The Travel and Tourism Business Toolkit - UK
Added on 2021-02-20
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The Travel and TourismBusiness Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1LO 1 .......................................................................................................................................1Discuss rational and principles of revenue management for travel and tourism industry. ....1Reach out particular sector of travel and tourism industry and apply revenue managementtools .......................................................................................................................................3LO 4........................................................................................................................................4Explore various types of financial statements ......................................................................4Importance of budget in order to control business performance. .........................................8PART 2............................................................................................................................................8LO 2........................................................................................................................................8Review several stages of human resource life cycle applicable to travel and tourism as well asstudy importance of retaining and developing talent.............................................................8Design a performance management plan............................................................................11PART 3..........................................................................................................................................12LO 3......................................................................................................................................12Throw-light on travel and tourism legislation......................................................................12Discuss employment and contract law with examples........................................................13CONCLUSION .............................................................................................................................14........................................................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONHuman resource management can be defined as handling the human assets in anorganization so that productivity and profitability ca be raised at a large scale. Every small andlarge and organization carries out HRM in their working premises. It plays a vital role in thegrowth and success of the business in the cut throat competitive world. This report is based onMarriott which is serving it’s services across the globe. This the fastest growing travel andtourism industry in UK. This assignment is based on various stages of HR life cycle and howthey help in retaining talent in the firm. Also, a management plan is designed so that staffretention problems can be resolved (Ali and Hussain,2016). However, several legislation relatedto travel and tourism is discussed so that goodwill can be raised in the eyes of the customer.Additionally, throw light on how, employment an contract law affect the decision makingprocess in travel and tourism. Moreover discuss budget in order to control firm performance andto discover variances. PART 1LO 1 Discuss rational and principles of revenue management for travel and tourism industry. Revenue management can be defined as the application by which consumer behaviourcan be studied at the micro level and product availability and prices are designed accordingly. Itassist the administration to grow and flourish in the global market. This plays a vital role intravel ad tourism sector as this helps to maximize huge profit in the cut throat competitive world.Revenue Management helps Marriott to better understand the emerging needs of the customersby examining the correlation supply of rooms with demand. As well as maximize huge incomeby categorizing clients based on their booking and capacity of the hotel. It affect the every sectorof the firm directly or indirectly in the global market. It is important in hotel industry becausethe industry or hotels to lower the cost as well as determine the best rates of rooms in order tosell them. Additionally, it aid the organization to optimize the manpower of higher demand andavoid over staffing in case of lower demand in the open market place. Human resourcemanagement is the core task which need to be carried out effectively in an organization can besated as the process of recruiting, training, developing, providing compensation, hiring, firingetc. are managed by HRM department of the administration (Avraham and Ketter, 2017). By1
doing so workforce management of the enterprise can be improved. Due to which profitabilityand productivity can be raised on continuous basis in the cut throat competitive world. \The revenue management is divided into three parts which are discussed as follows:Pricing: The prices of the product are discussed according to the market scenario in theglobal market. As per the needs and demand of the customers prices of the product and servicesare designed so that huge customer base for the services can be raised accordingly. This directlyHuman resource management is the core task which need to be carried out effectively in anorganization can be sated as the process of recruiting, training, developing, providingcompensation, hiring, firing etc. are managed by HRM department of the administration(Avraham and Ketter, 2017). By doing so workforce management of the enterprise can beimproved. Due to which profitability and productivity can be raised on continuous basis in thecut throat competitive world. or indirectly raises the revenue management of Marriott at a largescale . Affordable prices of the services attract huge potential customers due to which profit canbe maximized. Differential Pricing Strategy is explained as selling the same goods with similar featuresand characteristics to other consumers on distinguished prices. However, clients carry sameinformation regarding the similar product in the global market. This creates positive impact onMarriott as firm is able to accumulate huge revenue from the customers. Along with thisbusiness is expanded in other segments which helps them to gain competitive advantages againstrivalry. Product distribution: The demand of the product raises when firm come up withinnovative product in the cut throat competitive world. Marriott adopts effective productdistribution channels in order to meet the emerging needs of the customers (Cohen, 2017). Italso, increases the revenue management process in the company due to which set goals are meeton time. Effective product distribution channel aid the organization to upgrade the goodwill inthe eyes of the customers in the competitive world. By doing so the competitive advantages canbe achieved against rivalry. Also, tough standards can be created in the same market place. Revenue management helps the organization to grow and flourish in the global marketand helps to generate huge profit in the intance market. This plays a significant role in attainingset standards formulated. Principles of revenue management 2
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