The International Travel & Tourism Management Business Toolkit

The International
Travel & Tourism
Management Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1 .................................................................................................................................................3
P1 Principles of revenue management.........................................................................................3
P2 Revenue management tools to generate profits......................................................................4
LO2 (Completed in PPT).................................................................................................................4
LO3 (Completed in PPT).................................................................................................................4
LO4 .................................................................................................................................................4
P7 Types of financial statement ..................................................................................................4
P8 Importance and value of budgets............................................................................................5
CONCLUSION................................................................................................................................5
REFERENCE ..................................................................................................................................6

INTRODUCTION
Travel and tourism is the part of business industries where number of business concern
are running their business by providing variety of accommodation and other services as people
wants. This is important for companies to understand the needs and wants their passengers so
products and services should be provided accordingly to them (Baumgartner and Bansal, 2019).
To understand about travel and tourism Carnival Corporation & PLC has been chosen that is
British American has been taken that is hotel in UK and offers different accommodation
services. Topics are covered in report are principles of revenue management for travels and
maintaining budgets or financial statement.
Task 1
P1 Rationale and principles of revenue management
Revenue management is a wider concept that is use to maximise the productivity and
profitability by running a business effectively. This is important for organisation to offer variety
of products and services so revenues can be generated accordingly. In other words, it is a long
term plans where organisation sale its products at low rates in higher demand which helps to
manage the good efficiency. For instance, the manager of Carnival corporation & PLC are
understanding what people wants if they comes in hotel from a nation to visit and offer kind of
services resulting management of revenues (Jayasooriya, 2019).
Rationale of revenue management
It provides the ability to make most out of perishable inventory control – Revenue
management is important because it provides an ability to make perishable stock of hotel rooms ,
allowing them to increase the money and generate profits. In context to Carnival Corporation &
PLC, manager are focusing on revenue management by offering hotel rooms to stay, food facility
and other services by charging amount from them which helps to control the revenues.
Hotel owners are anticipating demand – This mean owner in relation Hotels are make
efforts to anticipate demand and optimising pricing availability for the purpose of attaining
possible results. In context to Carnival hotel, owners are getting financial results by maintaining
demand and needs of customers.
The principles of revenue management