Hospitality Industry and Thomas Cook

This assignment provides an in-depth analysis of the hospitality industry, with a specific emphasis on Thomas Cook. It explores the concept of revenue management within the company, as well as the importance of employee resource life cycles and adherence to employment contract law. The report also touches upon the critical impact of regulations on the performance of Thomas Cook, highlighting the advantages of following rules and procedures in building good relationships with employees and customers.

The Travel and Tourism
Business Toolkit

INTRODUCTION
Hospitality business is described the broad level of groups within the service industry that
contains lodging, food and drink service, event planning, travel planning, transportation, c
travelling and another fields within the tourism industry (Angeloni, 2016).
The report is base on Thomas cook. It is the travel and tourism company which provides
the travel services to the consumers.
The report will describe the concept of revenue management in the context of Thomas
cook, Further more, report will explain the human resource life cycle and their importance in the
Thomas cook. Moreover, report will explain the different legislation that Thomas cook follow to
makes best decisions.
PART 1
1.
Revenue management termed out as tool that analyse and predict the behaviour of
consumers according to the prices of the product. This is the best tool which describe the
performance of the firm. Therefore, this allows to providing the more accurate information to
make best decisions regarding to the pricing and distribution, firm can use this method in the
business to generate the high revenue and maximize the profits (Bolin and et.al., 2018). This tool
helps to identifying the product availability and price to generate high revenue.
Rationale of revenue management
It is the best tool to optimize the profit and also it helps to obtain the descried goals and
aim of the organization. This management tool focuses on each group or department of Thomas
cook in order to enhance profitability. For Thomas cook, travel and tourism income management
provides the ability to make the best decision according to the information of demand and
consumer behaviour (Wiltshier, Griffiths and Clarke, 2019). Therefore, this tool is allowing to
Thomas cook to maximise the amount of money to generates the revenues. Virtually, it allows
firm to make the decision by estimating and using the relevant facts and data-driven choices,
rather than depend on intuition or forecasting. It is also gives more accurate date to reduce the
cost. Therefore, through a revenue management techniques, Thomas cook can use to identify the
cost of per operations and it helps to managing the prices and services are dynamically
optimised.

2.
Principles of revenue management tools
It is the process of identifying the demand and behaviour of the consumer related to the
product. This tool helps to managing the cost and pricing of the product. Therefore, it also helps
to managing the inventory through using the best and relevant data. It is the method which
define the accurate information for improving the demand forecasting.
Market segmentation- This tool helps to identify the target market which means it provides the
information that which type of costumers firm can target to enhance the demand of product
(Queckenstedt and et.al., 2017). Thomas cook can target the potential consumers on the basis of
different characteristics. Therefore, firm target the audience who really needs of this type of
product and they willing to pay the amount of this product easily.
Pricing and Inventory Management- Thomas cook manage their inventories by reduce the
waste and appropriately using the resources in significant manner.
Booking Patterns- Thomas cook used the best patterns to enhance the demand of the product
also provides the best and relatable website to the consumers so they can easily book their
tickets.
Overbooking- Thomas cook ensure that when they provide the booking services to their
customer it is not overbooked which means they provide the 100% of availability on their travel
and tourism services.
3.
Revenue manager of the Thomas cook use the different application to increase the
income in their travel and tourism industry. There are four tools to enhance the revenue of the
firm.
Property management system- it is the essential tool that helps to manage the workflow of the
firm. Thomas cook can use this technology in the business to makes the workflow easier at the
time of establishment a new product and services.

Booking engine-It is another tool of managing the income. This technology are helps to
managing the bookings of Thomas cook. Therefore, the availability of product it can
generate the high profit of the firm.
4.
The different pricing strategy is provided the ideas that how to serve the product to the
consumers. This pricing strategy helps to identify the prices of the product which means
costumers are easily attracts toward the pricing of the product (Yan and Subramanian, 2018).
Therefore, the demand of the products is high it can impact on the revenues of the Thomas cook
because high demand of the products is created the profit and increase the sales of the products.
For example, Thomas cook provides the different packages in different prices' customer choose
the best packages according to their needs and wants so this strategy is creates the high demand
of the product.
5.
The principal and applications of profit management helps to Thomas cook for generate
the high revenue. It helps a firm to critically recognize a condition that arise during the process
and also provide the best techniques towards a possible travel and tourism management system.
In other side, the establishment of tool in the business it can increase the expenses related to the
training to the employee.
6.
Company manage their accounting systems by using the various types of profit and loss
statement in the business.
Income statement- Thomas cook manage their accounts by identify the profit and loss they use
these Statements to recognize the revenue of the firm. Therefore, high profits is indicated the
high revenue and low profits is indicated the low revenue (Scharl, Lalicic and Önder, 2017).
Cash flow statement- Thomas cook makes these statements to identify the cash flows which
means the high inflow of cash its generate the high profit for the firm while the cash outflow is
reduce the profits.
Balance sheet- It is provides the assets and liability information to firm. Thomas cook use this
statement to identify the assets and liabilities. This report always clearly show the company’s
performance in the context of accessible cash and bills/loans advance due in the close future.

