Travel and Tourism Business Toolkit | Assignment

Travel and Tourism
Business Toolkit

INTRODUCTION
Travel and tourism is the sector in which individuals or group of individuals travel from
one place to another for different reasons. As compared to older days, there are different reasons
for which individuals travels such as business tour, educational tour, family trips, etc. Hence
there are different factors which as to be considered to perform business activities smoothly and
successfully. The assignment is conducted to gain knowledge of the toolkit of Carnival
Corporation that is cruise operating organisation having largest leisure with more than 700 ports.
This cruise provides facilities such as accommodation like total, bars, food, events,
entertainment, shore, etc. In this report, individual is hired as Assistant manager(Ali, and
Hussain, 2016). Before giving official responsibility to individual there is different job roles
assigned in HR department and Finance sector. In this report there is discussion about key
principles of revenue management, impact of legal and ethical consideration, management of
budget and maintaining statistical and financial records.
TASK 1 (ACTIVITY 5)
P1 Rationale as well as principle of revenue management in T&T Sector
This can be referred to as the process whereby exchange of appropriate product to
relevant customer at perfect time, at right place to maximise the revenue in organisation. In this
regard, the principles as well as reasons associated with revenues management within tour sector
are explained below:
Market segment: Most of the hotels started the revenue management process in order to
explain the various different segment of each market for hotel services. Manager of Carnival
corporation and plc segment their customer base market into different set of categories which is
based on price. These categories include the business traveller and vacation traveller. In this
context, manager of Carnival corporation and plc segmenting the prices by season, peak and low
season. Carnival corporation and plc can design different ways from which they charge different
price to the different market segment (Budeanu,and et. al., 2016).
Pricing : In this context, Carnival corporation and plc also provide the better services at
good price by adopting good pricing strategy. Company should provided the high quality of
services so that customers can easily pay high price for services. It will be very effective for
Carnival corporation and plc in term of earning high profit and its also help in revenue of
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organisation. Carnival corporation and plc should design different ways in which they can
charge different price to different market segment for example: divided each segments category
into subcategory. This term if the price of services is high and quality of services is not so good
than it will not attract more customer towards the services(cavlek,and Willis, 2017).
P2 Ways to implement revenue management tools for generating maximum profits.
There are various type of tool which is used in organisation. Different tools revenue
management is mentioned below:
Rate shopper: This tool of revenue management is very effective in term of saving the
time. This tool can be use to declare the price rate of rival companies. Carnival corporation and
plc formulated the pricing strategy so that high profit can be earn.
Channel manager : In this context, channel manager monitor and analysis all operations
which is related with the businesses channel. This tool is very effective in term of managing
prices and inventory with assistance of single manager. This tool will benefits in online
distribution so that customer base is increases in organisation(DeLacy, and et. al., 2014)
Business intelligence: In this context central reservation considered as the heart of
revenue management and business intelligence considered as the brain of this. This business
intelligence is very effective in Carnival corporation and plc analyse the data, market demand
data which helpful in understand the performance. BI improves the quality of its own analysis
and insight into the true state of a hotel's revenue forecasts.
TASK 2 (ACTIVITY 1, 2)
P3 Different stages in HR life cycle for Food and Beverages manager and its importance for
retaining and developing talent
Human resource department refers to the sector which works for selecting, hiring and
retaining individuals in organisation. This department has to select information through different
sources which are specific and relevant in context of performing official responsibilities in better
and effective manner. There is HR cycle which provides completes information about hiring
individual and make long term relations with them. Different stages of HR cycle followed for
hiring Food and Beverages manager of Carnival Corporation & PLC is as under-
Recruitment- This is the first stage in which hiring of correct candidate as per its
qualification and degree is important. For hiring food and Beverage manager, individual must
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possess education and specialisation in specific field with job experience. If all the specifications
in job description is met by individual then hiring must be done.
Education- After hiring education has to be provided to individual related to their new
position because there is difference in working style of every organisation. This education assist
to know roles and responsibilities and how to accomplish it. This can be done with assigning co-
worker to new individual.
Motivation- After education, there is requirement of motivation to workers. This is
important because there is requirement of time and cost for hiring new candidates. As post of
Food and Beverages manager at Carnival Corporation & PLC is at hike, so motivation must be
provided in designation to keep long term relations with new candidate.
Evaluation- Evaluation refers to the process in which performance of new individuals
will be checked and tested. This is the best way through which areas can be identified for
providing training to motivate individual, etc. Evaluation is done within specified time limit
which is specified in current market.
Celebration- At last of HR cycle, celebration is done for maintaining long term relations
with employee. When set targets and standards are achieved by Food and Beverages manager
then the get commission, rewards,etc.
