Travel and Tourism Business Toolkit

Travel and tourism
business toolkit

Table of Contents
INTRODUCTION:..........................................................................................................................1
TASK 1:...........................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
TASK 2 ...........................................................................................................................................4
P3............................................................................................................................................4
P4............................................................................................................................................5
TASK 3............................................................................................................................................6
P5............................................................................................................................................6
P6............................................................................................................................................7
TASK 4:...........................................................................................................................................8
P7............................................................................................................................................8
P8............................................................................................................................................8
Conclusion:....................................................................................................................................11
References : ...........................................................................................................................12

INTRODUCTION:
The travel and tourism are refers to the important part of the hospitality industry which
contribute in major profits margin in the market place. There are large number of the
opportunities which are available to the organisation working in hospitality sector and are
looking forwards to the growing at the international market. The travel industry is a attractive
and generating profits for the organisation at the global market. Under this report, the Thomas
cook is a organisation which offering the travel and tourism facilities to its customer and
headquarter is in the UK market. The revenue management plan is formed which helps in
making the strategies to have effective financial statement and how to have proper HR life cycle
in the market place.
TASK 1:
P1
Revenue management: it refers to the methods or the process , here the company is able to
perform organisational task and examine the behaviour of the consumer so that proper service
can be offered. It also includes the effective management of the product accessibility with the
reasonable price so that organisation are able to successfully attain desired goals of market place.
In the relation to the Thomas cook, the administrator are able to have better arrangement of the
resource with the help of the revenue management.(Teo, 2017)
Principle or rationale of the management revenue:
Revenue management are classified into different parts which leads to the growth of the
travel or tourism industry.
Rationale :
 Management of revenues helps the Thomas cook to have the effective and productivity
goods and service for the customer which helps them to capture the market with the
profit margin.
 In the refers to the tourism and travel, the management have to done in the relation to
the manager and managerial things that is supportive for successfully performing task in
prefect manners.
 The organisation can focus on reducing the cost and have effective price in the market
place for its customer.
1

Principles:
 market segmentation: under such condition, the whole market is segmented into the
qualified and non-qualified market where the consumer behaviour and action helps them
to have respective segment where the organisation can perform their task and achieve the
goals in time period.
 Process of the booking and demands: under the travel section, the organisation tries to
examining the demand in the market with the help of the historical information and
pattern in the booking system so that effective service can be given to the customer.
 Overbooking: the organisation takes the more booking of the customer in the market
which increase the revenues of business in the market area in order to accomplish the
objectives or set targets of company correctly.
Revenue management:
there are different kinds of the approaches and methods which are significant for business to
generate more earnings in the area of market as well as enhance the share of respective company
the different market location. With the reference of the Thomas cook, the some of the effective
methods or approaches of management of revenues are mention below in detail(Choon, 2017)
Capacity utilisation: here the organisation uses effective booking system so that they have
proper use of the available resource in more accurate way. In the context to the Thomas cook, the
administrator focus on having the full booking in their management so that more profits can be
generated in the market place.
Discount allocation: the company should utilize this tools to attract more customer towards
their services in order to gain more competitive advantage over other rival companies in
respective market area. This methods also helps in retaining the existing market customer and
have more clients in the long run which helps them to perform the task in better ways and have
more profits.
P2
In relation to the tourism industry, the organisation have the various and effective
revenue management and pricing strategies that will support in accomplish desire organisation
objective in more effective and efficient manner.
Affects of strategies of pricing on the management of revenue :
2