GROUP RATE Meaning and
Definition
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Group rate refers to a discounted price or special rate offered for a product, service, or event when a certain number of individuals or a group as a whole make a purchase. It is a pricing strategy aimed to incentivize group bookings, typically utilized by businesses in various industries such as hospitality, travel, and entertainment.
The group rate is often established to encourage larger groups to access products or services at a reduced cost, which can be financially advantageous. This type of pricing arrangement acknowledges that larger volumes of customers can bring increased revenue potential and, therefore, merits a reduced price per individual. Group rates are typically negotiated in advance with the service provider based on the anticipated number of participants, length of stay, or specific requirements of the group.
These discounted rates commonly apply to accommodations, transportation, admission to attractions, guided tours, and other types of activities. They are commonly associated with corporate groups, educational institutions, tour operators, sports teams, conferences, and social gatherings.
Group rates benefit both the customers and the service providers. Customers receive financial savings by taking advantage of the reduced price per person, while businesses can maximize their occupancy, generate higher revenues, and establish long-term relationships with group organizers. Negotiating group rates can also enhance the overall experience for group members, fostering a sense of unity and camaraderie among participants.
Common Misspellings for GROUP RATE
- froup rate
- vroup rate
- broup rate
- hroup rate
- yroup rate
- troup rate
- geoup rate
- gdoup rate
- gfoup rate
- gtoup rate
- g5oup rate
- g4oup rate
- griup rate
- grkup rate
- grlup rate
- grpup rate
- gr0up rate
- gr9up rate
- groyp rate
- grohp rate
Etymology of GROUP RATE
The word "group rate" originated from the combination of two separate terms: "group" and "rate".
1. Group: The term "group" comes from the Middle English word "groupe", which means a cluster or gathering of individuals. It is derived from the Old French word "groupe", meaning a knot or a tuft. The Old French word can be traced back to the Italian word "groppo", meaning a bunch or cluster. Ultimately, it is believed to have originated from the Late Latin word "gruppus", meaning a heap or a pile.
2. Rate: The term "rate" comes from the Old French word "rat", which means a proportion or a ratio. It is derived from the Latin word "ratus", meaning reckoned or calculated. The Latin word can be traced back to the Proto-Indo-European root "*re-" meaning to reason or count.
Similar spelling words for GROUP RATE
- ride crop,
- grape rot,
- crab right,
- grape root-worm,
- red-necked grebe,
- smash-and-grab raid,
- Kirby Wright,
- red grape,
- route group,
- group right,
- root crop,
- red crab.
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