For maintaining and managing talent at Carnival Corporation & PLC, HR life cycle is
one of the effective tool. This cycle is continuous process, so when new individuals hires as per
specified qualification, then it is easy to make them educate and make strategies to motivate
them. With performance evaluation, quality and working efficiency of employees improves. In
order to implement HR cycle in more effective and effective manner, there must be awareness
among existing employees about performance evaluation, so they can train newly workers
accordingly. There must be motivation after evaluating and bridging gap between personal and
organisational objectives(Morrison, A. 2013).
P4 Performance management plan for ss with implementing techniques to deal with negative
behaviour and overcome issues related to staff retention
Performance management plan refers to the legal and formal method through which
performance of managers can be known. There is evaluation of performance of employee which
assist in knowing deficiency or strengths through which manager's can analyse talent of
individual. This performance management is effective for the organisation in term improving the
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performance level of employers and employees so that high productivity can be adopt. In this
different stages of performance management is explained below:-
Planning: In this context, planning is defined as the dynamic process of determining
goals, systematically select best alternatives to achieve determine goals. Implementing that
alternatives and than evaluating. Planning is the first stage of performance management in
which organisation formulated the proper plan related with operations, functions and activities
in businesses. In Carnival Corporation & PLC planning is effective in give a sense of direction
this help manager in organize resources and activities effectively to achieve goals.
Monitoring: In organisation monitoring defined as a way which is related with checking
observing aspects over a time period. It is very important for the manager of Carnival
Corporation & PLC to analyse the natures of workforce so if any problems and issues are happen
than they can be resolved properly. Monitoring the activities on the regular bases is create sense
of satisfaction.
Developing: For every organisation development is very important development lead to
the growth of business. Manager of Carnival Corporation & PLC apply different theories so that
their staff get motivated in desired manner. When an organisation developed effectively than
they lead to greater profit and attract more customers towards the services.
Rating : This is considered as the tool which is use to evaluate the performance of
workforce. In Carnival Corporation & PLC manager rate the performance of employee who are
working in organisation. This will be effective for company to identifying and retaining
employee in organisation(Jayawardena, and et. al., 2013).
Rewarding: This reward system in organisation gives positive impact in the mind of
customers. When manager of Carnival Corporation & PLC provide reward system organisation
than its encourage employees to work well in organisation. Reward system include perk,
incentive to their workforce(Lamsfus, and et. al., 2013).
TASK 3 (ACTIVITY 3, 4)
P5 Legislations related to travel and tourism industry with which they have to adhere:
In this context, there are number of legislation which is designed by carnival corporation
to be followed at workplace for performing various operations. There are following legislation
mentioned below:-
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Equity act, 2010- This employee act was introduced in 2010. according to this act an
individual is not treated unequally. This act is about protecting people from the discrimination in
the work place. This act replaced the previous laws of anti discrimination with one single
act. (Fuchs and Lexhagen 2015).This act is beneficial for Carnival Corporation and plc in term
of treating male and female employee equally. In this equal amount should be pay according to
post for example if male and female both are on the same position than amount will be paid
equally. If company not apply this law than they have to pay the fine and penalties for this.
P6 Impact of employment and contract law on decision making with relevant example
Company law: This can be regarded as the law whereby governance of relations,
business conduct, rights, organisation, people is done. In this context taxation policy is
considered as policy which affect the business. Taxation is based is based on the amount of
money which is all earned by the company. Carnival Corporation and plc should pay the amount
of taxation if they will not pay than it is legally wrong and company have to pay the fine and
penalties for this. Hence, company should take those decision which is come under the rules and
regulations(Budeanu, and et. al., 2016)
Contract law: This act was formulated by UK parliament to introduce reasonable notice
dismissal. This is the agreement between employer and employee for the welfare of employees
and rights of employers can be protected in a desired manner. Contract law is defined as the law
in which there is agreement between two or more parties to perform the services. Under the
contract law there are different type of contract which have their particular terms and conditions.
It is legal binding agreement among employer and employee so that welfare of employees and
rights of employers can be protected in a desired manner. This contract law is included in almost
each business because this is involve every purchase like selling , reselling. Manager of Carnival
Corporation and plc. Take the decision in favor of employee and benefits should be provided
according with the laws so that operations can be maintained effectively. In company not take
the decision according to the contract laws than the intervention government is take place and
image of company will be affected badly(Chang, and et. al., 2014).
Employment law: This law included all the rules and regulations which is related to
employee working in organization but this not include the labor law. In this employment law
there are many various law which include job discrimination, age discrimination , workplace
safety , gender pay difference. Manager of Carnival Corporation and plc should followed all this
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rule which is made for employees. Company should provide all the facility to its employee so
that they feel secure in organization.
