Need to know what a hotel term means? Look it up in the Xotels Glossary. We explain definitions of terminology industry lingo from hotel revenue management, ecommerce, marketing and distribution.
|DMC - Destination Management Company||
What is the meaning / definition of Destination Management Company?
A Destination Management Company, also known as DMC, is a company that provides services, resources and expertise specialising in local knowledge for events, activities and tours for other companies. These services can include transportation, gala dinners, planning activities and excursions, restaurants, conference venues, local laws, hotel accommodation, meetings and logistics.
Destination management companies are used by businesses and other establishments to plan events and activities where the establishment is not located and has no local knowledge of.
Also referred to as two pack hotels, dual-brand hotel is a term used to describe a property that combines and houses two hotels which operate separately. Usually these types of hotels combine two brands from the same chain. The economic advantage of this set-up is that both hotels can cater to one demographic specific to their offerings, but are able to share resources like back of house operations. By sharing many resources and expenses, the Dual Brand hotels can reduce their operational costs drastically. The most popular pairings of brands are of select-service and extended-stay hotels under one roof. The dual-brand model offers developers and owners a chance to command a larger market share, maximising potential cash flows and producing a greater return to the land.
Dynamic Packaging is a method of creating deals or packages based upon the components selected by the customer.
This method combines inventory (rates and availability) from multiple sources e.g., hotels, rental cars and flights in one online application. It allows the customers to create and book a customized itinerary resulting in a higher flexibility compared to pre-packaged holidays.
What is the meaning / definition of Dynamic Pricing in the hospitality industry?
Successful hotels around the world aim for optimum profitability at all times. There are lots of things a hotel can do towards achieving this. One is for the Revenue Management Team to make Dynamic Pricing part of their overall strategy. Consortia/negotiated rates are no longer fixed (in some cases).