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Term |
Definition |
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Value Added Benefits |
Enhancements that are given to a product before offering that product to customers. Acronym: VAB |
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Value Added Tax |
A consumption tax levied on goods and services in many countries around the world. Acronym: VAT |
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Value Based pricing |
A pricing strategy in which prices are based on the value of a product as it is perceived by the customer. |
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Variable commission |
Commission that changes by day of week and agent. |
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Virtual Inventory |
Refers to the concept of nesting attribute inventory, and centres around saving desirable inventory for specific requests by only decrementing the attribute(s) a guest requests, thereby creating virtual inventory e.g. a guest requests only a 'King' attribute, however 'King' is associated to 3 different 'real' Inventory Types (King/Std/Non-Smoking, King/Dlx/Non-Smoking, King/Dlx/View/Non-Smoking). |
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Visibility Mode |
The period of time during which an as yet unopened property is included in availability searches but not available for booking. |