Source of Business Definition / Meaning - Xotels (2024)

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Source of Business Definition / Meaning - Xotels? ›

Source of Business is a term used to determine how a guest heard about the hotel in order to further expand marketing and promotion efforts to maximise profitability. Simply speaking, a Source of Business provides a hotel with a breakdown of how or through which channel the business arrived to the hotel.

A hotel has dozen of sources from which it can receive bookings. These sources are considered hotel distribution channels and include Online Travel Agencies (OTAs), Global Distribution Systems (GDS), the hotel's own website, travel agencies, metasearch platforms, word-of-mouth marketing, etc.

Sourcing, also known as procurement, is the practice of locating and selecting businesses or individuals based on set criteria. Sourcing is carried out in business in many different areas and for different reasons. One of the most common uses of sourcing is in supply chain management.

It comes from the Old English bisignes. It combines the term busy, meaning “engaging in work,” and the suffix –ness, which turns adjectives into nouns related to quality or state.

A business hotel is a property that mainly focuses on guests traveling for business (as opposed to resorts and other hospitality types that cater to leisure travelers).

When it comes to bringing in revenue, hotels typically rely on four primary sources: rooms, meetings and events, food and beverage, and ancillary services. In hospitality, typically, the performance of each pillar will determine a property's financial success.

The sources of business finance are retained earnings, equity, term loans, debt, letter of credit, debentures, euro issue, working capital loans, and venture funding, etc. The above mentioned is the concept, that is elucidated in detail about 'Fundamentals of Economics' for the Commerce students.

What do you mean by sourcing? Sourcing is a specific segment under a procurement cycle that refers to identifying, evaluating, and selecting suppliers or vendors to obtain goods, services, or raw materials required for a business's operations.

Sources of company finance include equity capital, debt capital, and retained earnings. In this section you will look at share capital in the form of ordinary and preference shares, and debt capital in the form of bank loans and debt securities such as debentures (corporate bonds).

What is a primary source of business? ›

In business, primary sources provide information about what a company or industry says about itself. Examples include annual reports, financial statements, press releases, interviews, speeches, blog entries or tweets. Secondary sources provide information about what others think about a company or industry.

The following approaches to generate business ideas can be used by an entrepreneur while exploring the different sources of business ideas: (i)Brainstorming. (ii)New ways of doing old things. (iii)Converting hobby into business. (iv)Improving an existing product.

An origin story is a simple, digestible narrative explaining how your company was started. Your business's origin story might include the who, what, where, when and how of your business's beginnings. The most memorable origin stories focus on the 'why' of how the company came to be.

One of the largest and most diverse parts of the hospitality industry is the accommodation sector, which includes everything from lodging to event grounds and special event venues. Numerous different types of hotels and venues fall into this sector, including: Chain hotels.

A hotel business is simply an establishment that offers guests a place to stay.

According to the Cambridge Business English Dictionary the "hospitality industry" consists of hotels and food service, equivalent to NAICS code 72, "Accommodation and Food Service".

Room Revenue: The primary source of revenue for any hotel is room revenue, generated through the “sale” of guest rooms. Select-service hotels typically offer room rates at a more affordable price point compared to full-service hotels, making occupancy a critical factor in revenue generation.

Hotel sourcing or procurement is the process of identifying, negotiating and contracting with hotels to secure accommodations for a specific group, event or organization.

The main categories of the key hotel resources that have been identified are: physical resources, financial, human, technological and marketing resources, knowledge, information technology, reputation and brands (Casanueva, Gallego, & Revilla, 2015).