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The Travel and Tourism Business Toolkit - Assignment

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Added on  2021-01-01

The Travel and Tourism Business Toolkit - Assignment

   Added on 2021-01-01

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The Travel and Tourism Business Toolkit
The Travel and Tourism Business Toolkit - Assignment_1
Table of ContentsINTRODUCTION ..........................................................................................................................3P1 Rationale and principles of revenue management in relation to travel and tourism industry3P2 Specific sector of travel and tourism industry applies revenue management tool in order togenerate and increase profit.......................................................................................................4P3 Different stages of HR life cycle and importance for retaining and developing talent.........5P4 Performance management plan..............................................................................................6P5 Legislation which is required for travel and tourism industry to adhere...............................6P6 Impact of Employment and contract law on business decision making in travel and tourismindustry........................................................................................................................................7P7 Different types of financial statements..................................................................................7P8 Importance and value of budget for controlling business performance ................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
The Travel and Tourism Business Toolkit - Assignment_2
INTRODUCTION Travel and tourism is defined as an combination of activities which are performed byindividuals so as to completing their purposes of pleasure or business. In addition, this is anactivity in which individual travel to other places and stay there for feeling environment of thatplace. Chosen firm for this assignment is Carnival Corporation & Plc which is engaged inhospitality industry and provides travel and tourism services across the world. Present report willdiscuss rational and principle of revenue management along with phases of HR life cycle.Performance management plan, several legislations, financial statements and importance ofbudget will also covered in this report.P1 Rationale and principles of revenue management in relation to travel and tourism industryRevenue management is associated with overall monitoring of cost and benefit within theorganisation. This is very important for the managers of Carnival Corporation to manage the costand benefits in their cruise, accommodation and other facilities so that all functions would befunctioned effectively. In relation with this, finance managers of Carnival Corporation & Plchave duty to make focus on their income and expenditures which are earned or spend by them inseveral services so that strong profit base would be build easily. In addition, through predictingconsumer behaviour and providing services accordingly company can easily increase theirrevenue figures (Bayliss, 2014). Rationale - Revenue management is very important in creating new products, servicesand attractive pricing strategies so that company can easily conduct its business operations. Inaddition, it also provide supports to the managers of organisation in identifying those functionsor practices which are time and cost consuming so that through removing them products wouldbe provided to customers at reasonable prices.Principles of revenue management:Market Segmentation: In it, Management of organisation have to segment thecustomers based on income level, age group, genders etc. Through this, CarnivalCorporation can easily increase sales and profitability.Overbooking: In it, management of Carnival have to offer reservations to customersrather than their capacity. This principle is use when cancellations are higher than
The Travel and Tourism Business Toolkit - Assignment_3

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