail station, and assisting clients with entrance formalities, collecting baggage, and obtaining transportation.

Meeting/conference tour

A tour designed around a specific meeting or conference for the participants.

Microenvironment

Those forces close to a company that impact operations and marketing programs.

Mission statement

The concise description of what an organization is, its purpose, and what it intends to accomplish.

Motorcoach

A large, comfortable bus that can transport travelers and their luggage long distances.

Motorcoach Tour

A tour that features the motorcoach as the form of transportation to and from destinations.

Motorcoach tour operators

Tour operators that own their own motorcoaches.

Multi-day tour

A travel package of two or more days. Most multi-day tours are escorted, all-inclusive packages.

Murder-mystery tour

A tour that features a staged "murder" and involves travelers in solving the crime.

Mystery tour

A journey to unpublicized destinations in which tour takers aren’t told where they will be going until en route or upon arrival.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z