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Principles of Revenue Management- Doc

   

Added on  2021-02-18

9 Pages2871 Words140 Views
004 The hospitality BusinessToolkit
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Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P. 1 Rationale and principles of revenue management...............................................................3P. 2 Revenue management tools to generate and maximise profit............................................3M. 1 Impact of differentiated pricing strategies on revenue management in a specific sector...4D. 1 Critically analyse the principles of revenue management...................................................4LO 2.................................................................................................................................................4P. 3 Different stages of the HR life cycle....................................................................................4P. 4 Development of a performance management plan for a specific travel and tourism jobrole...............................................................................................................................................5M. 2 Evaluate the importance of the HR life cycle in relation to strategic talent management..5D. 2 Effective recommendations and judgement to improve HR processes and documents......5LO 3.................................................................................................................................................5P. 5 Specific legislation to which travel and tourism industry must adhere...............................5P. 6 Impact of employment and contract law in business decision-making...............................6M. 3 Examine the potential implications of legislation, regulations and standards....................6D. 3 Critical examination of potential implications of legislation, regulations, ethicalprinciples and standards..............................................................................................................7LO 4.................................................................................................................................................7P. 7 Different types of financial statements and reporting mechanism......................................7P. 8 Importance and value of budgets.........................................................................................7M. 4. Interpretation of financial statements and reports.............................................................8D. 4. Evaluation of business performance based on financial statements and reports................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONThis study will highlight, core principles of the revenue management in travel andtourism industry. It study will also establish the fact on assessing and managing HumanResources life cycle. Furthermore, this study will help in effectively identify the impact ofvarious legislations and laws for effectively retaining and developing human talent into theorganization for effective decision making. This study will also examine various types offinancial statements and reports which helps in identifying variances and controlling businessperformance. Tourism Union International (TUI ) group is one of the largest travel and tourismcompany across the world. It mainly deals in leisure resorts, hotels, airlines, cruise lines, holidaypackages and charter. LO 1P. 1 Rationale and principles of revenue management.Revenue management is an effective application which helps in effectively understandingthe behaviour of the consumers to optimize the availability of the products which eventuallyleads to maximizing the revenue growth (Board and Skrzypacz, 2016). It helps travel andtourism industry in improving the occupancy of the business which helps in yielding higherprofits. Revenue management helps in analysing current data, market analysis, segmentation,yield management, revenue performance forecasting, KPI tracking, demand forecasting, dynamicpricing, competitor analysis and customer behaviour analysis. Revenue management helps inmanaging over staffing and effectively optimizing the manpower of the organization to attainhigher results and outcomes. P. 2 Revenue management tools to generate and maximise profit.Property management system: Revenue management tool mainly focuses on four criticaltools which helps in property management system by making workforce easier by effectivelyadapting to various technologies to reach higher goals and objectives which leads to higherattainment of performance, productivity and profitability (Kimes and Wirtz, 2016). Booking engine: Integration of new and advanced technology into the organizationfocuses on integrating new advanced communication and information technology for processingpayments online, easy booking, surfing of room availability and holiday packages, reservations,
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