Travel &Tourism Management Solved Assignment
Added on 2021-02-19
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ICON College of Technology and Management Department of Travel &Tourism Management The travel and tourism business toolkitName: Mihalachioiu Dan AlexandruStudent ID :16493
Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3Discuss the rationale and principles of revenue management in industry..............................3Applies revenue management tools to generate and maximise profit. ..................................5LO 2.................................................................................................................................................6The different stages of HR life cycle and importance for retaining and developing talent....6Develop a performance management plan.............................................................................7LO 3.................................................................................................................................................8Explore legislation that organisations in travel and tourism industry adhere to....................8Employment and contract law impact to the decision making...............................................9LO 4...............................................................................................................................................10The different types of financial statements and reporting....................................................10Importance and values of budget for controlling business performance..............................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONThe business toolkit is very important factor for the business and its growth. It is thevisual profitability of business. Travel and tourism is plays a very important role in UK, this givesignificant impact on the economy (Breuer and Lüdeke-Freund, 2018J). It is world's largestindustry 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 operationsinclude 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 revenuemanagement tools for generating and maximise profits. Study will review different stages of HRcycle and importance of training. It will develop a performance management plan for the specificsector. Report will explore by the various legislation and its potential impact on businessdecision making. It will also highlighted by the different types of financial statement andimportance of budget. LO 1Discuss 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 theright prices. This help to customer for cover their demand for optimizing inventory and prices inorder to maximize revenue growth and profit. There are various principles of revenuemanagement those are help to make the effective and valuable changes for tour and travelindustry. The principles of revenue management are as follows: Market segmentThe market segment is process which is diving to potential customers in market or intothe group of peoples. It is the main principle of revenue management in the tour and travelsector. This help to arrange company and its target customers in segment. As per this principlerevenue management is also help to reduce risk of unsuccessful and ineffectiveness of marketcampaign. It is very important in the tour and travel sector company to achieve high profit bytargeting customers. Pricing and inventory management
Pricing and inventory management is effective and valuable for the growth of companywhich is help to give correct management of pricing policy of company. This help to maximizeprofit which is the main goal of company. It is very important and effective principles of revenuemanagement in tour and travel industry. According to this principle, revenue management is ineffective and also in correct manner in the industry, inventory management is very important intour 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. Sometime here is very important to sell extra room has available with the help of this industry able tomanage their revenue in effective manner (oshi and Goudar, 2017). This protect to hotel bydiminished revenue which is unexpected. Information system Information system is best system and principle of the revenue management. It is theinformation and communication technology which is use by the industry and organisation forcollect correct information from market place. Technology is support to business and its growthat marketplace. This system is allow to take correct and effective system for the business andgrowth of industry. It is provide the data with real time analysis of the state by market demandand ideal room rate.
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