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Newfoundland and Labrador Product Development Strategy

Newfoundland and Labrador Product Development Strategy

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- 6 -Trade Show: An exhibition of travel <strong>and</strong> tourism products designed to solicit business fromtravel trade buyers.Travel Agent/Agency: A licensed travel product retailer that provides travel information,reservations <strong>and</strong> other forms of assistance to consumers, companies <strong>and</strong> groups in makingtravel arrangements. Sometimes referred to as a ‘retailer’.Travel Party: People travelling together, for example; a couple, a family or group tour.Travel Suppliers: Tourism operators.Travel Trade: A term describing the various types of organizations that operate asintermediaries in the travel <strong>and</strong> tourism industry. These typically include tour operators,wholesalers, receptive operators, <strong>and</strong> travel agents.Unique Selling Propositions (USPs): The unique characteristics <strong>and</strong> experiences of a travelproduct or package that are used to promote <strong>and</strong> sell it.Wholesaler: A company that operates as an intermediary between the travel product supplier<strong>and</strong> the retail travel agent in the marketplace, generally providing services such as information<strong>and</strong> reservations to travel agents. Tour operators are a common example. So are centralreservation systems, online booking systems, representation companies, sales agents, etc.Yield: The combination of volume <strong>and</strong> price, determining total revenues.THE ECONOMIC PLANNING GROUP of Canada <strong>Newfoundl<strong>and</strong></strong> & <strong>Labrador</strong> Tourism <strong>Product</strong> <strong>Development</strong>D. W. Knight Associates <strong>Strategy</strong> <strong>and</strong> Accommodation Needs StudyAppendix IV: Glossary

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