Travel &Tourism Management Solved Assignment

ICON College of Technology and Management
Department of Travel &Tourism Management
The travel and tourism business toolkit
Name: Mihalachioiu Dan Alexandru
Student ID :16493

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Discuss the rationale and principles of revenue management in industry..............................3
Applies revenue management tools to generate and maximise profit. ..................................5
LO 2.................................................................................................................................................6
The different stages of HR life cycle and importance for retaining and developing talent....6
Develop a performance management plan.............................................................................7
LO 3.................................................................................................................................................8
Explore legislation that organisations in travel and tourism industry adhere to....................8
Employment and contract law impact to the decision making...............................................9
LO 4...............................................................................................................................................10
The different types of financial statements and reporting....................................................10
Importance and values of budget for controlling business performance..............................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The business toolkit is very important factor for the business and its growth. It is the
visual profitability of business. Travel and tourism is plays a very important role in UK, this give
significant impact on the economy (Breuer and Lüdeke-Freund, 2018J). It is world's largest
industry in the global economic contribution. The present study is based on the “Thomas cook”
which is the British global travel sector company at UK. The group has number of operations
include Air tours and also provides the various products like holiday package, hotels and resort.
The study will discuss rational and principle of revenue management. It will investigate revenue
management tools for generating and maximise profits. Study will review different stages of HR
cycle and importance of training. It will develop a performance management plan for the specific
sector. Report will explore by the various legislation and its potential impact on business
decision making. It will also highlighted by the different types of financial statement and
importance of budget.
LO 1
Discuss the rationale and principles of revenue management in industry.
The revenue management is play a very important role in travel and tourism industry.
The meaning of revenue management is refers sell right room to right client at right time at the
right prices. This help to customer for cover their demand for optimizing inventory and prices in
order to maximize revenue growth and profit. There are various principles of revenue
management those are help to make the effective and valuable changes for tour and travel
industry. The principles of revenue management are as follows:
Market segment
The market segment is process which is diving to potential customers in market or into
the group of peoples. It is the main principle of revenue management in the tour and travel
sector. This help to arrange company and its target customers in segment. As per this principle
revenue management is also help to reduce risk of unsuccessful and ineffectiveness of market
campaign. It is very important in the tour and travel sector company to achieve high profit by
targeting customers.
Pricing and inventory management

Pricing and inventory management is effective and valuable for the growth of company
which is help to give correct management of pricing policy of company. This help to maximize
profit which is the main goal of company. It is very important and effective principles of revenue
management in tour and travel industry. According to this principle, revenue management is in
effective and also in correct manner in the industry, inventory management is very important in
tour and travel industry to manage revenue at market place.
Overbooking
Overbooking is well known principle of revenue management in tour and travel industry.
This help to make control for revenue management in order control revenue in industry. Some
time here is very important to sell extra room has available with the help of this industry able to
manage their revenue in effective manner (oshi and Goudar, 2017). This protect to hotel by
diminished revenue which is unexpected.
Information system
Information system is best system and principle of the revenue management. It is the
information and communication technology which is use by the industry and organisation for
collect correct information from market place. Technology is support to business and its growth
at marketplace. This system is allow to take correct and effective system for the business and
growth of industry. It is provide the data with real time analysis of the state by market demand
and ideal room rate.

Those are the principles of revenue management in the tour and travel sector and
industry. Those are effective and valuable for the business and it growth. This help to make
control on revenue management in industry.
Applies revenue management tools to generate and maximise profit.
Revenue management is the best and important for generate and maximize profit at tour
and travel sector. With the help of revenue management industry is able to generate profit and
growth at marketplace. Here, are mentioned some tools which are help to revenue management
for generate and maximise profits at tour and travel industry are as follows:
Property management system
It is the key tool of success of hotel and travel establishment. With the help of this tool
work flow is in easier manner and also help to proper and perfect guest experience (Moratis,
Melissen and Idowu, 2018). With the help of new technology it is important to take time for
select best property management at industry. This system is help to generate profits and also
maximize it.
Booking engine
Booking engine is also the important tool for generate profits by targeting new business
and its growth. It is the very important technology tool for this industry is booking engine,
because manager is direct sales at this point. This give facilities to customers for book online
there services and its growth. This give effective policy not only for the payment and also for
currency translation. This help to generate and maximize profit by online payment and
translation process.
Review score tracking
The review score of the hotel is the financial success of Thomas cook. It is important and
effective tool for generate profit because customers are see and check that before booking. By
this they are get idea of rates and review of hotel and its experience of other peoples score then
customers are book their services at industry. By this review score tracking tool help to generate
and maximize profit.
Those are the management tools which are help to generate and maximize profit. The
Differentiate pricing strategy is the method of changing different prices for the product and
services. Manager of tour and travel Thomas cook adopt various and differential pricing method
for achieve objective which is maximize the profit of an organisation. This prices are set by the

