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International Travel and Tourism Management | Assignment
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Added on 2021-02-21
International Travel and Tourism Management | Assignment
Added on 2021-02-21
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International Travel andTourism Management
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................4P1 Elaborate principles of revenue management in travel and tourism sector...........................4P2 Describe about how Travel and tourism sector applies various revenue management tools.5TASK 2............................................................................................................................................6P3 Review various Stages of HR life cycle for a specific job role to retain competent staff.....6P4 Develop a performance management plan for a specific job role..........................................7TASK 3............................................................................................................................................8P5 Explore legislations in Travel and tourism industry..............................................................8P6 Elaborate importance of employment and contract law with specific example....................9TASK 4..........................................................................................................................................10P7 Elaborate various kinds of financial statements and reporting mechanism for travel andtourism sector............................................................................................................................10P8 Explain the importance of budgets in business performance...............................................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION Hospitality industry is one of the broad field in which various services consisted that arelodging, food and drink services and theme parks, transportation, travel and tourism and manymore sectors. In hospitality industry travel and tourism industry is one of the important sectorthat majorly deals in attracting, accommodating and entertaining tourists. This report is based onJet2holidays which is an British tour and travels holiday package provider and come in existencein year 2007 and a subsidiary company of Jet2.com. It is one of the third largest scheduledairlines in the UK. This report is based on the various principles of revenue management and itstools to maximise profit. It also includes Stages of HR life cycle that related to specific job roleto retain talent and build performance management plan to evaluate various factors. It elaboratesvarious legislations related with travel and tourism and role of financial statement with budget inan organization.TASK 1P1 Elaborate principles of revenue management in travel and tourism sector.Revenue management is application of disciplined analytics that helps to predictconsumer behaviour at micro level to accomplish maximise revenue growth in proper way(Baum, 2016). In the management of revenue by using past and current level of bookingsactions to forecast demand to gain maximise revenue and profit.Principles of revenue management:In principles of revenue management consisted that are as follows:Market segmentation:Segmentation refers to dividing and subdividing markets, various channels or consumersin to various groups as per the needs and demand of consumers (Buckley, 2012.). Market can be
segment as per the target sales, increase guest retention, targeted pricing and increased marketshare. In context of jet2holidays they segment market are people who love adventure and visitplaces rapidly.Forecast:In that principle of revenue management consist of proper evaluation and predictionregarding revenue expected in future. In context of jet2holidays with the help of forecast by eachand every department they are able to evaluate in proper way finance required to accomplishgoals and objectives in proper way.Consumer:It is an important principles of revenue management that enables to managers and higherauthority to evaluate and build products and services as per the needs and demands of consumersin proper way. It helps in gain delighted experience from jet2holidays and it ultimately helps toenlarge business opportunities.Pricing:Principle of revenue management that are pricing that states about managers and higherauthority have to set prices as all kinds of consumers can easily afford it and avail services ofjet2holidays ( Buhalis and Crotts, 2013.). Price is one of most important factor to gain attentionof large no. of consumer base to remain always competitive in marketplace.Optimisation:Optimization of resources is very much important for an organisation to get all possibleoutcomes in effective manner. It helps in generate high level of revenue that helps in growth ofJet2holidays.Rationale of revenue management:These all principles of revenue management are very much important for an organisationmajorly in context of Travel and tourism industry to set all factors as per the needs and demandof consumers so that they can get delighted experience from them (Chon and Yu, 2012..). Inorder to it proved beneficial in coordinating each and every activity that ultimately helps ingenerate revenue of ran organisation in positive manner.
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