E - Glossary

What are early adopters? Early adopters are consumers who strive to be the first to try any new product or service.

What does elastic mean? Elastic is an economic term relating to the dynamics of supply and demand. Whenever a 1 percent change in price causes more than a 1 percent change in quantity supplied or demanded, the elasticity calculation will result in a number greater than 1.

What is electronic distribution? Electronic distribution is the selling of hospitality products and services via the computer. Think of these as electronic warehouses in which a person may conduct one-stop shopping for a variety of hospitality products and services.

What is environmental scanning? Environmental scanning constantly monitoring and assessing the external environment to spot changes and emerging trends. The Hotel Price Reporter rate shopping tool can be used to perform environmental scanning.

What is an extended stay business? Any business that generates seven or more nights stay is an extended stay business.

What is Perfectly Elastic? Perfectly elastic is a term used in the hotel industry to describe the relationship between supply and demand.