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Doc- Travel and Tourism Business Toolkit

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TRAVEL AND TOURISMBUSINESS TOOLKIT
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P.1.Discuss the rationale and principles of revenue management for the travel and tourismindustry........................................................................................................................................1P.2.Investigate the tools of revenue management and its implementation to generate andmaximise profit of Thomas Cook Company...............................................................................2M.1.Analyse the impact of differentiated pricing strategies on revenue management inThomas Cook Company..............................................................................................................3D.1.Critical of principles of revenue management and its application in Thomas Cookscompany......................................................................................................................................3P.7.&M.4.Exploring and interpreting the different types of financial statements and reportingmechanism for Thomas Cook Company.....................................................................................4P.8.The importance and value of budgets for controlling business performance and identifyingvariances......................................................................................................................................6D.4.Evaluating the performance of business that is based on financial statements reports forThomas Cook company...............................................................................................................7PART 2............................................................................................................................................8P.3.&M.2.Reviewing and Evaluating Different stages of the HR life cycle and theirimportance for retaining and developing talent..........................................................................8P.4.Develop a performance management plan............................................................................9D.2.Make valid judgement and recommendations on HR processes and documents can beimproved for effective talent planning throughout the HR life cycle.......................................10PART 3..........................................................................................................................................11P.5.&M.3.Explore specific legislation that Thomas Cook in the travel and tourism industryhave to adhere to as well as its implication of laws on decision making of company.............11P.6 Illustrate how company, employment and contract law has a potential impact on businessdecision-making in the travel and tourism industry..................................................................11D.3.Critically reflect on the potential impacts of regulations, legislation and ethical principleson decision-making in the travel and tourism industry.............................................................12
CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONTravel and tourism industry is the heart of the any economy and plays an important rolein the United Kingdom. In UK it is one of the largest revenue generated industry in the world.The contribution of travel and tourism industry is approximately 217 billion pounds to GDP inUnited Kingdom. This present report is context to Thomas Crooks & Sons company of UnitedKingdom. It is a private limited company which was founded in 1841 by Thomas Cook. Itsheadquarters are located in London, England and UK. This report will cover examine the keyprinciples of revenue management for travel and tourism industry as well as also explain tomange budget and maintain statistical financial records. Furthermore, this report also include HRLife Cycle and Human Resource strategy as well as it management in organisation. In addition tothis, legislation and ethics in travel and tourism industry is also understood in this assignment.PART 1P.1.Discuss the rationale and principles of revenue management for the travel and tourismindustry.Revenue management in hotel is about becoming the architect of the future. Revenuemanagement is very important in travel and tourism industry as well as in Thomas Cook & Sons.It is the application of disciplined analytics that predict the behaviour of consumer at the micromarket level as well as increase the availability of product and price to maximize the revenuegrowth. Revenue management leads to creation as well as innovation of new products andservices as well as there pricing (Tsui and et.al., 2018). It is very essential in Thomas Cookorganisation as it maintain the right balance between revenue manager and general manager aswell as in tour operating manager.There are someprinciplesof revenue management which are as follows-Segmentation of market- This is the first and the most important principle of revenuemanagement. When company want to increase the revenue or to manage the revenue, it is veryessential to divide the customers into small groups or into various categories. With the help ofthis division, Thomas Cook can apply different marketing strategies as well as different policiesof pricing. The main intention of this principle to reach the maximum customers.Price Policy-This is another most important principle of revenue management. Revenuemanagement is the essential part of service company. Thomas Cook company is practisingrevenue management so they have to control the price policy. Pricing of the services is different1
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