Operational reporting- This report is provided the full information about the company current
position.
7
Main importance of income report is helps to minimizing cost and generate the revenue.
Thomas cook forecast the budget to identify the gap between the actual and expected
performance. Therefore, this tool is helps to Thomas cook to managing the money flow, decrease
costs, increasing returns on investment and enhance incomes. Thomas cook makes budget on the
basis for all company achievements. Budgeting gives the ideas, that how to measure the
performance of the firm. The gap between actual and expected performance is helps to
correcting the mistakes and helps to make the best budget to enhance the revenue and reduce the
cost.
8
Income statements provides significant data to the firm. Thomas cook makes the
statements and reports for analysing the functions of the firm. Company analyses performance by
identify the revenues and expenses. Balance sheet information allows calculating financial ration
such as debt ratio that helps to measure the Thomas cook performance. Income statements
describe the profit and loss, assets and liabilities, and equity accounts etc.
9
Profit and loss statement shows the actual performance of the firm. Thomas cook makes
the different budgets and financial statements to identify the performance (Queckenstedt and
et.al., 2017). This reports show the sales revenue, expenses, debtor or creditors and receivable
and payables etc. Therefore the assets and liabilities is indicates the actual performance of the
Thomas cook which means higher the assets is profitable for the firm and higher the liabilities
shows liabilities and losses for the firm.
PART 2
10.
Human resource life cycle is helps to managing employees' life cycle in the work place.
The human resources departments use this cycle to manage all the activity of employees. The
HR team use this life cycle in the business to managing the each departments and enhance the
performance by giving the training facilities.

11.
Stages in career of an employee that HR team of Thomas cook uses in the firm, to start
with recruitment and concluding with resignation, termination or retirement.
There are various types of stages of HR life cycle.
Recruiting and on boarding- Thomas cook uses the best Recruitment process to finding the
new talents (Roth-Cohen and Lahav,2018). So they hire the peoples according to the different
job roles. The human resources' department hiring the peoples by using the different methods, it
might be include fixing the job advertisements, choose the best peoples according to CV of the
candidate. HR team of the Thomas cook organizing job interviews and supervise evaluation such
as personality test to choose the best employee for the position.
Orientation and career planning- the HR team of Thomas cook manage the people by give the
new job duties and responsibilities to the employees. It helps to build relationships with co-
person and supervisors or subordinates
Career Development- HR team provides the different opportunities to the employees to enhance
the performance of the Thomas cook.
Termination or Transition- The employees who want to leave the firm through retirement and
other reasons the HR team of firm make sure that all process of Transition are followed
12.
performance management plan for tourism manager
Issues Detailed
outcomes
Detailed actions Time
Employee
retention
Employee are
dissatisfied with
the job positions
To provides the
rewards and job
opportunists, such
as provides the
medical and
educational
benefits to the
employees.
3 months
Lack of
knowledge about
the specific job
roles
It leads the high
cost because it
impacts the
production cost
of the firm
To provide the
best training
facilities to
employees and
enhance the
3 months

knowledge
among the
employees.
13.
It is manage the all business activity because it reduces the turnover of the employees (Roth-
Cohen and Lahav,2018). The HR team of Thomas cook properly use this cycle in the business to
manage the people at the work place so it helps to enhance the performance of the employees.
14.
 Human resource team of Thomas cook must improve their hiring process. For example,
they use the internal and external method to hiring the peoples (Queckenstedt and et.al.,
2017).
 The HR team should provide the best training facility. Furthermore, hr team Should
provide the opportunities to develop the professional and personal skills in the
employees.
PART 3
15.
Employment law-Employment law is the accumulation of laws and guidelines that manage the
relationships between managers and employees (Bolin and et.al., 2018). Thomas cook follow the
employment law to enhance the relationship with the workers.
16.
Employment and contract law is mandatory for every organization. Thomas cook also
follow the employment and contract law to manage their employees. The impact of the both laws
is that it helps to making the best decisions because when Thomas cook used these laws in the
business it helps to satisfied the employees and build good relationship. Therefore, employees
are satisfied they increase the profitability so it helps to make the best decisions.
Critical impact of regulations

Advantages of following rules and regulation it crested the high satisfaction in the
employees (Angeloni,2016). In other side, when Thomas cook not follow rule and procedure it
impacts the performance of the company because employees are not doing work properly.
CONCLUSION
From the above assignment it can be summarized that hospitality industry provides the
Diversity of services to the customers such as lodging, food and drink service, event planning,
travel planning, transportation,
Hence, The report is based on Thomas cook. Hence, it has defined the concept of revenue
management in the context of Thomas cook which helps to enhance the performance. Further
more, report has been explained the employee resource life cycle and their consequence in the
Thomas cook. Lastly, report has been explained the different legislation that Thomas cook
follow to build the good relationship with the workers as well as customers.

REFERENCES
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Economics Volume 8.
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communication in closed and open Facebook groups. Journal of Vacation Marketing,
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