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The Travel and Tourism Business Toolkit Assignment

   

Added on  2020-12-26

16 Pages5203 Words198 Views
The Travel andTourism BusinessToolkit

INTRODUCTION...........................................................................................................................1P1. Rational and principles of revenue management in relation to travel and tourism industry.1P2. Specific sector of tour and travel industry applies revenue management.............................3P3. Different stages of HR life cycle and its importance in retaining and developing talent......3P4. Performance management plan.............................................................................................4P5. Legislation required for travel and tourism industry.............................................................6P6. Impact of employment and contract law n business decision making..................................6P7. Different type of financial statements...................................................................................7P8. Importance and value of budget for controlling business performance................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONTravel and tourism is one of the largest sector in world, UK comes on the 6th rank inbiggest tourism destination in world. Peak time of domestic tourism in UK is during bankholidays or the summer’s times. Tourism consist different set of activities like travelling, stayingand other fun activities. Hospitality is also the part of travel and tourism industry, they both workfor the same purpose and that is to provide the required services to the travellers. This industryhas been divided into four parts i.e. lodging operation in which comes services related to motels,hotels, resorts, conference centre, B&B, casino etc. Other is transportation service whichincludes services related to bus, taxi, bikes, railways, air planes and food & beverages. After thatretail stores which include art shops, markets, gift shops etc. and at last fun activities whichinclude entertainment, recreation, amusement parks, sporting events, ethnic festivals etc. thisreport will help in understanding the complete tour and travel toolkit like importance of revenuemanagement in the travel industry , impact of pricing strategy on revenue management. Furtherin this this report concept of human resource ad their strategy will also be discussed. Some legalissues related to tour and travel industry will also be analysed (Oddone and Padilla, 2016). P1. Rational and principles of revenue management in relation to travel and tourism industryRevenue management is a strategy or technique which tour & travel industry uses forcontrolling costs or overbooking prices from the airlines and hotel bookings. This is also used byindustry to increase its revenue. In context of Haggies adventure, their concept related to revenuemanagement is to effectively evaluation of ADR and providing good services to the travellers aswell as at good prices which attract more customers to take their services. For doing all this, it isimportant for Haggies adventure’s managers to focus more on their services which they areproviding and how can they cut most of the costs for attaining gains and profits. other than thistheir major responsibility is to analyse the requirement & demand of consumers so that they cantap it to satisfy them and in return can increase their sales (Willumsen and de Dios Ortúzar,2016).Rationale and principle of revenue managementRevenue management give benefits to the company by cutting extra cost of their tourpackage and in return to it, they can invest it in launching new services and products indifferent range. This helps the organisation in targeting different income group of peoplewhich in return increase their customer base. It also increase company’s productivity as1

well as its profitability, it help them to conduct their business activities very smoothlywithout any hurdles. Cutting costs and lower prices of services attracts travellers, it willhelp Haggies adventures to increase their customer base. Frequency: This is about number of times a tourist travels and stays so that we canremove away from his home at different place. The frequency of taking trips varyperson to person. A tourist will visit a place more often on repeat basis which has beenable to provide all those experiences which he wished for. A person will avoid a trip whohas recently returned from one. From the viewpoint of tourists, there has to be aconsiderable gap between two or more trips. This factor is majorly related to financewhich needs some time to save money for next tour.Principles of revenue management market segmentation- This is a component in which Haggies adventure segment themarket into different groups so that they can offer according to their demands. It help thecompany in analysing the requirement of the trip a person is planning, for example it canbe a business trip or it can also be a fun or leisure trip. Market segmentation help theorganisation to target different variety of people and it gives them a clear distinctionabout the individuals. It is important for Haggies adventure to identifying the period oftravelling by an individual and what revenue company will get from it, from theircomplete package per client. Other than this it also help in identifying lead time,cancellations and no show ratio etc. historical data and booking pattern- This is the another principle of revenuemanagement in which Haggies adventure is required to analyse their previous databecause it will bea great help to the company. It is important because it will help thecompany in formulating plans and it also help in identifying the current needs bycontrasting it with the previous need of customers. It maximises the organisation’srevenue as well as its profitability.Overbooking- In this principle of revenue management, Company take overbookingfrom the travellers irrespective of unavailability of the services. They do this so that theycan get away from the cancellation problems. There are many customers who book thepackage through the company but because of any reason they cancel it and as return itimpact the revenue of the organisation. So for eliminating this situation, Haggies2

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