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The Travel and Tourism Business Toolkit Assignment - Thomas Cook

Added on - 23 Nov 2020

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THE TRAVEL ANDTOURISM BUISNESSTOOLKIT
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1P1 Rationale and principles of revenue management for travel and tourism sector...................1P2 Define how tourism sector implement revenue management tools to generate profits.........1TASK 2............................................................................................................................................2P3 Different stages of HR life cycle applied to a specific travel and tourism role.....................2P4 Performance management plan for travel and tourism job role along with technique toresolve negative behaviour..........................................................................................................3TASK 3............................................................................................................................................4P5 Different legislation in travel and tourism industry which organizations must adhere.........4P6 Impact of company, employment and contract law on business decision-making................4TASK 4............................................................................................................................................5P7 Different kind of financial statements and reporting mechanism for travel and tourismindustry........................................................................................................................................5P8 Importance and value of budget for controlling business performance and identifyingvariances....................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONTravel and tourism is a wide sector in hospitality industry and refers to those activities inwhich a person goes different places with the aim of visits or business purpose. Tourism is thepractice in which a person travels to gain pleasure and spend good times with near ones(Ali,Ryu and Hussain, 2016). These activities benefits in developing economic and social conditionsof a nation in form of donations, taxes, employment etc. This assignment is written in contextwith Thomas Cook which is a UK based global traveling company, headquartered in London,England. Company was founded in 1841 and offers holiday package, hotels, accommodationsand cruise line to their customers. This report is going to include rationale and principlesassociated with revenue management. Implementation of revenue management tools to generateand maximize profits will be discussed. Various stages of HR life cycle for a specific job role isdiscussed. Beside this, a performance management plan, financial statement and budget isprepared.TASK 1P1 Rationale and principles of revenue management for travel and tourism sectorThe principle and rationale of revenue management in context with travel and tourismsector are as following:Overbooking- Thomas Cook is a Britain based tourism & travel sector and specialises inproviding quality products and services to their customers. This will benefits them in enhancedbrand loyalty. Website of the company is followed by the consumers due to of overbooking andadvance booking. It will benefit company in enhancing their customer base considerably.Pricing- The organization also provide services at sensible price by adopting goodpricing strategy. Company offer high quality services so their customers are ready to pay highamount for taking services of it. It will help Thomas Cook in gaining advantages like earninghigh profit and help in management of revenue. If price will be high and quality of services andproducts will be low then it will not attract more customers(Budeanu and et. al., 2016).P2 Define how tourism sector implement revenue management tools to generate profitsThere are different revenue management tools that can be applied to tourism and travelsector. In this context, some tools are mentioned below:1
Channel manager:In context with Thomas Cook, channel manager monitor and analyseall operations that are related with business channels. This helps in maintaining pricesand inventory with the assistance of single manager. This tool will benefits in onlinedistribution so that customer base of firm can be increased.Rate shopper-This tool can be use to acknowledge the price rate of rival companies. Inthis context, company formulates the pricing strategy of its services so that high profitcan be earned.Booking engine- It is a software application that is used by companies to secureinternational reservations. It is related with channel manager due to which vacant roomsare updated correctly(Rogerson, 2015).TASK 2P3 Different stages of HR life cycle applied to a specific travel and tourism roleThere are five stages of HR life cycle, they are as following:Recruitment and selection:It is the procedure of hiring a qualified candidate for thevacancy in an organisation. In context with Thomas Cook, recruitment will benefitcompany in hiring suitable candidate for the position of HR executive. Right candidatewill utilize its knowledge and skills due to which profits of company will enhanceconsiderably. With the help of interviews, skills and other test, concerned company canchoose right candidate(Čavlek Ladkin and Willis, 2017).Education- It is concerned with the understanding and qualification of workforce. WhenHR manager of company will hire HR executive, then he must be given required information sothat business operations of HR executive can be performed desirably.Motivation- It is an encouragement by which employee tries to give their bestperformance. In context with Thomas Cook, manager can motivate HR executive by trainingprograms and motivations sessions so that organisational work can be accomplished in a timelymanner. Other than this, HR executive can be given rewards and incentives so that his workingpotential can be increased.2
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