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The Travel and Tourism Business Toolkit Assignment - British Airways

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Added on  2020-10-22

The Travel and Tourism Business Toolkit Assignment - British Airways

   Added on 2020-10-22

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The Travel and TourismBusiness Toolkit
The Travel and Tourism Business Toolkit Assignment - British Airways_1
TABLE OF CONTENTSINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 The rational and principles of revenue management for the travel and tourism industry..........3PART 2.................................................................................................................................................6Covered in PPT................................................................................................................................6TASK 3.................................................................................................................................................6P3Explore specific legislation that organisations in the travel and tourism industry have to adhereto......................................................................................................................................................7P6 Using specific examples, illustrate how company, employment and contract law has a potential impact on business decision making in the travel and tourism industry...........................7TASK 4.................................................................................................................................................8P7 The different types of financial statements and reporting mechanisms for organisations withinthe travel and tourism industry........................................................................................................8P8 The importance and value of budgets for controlling business performance and identifying variances..........................................................................................................................................8CONCLUSION....................................................................................................................................9REFERENCES...................................................................................................................................10
The Travel and Tourism Business Toolkit Assignment - British Airways_2
INTRODUCTIONTravel and tourism industry are very wide in nature and work to connect the world atspecific cost of money. The chosen firm for this report is British Airways, which is one the biggestairways organisation of UK and also one of the leading airways of world's premium airlines. Theheadquarter of organisation is at Heathrow, Gatwick, London airport. It is one of the most extensivescheduled airlines network of the world, which connect about 1000 destinations of over 150countries (Bayliss, and et. al, 2014). This report will explain the importance and principles ofrevenue management, and application of its tool for British Airways. Along with this, a discussionwill take place on legislation of travel and tourism sector, along with their impact on decisionmaking of them. And in the last, a study will explain the importance of budget for them along with,different types of financial statements and reporting mechanisms.TASK 1P1 The rational and principles of revenue management for the travel and tourism industry.The rationale or purpose of revenue management is the application of trained analytics thatpredict consumer behaviour at the micro-market levels and optimize product availability and priceto maximize gross and revenue growth of the organisation ( Budeanu, A. and et. al., 2016). In orderto measure the revenue, Yield management is a variable pricing strategy, based on anticipating,understanding, and influencing consumer behaviour in order to increase profits or revenue from afixed time-limited resource, Like airline seats or hotel room reservations or advertising inventory.There are some principles of Revenue management, which are as follows :
The Travel and Tourism Business Toolkit Assignment - British Airways_3

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