The Travel and Tourism Business Toolkit Assignment Solved - Carnival Corporation & PLC

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The Travel andTourism BusinessToolkit
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1P1 Rationale and principles of revenue management for travel and tourism industry...............1P2 Investigate how a specific sector of the travel and tourism industry applies revenuemanagement tools to generate and maximise profit....................................................................2TASK 2............................................................................................................................................3P3 Review the different stages of the HR life cycle applied to a specific travel and tourism jobrole and their importance for retaining and developing talent....................................................3P4 Develop a performance management plan.............................................................................5TASK 3............................................................................................................................................6P5 Explore specific legislation that organisations in the travel and tourism industry have toadhere to......................................................................................................................................6P6 Using specific examples, illustrate how company, employment and contract law has apotential impact upon business decision-making in the travel and tourism industry.................7TASK 4............................................................................................................................................7P7 Explore the different types of financial statements...............................................................7P8 Explain the importance and value of budgets for controlling business performance andidentifying variances...................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONBusiness toolkit refers to the set of tools needed by an enterprise while launching a newbusiness venture in market. These tools act as prerequisites for the initiation of a new enterpriseand provide assistance in turning ideas into actions.Travel and Tourism industry is broad in size.This report is based on Carnival Corporation & PLC, a British – American company whichbasically operates cruise (Mowforth and Munt, 2015). This company is presently considered aslargest travel leisure organisation worldwide. The present report will provide brief descriptionabout Key principles of revenue management in tourism industry. Further, it will assess the waysby which human resource life cycle can be managed. Along with this, it will define potentialimpact of legal ethical consideration within the same industry. At last, this report will providedeep knowledge about management of budget and maintenance of financial records andstatistical data of Carnival Corporation & PLC.TASK 1P1 Rationale and principles of revenue management for travel and tourism industry.According to the thoughts ofUrry, (2016). Revenue management in Cruise line industryis considered as the concept which allow manager or cruise operator to evaluate demand ofcustomers and match it with requirement availability within the decided prices so that hotel couldgain its financial results. With reference to the present scenario, it has been analysed that the newassistant manager of Carnival Corporation & PLC is required to enhance their knowledge onrevenue management in tourism industry and its core principles which will help them in handlingwork of this specific zone in effective manner. Some of the main principles of revenuemanagement and their importance in travel and tourism industry are defined as below:Forecast:It involves prediction of revenue which is expected by Carnival Corporation &plc. This is done by analysing previous revenue records of company on the basis of whichfinance manager forecast future revenue of company.On the other hand, negative aspect of thisprinciple is that it does not provide accuracy as prediction of future might exclude environmentalchanges.Customer:The next principle of revenue management helps the manager of CarnivalCorporation to predict customers' demands in order to maintain availability of minimum stockfor high growth of revenue. Whereas, there are probable chances that taste and preferences of
customers might change with the changing time which could affect work of revenue manager astheir predicted planning might fail.Pricing:Pricing principle of revenue management states that it is required by manager toset price of their product in such a manner which could recover expenses of CarnivalCorporation & plc and also generate adequate amount of profits. At the same time, negativeimpact of this principle states that fluctuation in tax rate or interest rate might not match with thepre-set prices.Optimization:This principle of RM is based on optimisation which states that managerof Carnival Corporation & plc is required to utilise available resources in an effective manner forgenerating desired revenue for the company.But this effective utilisation can even result innegative impact as sometimes optimisation can lead towards low resource usage whichultimately affects poor quality of produced goods or services.As per the above specified principles of revenue management in travel and tourismindustry, it can be said that all of them are holding high position in Carnival Corporation & plc.It has been that mainrationaleof revenue management is to maximise positive revenue for thecompany so that their profitability can also be enhanced. Along with this, it can be said that onone side all of these principle helps company in effective management of revenue but at the sametime it also consumes time of manager which could cost to company in negative manner.P2 Investigate how a specific sector of the travel and tourism industry applies revenuemanagement tools to generate and maximise profitAs per the thoughtsHöpken, (2015),revenue management plays an essential role in thebusiness growth of every organisation. In context to Carnival Corporation & plc, it can be saidthat revenue management department of this company belonging to cruise line sector followssome specific tools which helps them in maximising their profitability ratio in effective manner.Some of these basic tools of revenue management which are used by its manager are defined asbelow:Book Engine:It is the technological tool of revenue management which helps managerof Carnival Corporation & plc in handling direct sales on cruise. The specific tool is basicallyused for handling international bookings or reservations as it is capable of dealing withinternational currency as well. Along with this, book engine also avoids duplication of booking
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