TASK 4 (ACTIVITY 6, 7)
P7 Different types of financial statements and reporting mechanisms for Carnival Corporation &
PLC
Financial statement refers format which record the financial statement of company. In
this format financial information is presented which is easy in understand. This is very effective
for the company in presenting clear image, financial performance and its shows the cash flow in
front of stakeholders and customers in clear manner. Some of the different financial statements
are mentioned below(gala, M 2012).
Balance sheet: This is the financial format which provide the information about the
liabilities, assets, stakeholder equity of an organisation. In case of Carnival Corporation this
document is prepared by management department:
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Contingent
Liabilities
575.4 297.94 357.71 124.28 323.49
Book Value
(Rs)
45.65 31.62 31.85 41.82 24.64
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Income statement: This is the statement which deduct all the expenses from sales and get
net profit and loss. Incomes statement is mentioned below:
Fiscal year is October-September. All values GBP
millions. 2014 2015 2016 2017 2018
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P8 Importance and value of budgets for controlling business performance and variance
A budget is defined as the estimation of revenue and expenses over specific future period
of time. Budget include sale, planning revenue, liabilities, cost other assets of company. Budget
are considered as the back bone of company(Zeppel, and Beaumont, 2012.. Different kind of
budgets mentioned below:
Operating budgets: in budget revenue and expenses of the company that is receive in
one year. direct cost and indirect cost is included in this which is paid and received by the
company. It is beneficial for Carnival Corporation for maintaining the good or clear image of
the company which include sales, cost production etc. In this context with companies new
strategies and policies its attract large customers.(Oppewal, and et. al., 2015)
Master-budget: This budget include purchase, future sales, production level and capital
investment. In Carnival Corporation it include balance sheet and budgeted income statement.
This is effective in term achieving the objectives anf target them in an appropriate manner
(Mowforth, and Munt,2015).
CONCLUSION
From this above discussion it has been concluded that travel and tourism play important
in the growth of economy and followed different, law, rules and regulation to operate its
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businesses. There is many different stages in HR life cycle which work effectively in term of
handling the workflow in the organisation properly. Performance management is effective in
improve skill , capabilities. Government made different , rule , laws which allow businesses to
work in ethical manner. Different financial statement help tourism and travel industry for
managing the fund in an effective manner.
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REFERENCES
Books and Journals
Ali, F., Ryu, K. and Hussain, K., 2016. Influence of experiences on memories, satisfaction and
behavioral intentions: A study of creative tourism. Journal of Travel & Tourism
Marketing. 33(1). pp.85-100.
Budeanu, A., and et. al., 2016. Sustainable tourism, progress, challenges and opportunities: an
introduction.
Čavlek, N., Ladkin, A. and Willis, C., 2017. All at sea: sustaining livelihoods through maritime
tourism in Croatia. African Journal for Physical Activity and Health Sciences
(AJPHES). 23(Supplement 1). pp.66-88.
DeLacy, T. and et. al., 2014. Green growth and travelism: Concept, policy and practice for
sustainable tourism. Routledge.
Morrison, A. M., 2013. Marketing and managing tourism destinations. Routledge.
Lamsfus, C and et. al., 2013. Conceptualizing context in an intelligent mobile environment in
travel and tourism. In Information and communication technologies in tourism
2013 (pp. 1-11). Springer, Berlin, Heidelberg.
Jayawardena, C., and et. al., 2013. Trends and sustainability in the Canadian tourism and
hospitality industry. Worldwide Hospitality and Tourism Themes, 5(2), pp.132-150.
Höpken, W and et. al.,2015. Business intelligence for cross-process knowledge extraction at
tourism destinations. Information Technology & Tourism, 15(2). pp.101-130.
Budeanu, A and et. al., 2016. Sustainable tourism, progress, challenges and opportunities: an
introduction.
Chang, L. L and et. al., 2014. Creative tourism: a preliminary examination of creative tourists’
motivation, experience, perceived value and revisit intention. International Journal of
Culture, Tourism and Hospitality Research, 8(4). pp.401-419.
Sigala, M., 2012, October. Web 2.0 and customer involvement in new service development: A
framework, cases and implications in tourism. In Web (Vol. 2, pp. 25-38).
Zeppel, H. and Beaumont, N., 2012. Climate change and tourism futures: Responses by
Australian tourism agencies. Tourism and Hospitality Research, 12(2), pp.73-88.
Oppewal, H and et. al., 2015. Tourist destination and experience choice: A choice experimental
analysis of decision sequence effects. Tourism Management, 48, pp.467-476.
Mowforth, M. and Munt, I., 2015. Tourism and sustainability: Development, globalisation and
new tourism in the third world. Routledge.
Fuchs, M., Höpken, W. and Lexhagen, M., 2015. Applying business intelligence for knowledge
generation in tourism destinations–A case study from Sweden. In Tourism and
leisure (pp. 161-174). Springer Gabler, Wiesbaden.
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