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What is the meaning / definition of Fixed Costs in the hospitality industry? Fixed Costs, abbreviated as FC, are costs which are invariable, meaning they stay relatively constant in value despite changes in production or sales rates. Fixed Costs, mixed costs and variable costs make up the total costs at any [...]

What is the meaning / definition of FAM Trip in the hospitality industry? The term FAM stands for Familiarisation. The Tours – commonly known as FAM Trips – are trips organised by travel providers (can be a Tour Operator, an Airline, a Hotel Chain, a Tourism Board or other DMOs representing [...]

What is the meaning/definition of Fair Market Share in the hospitality industry? Fair Market Share is an indication that a hotel’s overall performance stacks up against its immediate competitors. A hotel within a competitive set can work out if it’s getting its Fair Market Share through a simple calculation: Fair Market [...]