customers segment pricing, image pricing, location and time pricing strategy. This impact to
revenue management of tour and travel sector (Riley, 2017). Prices are sets as per the needs and
wants of customers and location by this it will impact to the revenue management. Because
rooms and flight tickets are sell as per that it can be low or high. By this pricing strategy impact
to the revenue management.
LO 2
The different stages of HR life cycle and importance for retaining and developing talent.
For the every business and industry, human resource manager has the effective and
unique life cycle. The HR life cycle is involve the various stages and roles for improve and
develop talent of operation department. Each stage of HR department has various opportunities
and challenges as well as benefits. The stage of human resource life cycle in Thomas cook are as
follows:
Stage 1: Recruitment
Hiring decision is play an effective and crucial role in the Human resource manager life
in turnover, productivity and growth. In that manager of HR need set and create strategic plan for
understand position need to be fulfil. For example: what is expected employees for the operation
department make strategic best as per the hiring concerns. In that, HR manager have to analysis
that compensation and benefit package which is help to attract candidate for operation
department (Shiu, 2017). Set interview and test as per these post.
Stage 2: Education
Education is the best process of employees at the time of start new position work at
workplace. As per this stage, employees of operation department have to know about Thomas
cook, their role and responsibilities at that. In this stage, HR manager give information to
employees about the culture and values, train them as per requirement in operation department.
Also, introduce with the whole staff members. By this, HR manager give whole information to
the new joining as a operation department.
Stage 3: Motivation
Motivation is very important and effective for each and every employees. It is the very
important stage of the HR life cycle. In this stage, HR manager are motivate to operation

department employees for the hard contribution and bes result of work. As per that operation
department employees satisfied.
Stage 4: Evaluation
At this stage, HR manager are evaluate and measure the performance in Thomas cook's
operation department new joiners. It gives leader and manager employees specific matrices and
help to review and determine the performance of employees if they are right for the job role or
not by focusing some roles such as challenges, support and evaluate employees performance.
With the help of evaluation manager know the mistakes and give guidance for improvement. By
this it important for retain talent of operation department.
Stage 5: Celebration
It is very important and effective stage of HR life cycle is gives various opportunities top
staff and says thank you tom their employees for their hard work. At this stage, HR manager
appreciate to their employees and it is important for the management because by this employees
are motivated towards the work (Tan and et.al., 2017). A smart leader makes employees feel
empowered by giving scene of ownership. That is important for retaining talent of employees.
Those are stages of HR life cycle, which are help to hire best candidates for the team of
operations. Those are important for retaining and developing talent of operation department with
the help of motivation and proper education.
Develop a performance management plan.
Performance management plan is help to improve the negative behaviour of
employees and resolve all the issues which are happened at the time of work. With the help
of performance management plan, manager of Thomas cook manage performance of
customers senior agent:
Skill and
behaviour for
customers senior
agent
Action to be
taken
Development
opportunity
Review data Methods
Understanding
customers needs
Apply intelligent
customer
engagement,
Direct meet with
the customers for
that provide
1 month 360 performance
appraisal

generate data
from customers
analytics.
training bys the
support team.
Data entry skills This can bes
improve by using
various tools and
techniques and
regular practices.
Provides the best
training on the
data entry
software.
1 month MIS format
training
Communication
skills
This can be
improve by the
practice which is
done by the
senior manager.
Learn the basic of
non-verbal
communication,
avoid relying on
visual aids.
3 months Regular practice
of oral
communication
Those are the skill are very important for the operation department. Those can be
improve by providing best training and development programs.
LO 3
Explore legislation that organisations in travel and tourism industry adhere to
There are various rules and legislation which has followed by the tour and travel sector.
Legislations are give impact on the Thomas cook. Rules and legislation which are related to
travel and tourism industry are as follows:
Consumer protection act 1986
The consumer protection act lays down the rights of customers and duties are provide by
the Thomas cook. It is the form of government regulation which has aim to protect rights and
duties of customers (Thumachal and et.al., 2017). It make the strong relationship between the
customers and manager of Thomas cook. This law give impact on the company and business
because every customers want safety and protection by their Thomas cook. In the absence of this
customers are not trust on the company. In this manager of Thomas cook have to give protection
to their customers.
Healthy and safety act 1974

The healthy and safety law is very important and essential for the travel and tour sector
which is impact to the business and its growth. In this manager of Thomas cook have to take care
of their employees and customers and provide protect and safe environment to them. Customers
are highly attracted by the safe environment of employees. For example: customers are not feel
safe from the workplace in that, customers are feel not good. In that manager have to make
healthy and safe environment.
Those are the low which are followed by the tour and travel sector industry and Thomas
cook company which is best service provider.
Employment and contract law impact to the decision making.
Laws are impact to the business and its decision making process by making changes.
Those impact may positive or negative in terms of work. Laws and its impact on the business are
as follows:
Employment law
It is the law which has area that governs by the employees and employer relationship.
This covers work such as prevent discrimination, promote healthy and safety, establish minimum
level of economic support etc.. this law is recognize by the worker compensation, employee
benefits and minimum wages (Tiwari, 2017). This law give impact on the Thomas cook and its
decision making process. For example: healthy and safety of employees like employees is
injured at the time of work. In that manager have to give compensation against of injuries. By
this employers of Thomas cook have add this law in their process. By this employer take their
decision as per this law, with this it impact to the business and its decision making process of
Thomas cook.
Contract law
This law is enforceable by law that is offers personal rights and obligations that protect
and enforce against the parties. Employees are have their personal rights for the work and its
growth factor. This law is impact to the Thomas cook and its decision making process. For
example: employees some of there personal rights in which they are not ignore this as per the
contract of job. In this employer is mentioned roles and responsibilities and compensation of
employees who are newly joined with Thomas cook as a operation department. By this manager
have ta takes decision as per this law. By this it impact to decision-making process of Thomas
cook.

