Glossary
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Guest Room Revenue
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Someone who attends a meeting or event at your venue. Also called Delegate. Might refer to a seat paid for by a client regardless of attendance.
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Event types and seating styles where a lunch or dinner is the main purpose. Used to differentiate from Meeting and Wedding event types.
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Also called an enquiry. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite, or Lost/Cxl.
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Your targeted meetings and events revenue for future dates. A budget is usually static, while your forecast is updated regularly.
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Cancelled: the client cancels an event for which you have a signed contract. A cancellation fee might apply.
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A function room that you can combine with another room into a larger room. The larger, combined room is called the "parent".
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Shows how much of your potential business you convert into definite business. Conversion percentage equals potential business divided by Definite bookings. Potential business includes Tentative, Prospect and Cxl/Lost bookings, but excludes Turn Down status.
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The booking status of an event for which you have received the signed contract from the client.
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Someone who attends a meeting or event at your venue, usually with a business context. Also called Attendee. Might refer to a seat paid for by a client regardless of attendance.
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The amount of business that wants to book your function rooms. It equals the number of enquiries for a time period and includes all statuses. You define four demand levels, from High to Distressed, in the Daily Demand pages.
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There is insufficient demand to apply any restrictions to incoming enquiries with the lowest sellable rate available.
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Also called a booking. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite or Lost/Cxl.
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The date the booking was created in the Sales and Catering system.
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Your estimated business volume for meetings and events and for future dates. Usually, your forecast is updated regularly and therefore differs from your budget, which is static.
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Lost: the client decides not to hold a prospect or tentative event at your venue.
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Includes two booking statuses: Lost: the client decides not to hold a prospect or tentative event at your venue. Cxl (Canceled): the client cancels an event for which you have a signed contract. A cancellation fee might apply.
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Actual share of business in relation to proportionate fair share of selected competitor set.
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Event types and seating styles where a lunch or dinner is not the main purpose. Used to differentiate from Banqueting and Wedding event types.
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The minimum room rental amount that you require when a client wants a “room only” booking. In other words, they want to book only the function room, but no catering.
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Revenue for bookings currently held in the Sales and Catering system for future dates.
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For the next 12 months, pace compares the current revenue on the books to the revenue at a previous point in time. You can compare to one year prior and to a date of a data import.
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The change in revenue on the books between two dates, for example, between today and 7 days ago. The change can be positive or negative.
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The booking status of an unconfirmed event. You have no verbal or written confirmation, but you might hold space provisionally.
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Use this event type if you price based on function room rental, with catering quoted separately. In other words, instead of a Day Delegate, or Package, rate that combines rental and catering into one price quoted per person.
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The system that you use to manage the bookings for your function rooms. Also known as a diary management, or meetings and events reservation system. Examples include Delphi and Opera.
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Dates when local or national events or holidays impact the demand for your function rooms. For example, major sporting events or public holidays.
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The booking status of an event that the client has verbally confirmed. You have sent them a contract.
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Also known as denials. It’s the booking status of events for which you decide not to offer availability. This can be because you don't have the space available, or because you believe it is not the right piece of business.
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Any business that sells function space. For example, hotel, conference centre or a sporting arena.
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Event types and seating styles that accommodate a lunch or dinner, plus a dance floor and a head table for the wedding party. Used to differentiate from Meeting and Banqueting event types.
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