Introduction to The Travel and Tourism Business Toolkit: Assignment
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Added on 2021-01-02
Introduction to The Travel and Tourism Business Toolkit: Assignment
Added on 2021-01-02
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`The Travel andTourism BusinessToolkit
INTRODUCTIONTravel and tourism world's leading and fastest growing industry generate high amount torevenue. It include of various set of activities in which individual travel and stay in places otherthan their usual environment (Bayliss, 2014). Former large commercial industry is growing theirbusiness rapidly with a motive to gain large sum of profit and aid government to increase itseconomy along with satisfying need and requirements of customers. Present case study hasbeen conducted on British-American cruise operator, Carnival Corporation & PLC. Organisationoffer different types of product including, food, bars, events, shore excursions, travel and tourismservices, entertainment, accommodation and more. Carnival Corporation draw the attention ofnearly 11.5 million guests in an annual manner with offering their services to more than 225,000cruise guests around the world. In this report discussions has been made on, revenuemanagement rational and principles. Present report also cover different types of HR life cycle.Along with this different types of legislations and performance management plan is also includedin this report. Lastly, report include essentialness of budget along with financial statements. P1 Revenue management rationale and principles related to travel and tourismIt is related to manage and control the cost as well as benefits of a sector across the wholewide world.In context with, Carnival Corporation & PLC management of revenue within theindustry of travel and tourism is mainly linked with best form of effective measurement ofbenefits as well as cost within accommodation overbooking and cruise all around the globe.Revenue management include effectively evaluation of ADR, standard rate and availability ofservices in order to gain more revenue. In relation to this, Carnival Corporation & PLC financemanager is required to focus on their cruise services, accommodation, entertainment, food, andmore to gain more profit base. Along with this, by anticipate costumer behaviour and by optimalaccessibility of services and product also aid Carnival Corporation & PLC to maximise theiroverall rate of revenue. Revenue Management Principle and RationaleIt is effectively benefit in creating new products, servicing and attractive pricing rangewith the help of which company can effectively able to conduct its business operations.Revenue management plan benefits in decreasing cost that is basically associated withlong-standing rating tactics (DeLacy, 2014).
Mentioned below are some principles which is related with the travel and tourism industry inorder to manage the revenue:Market Segmentation:In market segmentation, consumers are mainly segregated into suffice and non-qualifiesand this partitioning is basically founded uponelements and factors of customers in order toincrease revenues. This segmentation benefits Carnival Corporation & PLC to maximise itsmerchandising and net income. Booking Patterns and Historical Demand: As per this principle of Carnival Corporation & PLC, it has been analysing andexamining that the historical data might effectively able to formulate programme in order toproperly stimulate their booking plan. This will benefit company to consider actual demands,needs and requirements of consumers in order to enhance the profit margin of the company. Overbooking:It is the principle which is related to offering more amount of reservations beyond aentire capacity.This process can establish to be impelling when cancellations are made byconsumers. Main motive behind this is to boost up level of overbooking in order to increaserevenue and reduce estimated amount of risk related to refused service. Revenue Management ToolsDiscount Allocation: With the help of this tool, Carnival Corporation & PLC provide specific range ofattractive schemes which includes discounts, coupons and many more to their potentialcustomers and new guest.They can offer discounts to their customers while booking in advance,this will simultaneously aid them to increase their overall margin of sale. Company can also offerdiscount schemes in a seasonal manner as to attract new customers form different geographicallocations. Capacity Utilization: In a cruise there are certain fixed number of available capacity which is required to beproperly utilized by Carnival Corporation & PLC in order to generate maximum revenue. It isimportant for company general manager to properly evaluate reservation capacity in cruise inorder to offer facilities to all of their all customers in best effective manner. For example, if
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