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Revenue Management Woordenlijst

Group – Market Segment

Definitie

The group market segment refers to bookings made for a group of guests who are associated with a specific purpose or event. There are many types of group bookings, including corporate groups (i.e., meetings, events, corporate retreats, conferences, etc.), leisure groups (i.e., weddings, sports teams, clubs, family reunions, etc.) and educational/governmental groups. Hotels have a specific sales team who manages all the group bookings for the property, as the group bookings differ from individual bookings due to their size/scope, logistics and the additional contractual elements required.

Hoe te gebruiken

The group segment is a valuable part of a hotel's business strategy because it often provides large bookings that can significantly impact occupancy rates and revenue. Effectively managing group bookings requires balancing the needs of the group with the hotel's operational capabilities and financial goals. Additionally, groups can help balance your property's occupancy during off-peak seasons and times of low demand, adding more predictable revenue streams.

Formule

N/A

Verwante termen

Meetings, Conferences, Events, Weddings, Hotel Sales, Occupancy, Group wash, Group displacement
Group bookings are valuable, not only for their direct revenue potential, but also for the visibility they bring to a hotel. Group attendees may return as individual guests or recommend the hotel to others at a later date, if their experience at your property is positive, so they can be an even more very valuable audience in the long-run.

Babynke Kingma

Babynke Kingma