Hotel Management Glossary

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There are currently 14 Glossary Items in this directory beginning with the letter V.
Occupancy of less than a full house so rooms are available for sale.

Vacant and Ready
A room status term indicating that the room has been cleaned and inspected, and is ready for an arriving guest.

Originally a term used to identify an individual who cared for the clothes of wealthy travelers; bb.: its most common usage now is in reference to those individuals responsible for parking guest vehicles.

Value Chain
A representation of organizational processes, divided into primary and support activities that create value for the customer.

Venture Capitalists
Individuals or groups of investors that seek out and provide capital to entrepreneurs.

Vertical Communication
Communication between individuals that flows up and down throughout the organization.

VIP Guests
Short for Very Important Person.VIP status is granted to persons who expect special treatment, or celebrities or officials who need to spend minimal time checking in.

VIP List
A list of VIP clients prepared on daily basis.

Viral Marketing
Refers to a process in which consumers voluntarily spread a message about a company, a product, or a service based on their own experience. It is the Internet version of word-of-mouth marketing.

Expresses what the organization wants to be in the future

Vision Statement
A forward-looking statement of what a firm wants to be in the future; an ideal and unique picture of the future.

Visionary Leadership
Pertains to envisioning what the organization should be like in the future, communicating the vision, and empowering followers to enact.

A document detailing a transaction to be posted to a front office account, used to communicate information from a point of sale to the front office. Common vouchers include cash, charge, transfer, allowance, and paid-out vouchers. Also, a form provided by travel agent to their clients as a receipt for advance registration payments. See also Credit Card Voucher

Voucher Rack
A container storing vouchers for future reference and verification during the night audit.