Page 173 - Specialised First Foreign Language 2

Market segmentation: Market segmentation is a
marketing approach that encompasses the identification of
different groups of customers with different needs or

responses to marketing activity. The market segmentation
process also considers which of these segments to target.

markup: (1) difference between the cost and the selling
price of a given product; (2) difference between the net
rate charged by a tour operator, hotel, or other supplier and
the retail selling price of the service.

Mass tourism: Traditional, large scale tourism
commonly, but loosely used to refer to popular forms of
leisure tourism pioneered in southern Europe, the
Caribbean, and North America in the 1960s and 1970s.

master account: the guest account for a particular group

or function that will be paid by the sponsoring
organization

master bill: all items contracted by the operator and
supplier that will be paid by the operator

MAVERICS: Characterisation of tourists of the future as
multi-holidaying, autonomous, variegated, energised,
restless, irresponsible, constrained and segmented.

Mediation: An attempt to settle a dispute using a neutral
third party

meet and greet: pre-purchased service for meeting and
greeting a client/group upon arrival in a city, usually at the

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