Company law
The company law is the formation, registration, incorporation, governance and
dissolution of firm which is controlled and administered in company law. All the companies are
formulate in this act and law. This give an impact on the Thomas cook and its decision making
process. Manager of Thomas cook is want some change in their layout or policies. In this case
manager have to take permission by the government as per this law. If government not give
permission for those changes by this it impact to the decision making process of company.
Those are the laws which are impact to the business and its decision making process.
LO 4
The different types of financial statements and reporting.
Financial statements is the important and formal records of the financial activities of the
entity. It is the written report that quantity strength, performance of Thomas cook. There are
three types of financial statements and reporting system for the Thomas cook are as follows:
Financial reporting
Financial statements report the content a company like cash flow, income statements,
balance sheet and shareholders equity (Vogel, 2016.). Financial statements are very important for
the Thomas cooks to maintained the effectiveness at work place. With the help of cash manager
know about their net outflow on monthly basis. It is very important and valuable for the business
and its growth at marketplace. Income statements show amount of sales and expense are non-
cash and cash. Balance sheet is made on the monthly basis with the help of this manager is know
loss an profit in the year ended. Those are very important financial and reporting system for
Thomas cook.
Operational reporting
The main purpose of this report is to provide management information to company by
their current operational efficiency. This help to give the real time information to the
management of Thomas cook by this they are know about information at end of the day. With
the help of real time information manager is able to make the effective and valuable for the
business and its growth as per requirement (Wall and et.al., 2017). This is also important to use
by the Thomas cook company.
Balance sheet

It is the statement of the assets, capital, drawings, liabilities of the business for analysis
the details of balance of income and expenses are happens in company. It is the very important
and effective report and process of expenses and profits. Thomas cook have to follow this
financial statements. With the help of this they are able to know about the growth factors of the
company.
Cash flow
The cash flow is shows total amount of money which is transferred into and out of the
business. It is the fundamental level of process which is shows and create ability to create values
for the shareholders which is determined by ability which is help to generate the positive cash
flow. With the help of this, Thomas cook manager is able to know about inflow and outflow of
cash as well as its net income.
Income statement
Income statement is the best and effective which is shows the profit and loss company it
is also called the profit and loss statement. It is the financial report which is provide a summary
of revenue, expenses, profits and loss of company. This is help to manager of Thomas cook to
know about the profit and losses of company.
Those are the important and essential financial and reporting statements for the Thomas
cook. Those are important to use by company with the help of this, they are know the actual
requirement of company and profit and loss.
Importance and values of budget for controlling business performance.
Budget is the process of creating plan to spend money for providing best products and
services to customers. Budget is important and valuable for the business and its growth as per
requirement. It is the basis for all business and its success and also this help to identify current
availability capital, provides and estimate of expenditure. It is plan to control the finance of the
business. This help to ensure Thomas cook can fund its current commitment. The importance of
budget are as follows:
 Budget is important for the business and its growth because this help to make estimation
of the future expenses.
 It is estimation of the revenue, plan expenses any spending part of the plan.
 This help to ensuring money which is allocating the those things which are support to
achieve objectives of Thomas cooks.

 With the help of budget, manager are able control the performance of business because
unexpected expenses are reduce by the proper budget making process.
 This help to know the priorities of the business at the time of work which is serves to
customers (Wu and et.al., 2016).
 This process is provide the opportunities for the staff and employees by sharing vision of
Thomas cook to them.
 With the help of budget manager is able to done the proper allocation of pool resources.
 With the help of budget manager is know about the variance of expenses.
Those are the importance of budget with the help of this manager of Thomas cook able to stop
unexpected expenses.
CONCLUSION
From the above study it had been concluded that the tour and travel sector has the curial
roles in services sector. Report has covered by the principles of revenue management it has very
important for the management of company. With the use of management tools manager has able
to generate profits by target customers. The stages of the HR life Cycle has important and
valuable for the business and employees for hire best candidates for the team operation.
Performance management plan has help to resolve negative behaviour and overcome the issues
of staff. Legislation and rules has impact to the decision making process of the company because
of this manager has to make their decision as per those legislation. Financial statements and
reporting has important for the company to know about their expenses, profit and loss of
company. With the help of budget manager able to control business performance and variance.

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