Travel and Tourism Business Tool kit

Travel and Tourism Business Tool kit

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Rationale and principle of revenue management........................................................................3
Application of Revenue Management Tool................................................................................4
Differentiated Pricing Strategies.................................................................................................4
HR Life Cycle.............................................................................................................................4
Performance Management Plan..................................................................................................5
Performance Management Plan..................................................................................................5
Importance of HR life cycle........................................................................................................6
Legislation...................................................................................................................................7
Laws impact on decision-making................................................................................................7
Implication of regulation, legislation and standards on decision-making...................................8
Different type of financial statement and reporting mechanism.................................................8
Importance and value of Budgeting............................................................................................9
Interpretaion................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Tours and travel industry in huge industry in nowadays. They are providing facilities to
the customers to tours and travels from one place to another. They are providing facilities like
transports, hotel, food, tour packages etc. They will help customers and tourist to enjoy their life
and special moments at attractive prices.
Expat explore travel company is being taken into consideration, it is the popular tour
operator of London that offers luxurious travel facilities to consumers (Schuckert, Liu and Law,
2015). They are providing services like holiday package, flights, hotels etc. In this study will
discuss the all the types and policies of tours and travel industries. In this study will include
rationale and principle of revenue management, tools of revenue management and differentiated
pricing strategies. In this study will also conclude, HR life cycles and performance management
plan, the importance of HR life cycle. This study will also explain about different legislation,
impact of company, employment and contact law of decision-making and implication of
regulation, legislation and standard on decision-making of company (Schuckert, Liu and Law,
2015). the end of this study will conclude, financial statements and reporting mechanism,
importance and value of budgeting and critically evaluation of financial statement.
MAIN BODY
Rationale and principle of revenue management
Revenue management is a based on the conceptual framework that will increase high
demand and helps for stimulating demand in low periods. It is also beneficial for avoiding
pricing cannibalism for long term growth and development. The tourism industry will help for
selling the room in lower price to fulfil demand of people. This type of concept is not increased
high period demand and help for improving business growth.
The principle of revenue management:
 It continuously gained the acceptance in the tourism industry by improving the quality of
services and products.
 To provide an efficient training to the staff members so that they can easily identify
significant need and requirement of customer.
 An integration strategy implemented on business process for increasing profitability and
productivity in marketplace.

Organization maximising profit
 Promotional activities: In order to maximise profit company can involve in doing
different types of promotional activities, like they are promoting their goods and services
on various social media websites like Facebook and Twitter.
 Advertising on right channel: Firm is also been involved in doing celebrity
endorsement if television to reach out large number of consumers. This has supported
them in maximising their profit.
 Awareness of their product: Through promotional activities they are also making
consumer aware about their goods and services so in order to increase sales which can
maximise their profit.
There are various revenue management tools available in market which is use by Expat explore
travel. These tools are as follows:
 Inventory Pooling: In this effective inventory management is been done by company so
that they can engaged in maximising profit.
 Market segmentation: In this market is been segmented so that each activity or task
carried on by company can be effectively managed. They also segment the market on
basis of targeted consumers so that they can maximise profit.
 Central Reservation System(CRS): It is most effective tool which is used by the
companies of tours and travels. Expat explore travel also use this tool for maintain
reservation and for preventing double booking and keeps availability update in system
and channels. It is two-way process of booking (Yüksel, 2017). With the help of this tool
customers know that booking is available or not. In CRS three solutions are available
such as TravelTipper, Windsurfer by SHR and TravlClick's iHotelier.
 Revenue Management Software (RMS): Another tools which is used by Expat explore
travel and other tours and travels industry is RMS. This tool help Expat explore travel
company to create pupation in their prizing strategies. Such as when demands of travels
and tickets is high, this tool automatically improve the price of tours packages (Yüksel,
2017). With the help of this tool tours and travel industry also improve and reduce their
price rate.
 Business Intelligence Tool: Business intelligence tool is use by the tours and travel
industry to improve business standard (Kang, Kim and Song, 2019). This tool is also us