The Travel and Tourism Business Toolkit

The Travel and Tourism
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
LEARNING OUTCOME 1.............................................................................................................1
P1 Rationale and principles of revenue management for travel and tourism industry...........1
P2 Particular sector of the travel and tourism industry applies revenue management tools. .2
LEARNING OUTCOME 2.............................................................................................................3
P3 Different stages of the HR life cycle applied to a specific travel and tourism job role....3
P4 Performance management plan for a specific travel and tourism job role........................4
LEARNING OUTCOMES 3...........................................................................................................6
P5 Legislation in travel and tourism organisation..................................................................6
P6 Company employment and contract law to make decision in travel and tourism industry6
LEARNING OUTCOMES 4...........................................................................................................7
P7 Type of financial statements for Tourism industry...........................................................7
P8 Importance of budget to control business performances by identifying variances...........8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
The business toolkit is considered as the systematic collection and evaluation of the tools that are
essential and effective in nature, which are used by the purpose of introducing a new business in
the market. Along with that it is certainly used for the effective working of the existing
organisation as well as to perform all the task and do the effective execution of all the concerned
activities (Stezhko and et. al., 2020). This toolkit help in efficient working and performance of
the business that ensures the attainment of organisational goals and objectives within prescribed
time period.. In this project the overall study is performed on the basis Thomas Cook Group Plc .
The British company is a well recognised organisation in the travel and tourism industry of United
Kingdom, which provides the services of travel and tourism to its customer on a world wide level.
The report paper here consist major theories for revenue management and all the principles of
reporting mechanism. Furthermore the various kind of financial statement will be elaborated in
the project.
. LEARNING OUTCOME 1
P1 Rationale and principles of revenue management for travel and tourism industry
The travel and tourism sector holds a great level of monetary transaction, that makes its revenue
management to be more hectic as well as critical with a demand to manage it effectively and
efficiently. The revenue management thus can be considered as the providing of most demanding
and needful products and services to the consumers under the reasonable pricing structure. This
ensures the preferred outcomes in terms of money that enforces to the effective and sound revenue
generating system (Sangaramoorthy and Kroeger, 2020). As per the current situation Thomas
Cook Group should consider the principles of revenue management and gain more knowledge
about their respective market shares, including the taste, need demand of the consumers. In
relation to the this the hotel here make sure the availability of rooms and suits to provide the
accommodation to the most profitable mixes of visitors, this helps the hotel to gain an extensive
amount of profit as compared to the regular sales to handle the revenue management accordingly.
The integral rational of implementing the revenue management is to lower down the costs
of services as compared to the competitive rival hotels in the market. The strategy for effective
revenue management in Thomas Cook Group is based on the formulation of effective planning of
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hotel in a way to obtain the maximum attention of the consumers as by providing the products
and services on desired schedule and under the promised condition along with that the action plan
will also include the measures for the organisational people to cope with the adverse future
situations in business as well as to handle the high demand of consumers in a specific season of
tourism.
There are various important and effective principles of the revenue management, thus
some major significance of these principle of revenue management are described here as below in
respect of Thomas Cook Group
Pricing: The pricing principle is aimed at directing the managers in Thomas Cook Group
to determine the pricing policy of its good and services in that appropriate manner in which it can
cover the all cost of business operations as well as by adding certain amount to ensure the
adequate amount of profit. Along with that it is also necessary that the prising of the services
should be reasonable and not too much than the respective competition. The negative impact of
the principle can be seen as the fluctuation among tax and interest rate in the respective nation can
put adverse effect on the profit if it does not match with the price collection.
Forecast: This principle is determined as the determination and assumption of future facts
and figures by analysing the past sales and revenue records of the firm. In relation to Thomas
Cook Group the manager can sufficiently gather the past information and state the forecasting of
future oriented revenue for the company as there are less fluctuations in the sales and revenue
statistics of its recent years. Certain negative impact of forecasting can be observed as there is a
high inaccuracy in the future data because of the fact, that it is much affected by the external
factors of business.
Customer: The customer principle enforces manager to undertake the study and its report
that is based on its segment of consumers comprising of their demands, need and taste. Within the
confines of Thomas Cook Group’s hotel it is necessary for the management to understand the
preferences and need of the consumers in a way to formulate the planning of its service providing
course of action this will enforce the hotel and its employees within to tackle the consumers and
their trends more effectively to enhance the revenue generation. The negative impact of the
consumer factor can be under take as the fluctuating customer tastes can drive the ineffectiveness
in the planning and management of hotel.
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