Glossary words 51 - 60

Question 1

Something that can be handled or touched

Answer 1

Tangible

Question 2

Cost savings made by doing things in larger numbers e.g. buying in bulk

Answer 2

Economies of scale

Question 3

A new product or idea or an existing product that has been improved

Answer 3

Innovation

Question 4

A business that outs together all the different components that make up a holiday and sell the compete package to the customer e.g. TUI

Answer 4

Tour operator

Question 5

The ways in which a business gets a product to customers

Answer 5

Distribution chain

Question 6

When organisations work together for mutual benefit

Answer 6

Interrelationships

Question 7

A relationship between two or more organisations which rely on each other to provide the best possible product or service

Answer 7

Independencies

Question 8

When a business buys or merges with another business of the same type

Answer 8

Horizontal integration

Question 9

When a business buys or merges with a business that performs a different role in the travel industry

Answer 9

Vertical integration

Question 10

A business that arranges the details of a holiday on behalf of a customer

Answer 10

Travel Agent