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Travel and Tourism Assignment (Doc) - Thomas Cook

   

Added on  2020-10-05

15 Pages4296 Words294 Views
TRAVEL AND TOURISMORGANISATION
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TASK 1 .......................................................................................................................................4P1 Rationale and principle of revenue management...............................................................4P2 Application of revenue management tools on specific sectors of travel and tourism..........5TASK 2 .......................................................................................................................................6P3 Different stages of HR life cycle.........................................................................................6P4 Performance management plan for specific job role..........................................................7TASK 3........................................................................................................................................8P5 Specific legislations in travel and tourism industry.............................................................8P6 Impact of contract law and company employment on decision making..............................9TASK 4......................................................................................................................................10P7 Application of different types of financial statements .......................................................10CONCLUSION...........................................................................................................................11REFERENCES..........................................................................................................................12
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INTRODUCTION Travel and tourism industry of UK contributes more than 80 % in the economy, createsemployment opportunities for the people and contributes to the GDP of the country and leadsto economic development. Travel and tourism industry is growing rapidly and it deals withproviding tour packages along with accommodation, food and other services to its customers.To understand the topic better the report will analyze the case of Thomas Cook and will includethe principles and reason of revenue management to maximize profit. The report will furthertalk about revenue management tools and different stages of HR life cycle under tour andtravel industry. The report will include performance management plan on specific job role thatthe company needs and specific legislation and rules and regulations that company needs tofollow while operating under travel and tourism in UK. The report further depicts impact ofcontract law on decision making of the company. At last it concludes application of differentfinancial statements and the importance and value of budgets for controlling businessperformance and identifies different variables.TASK 1 Rationale and principle of revenue management The prediction of behavior of consumer to efficiently plan the availability and price ofthe products for increased revenue in known as revenue management. In the tourism industryoptimum revenue management is determined by offering the perfect service to the perfectclient at the perfect time. It also helps in increasing the efficiency of the company and it alsoplays an important role in improvement of predicting future consumer behavior forecasts andhelps to take best decisions. In the tourism industry revenue management plays crucial role togenerate optimum level of profits, the forecasting using past data analysis helps in keepinginventory of perishable items and to create pricing strategies (Boniface, 2016).The principles of revenue management help the company to generate more revenue byhelping it in forecasting the demand and changing the prices accordingly with the flow ofconsumers. Analyzing past demands helps in accurately predicting the future behaviour ofconsumers. There are two types of revenue management paths; price based and durationbased, and the company can control both accordingly for more efficiency (Vellas, 2016). Duringhigh demand season the company tends to vary the pricing for different customers differently
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