Topic 2

    Master this deck with 17 terms through effective study methods.

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    Created by @emilyb219

    What defines the traditional value chain?

    It reflects a firm's history, strategy, and economic activities.

    How does the traditional value chain apply to tourism?

    It highlights the diverse players in tourism product distribution.

    What role do suppliers play in the leisure tourism economy?

    Their adaptability to market changes is crucial for success.

    Who is Michael Porter?

    He is known as the father of competitive strategy.

    What is a key characteristic of tourism as a vertical?

    It is highly heterogeneous with various participating players.

    What is the traditional process of selling tourism products?

    It involves suppliers selling to intermediaries and then to customers.

    What influences a firm's value chain activities?

    The underlying economics of the activities themselves.

    What defines Low Season in hotel bookings?

    Specific dates when lower rates apply, typically less demand.

    What is a Tour Package?

    Includes transport, accommodation, and additional services.

    How do contracted net rates differ from BAR rates?

    Net rates are fixed and may not include all taxes.

    What happens if a net rate is unavailable?

    A 10% commission on BAR rates is offered instead.

    What is the significance of blackout dates?

    Periods when certain rates or allotments are not available.

    What is included in the third person supplement?

    An additional charge for extra guests in certain room types.

    What distinguishes High Season from Low Season?

    Higher demand periods with increased rates and availability.

    What does the term 'allotment' refer to?

    Reserved hotel rooms or flight seats for tour operators.

    What is the role of incoming travel agencies?

    Facilitate the purchase of services at travel destinations.

    What is the purpose of a release date?

    The deadline for returning unused allotments to the hotel.