Travel and Tourism Business Toolkit - Doc
Added on 2020-10-22
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TRAVEL AND TOURISM BUSINESS TOOLKIT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1Concept of Revenue Management and their rational and principles......................................1Application of revenue management tools in Thomas Cook.................................................2Impact of pricing strategies on revenue management of Thomas Cook................................2Critically analysis of principles of revenue management.......................................................3Types of financial statements.................................................................................................3Thomas cook financial statements..........................................................................................3The importance and value of making budgets .......................................................................4Financial statements and report of Thomas cook...................................................................5Business performance on bases of financial statements.........................................................9PART 2............................................................................................................................................9Stages Human resource life cycle...........................................................................................9Performance management plan............................................................................................10Importance of HR life cycle.................................................................................................10Judgment and recommendations for improving effective talent..........................................11PART 3..........................................................................................................................................11Legislation that Thomas cook have to adhere to ................................................................11Impact of employment law, company law and contract law on business decision making.12Implications of regulations...................................................................................................13Impact of regulation, ethical principles and legislation........................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONTravel and tourism is the most progressive and largest service industry in UK. Tourism isa business that impact on every other organizations in the country. Travel and tourism business isthe best way to increase profit and growth of other companies and make them better in way toachieve their objectives as well. In this business will include many practices and activities oftouring, especially for pleasure. The industry or business of offering information, transportation,accommodations and other facilities to people (Vellas, 2016). The present report based onThomas Cook which is operating in travel and tourism sector of UK. It is one of the biggesttourism industry across the world that run its business successfully and give a range of goodservices to its tourists. This report will explain the concept of revenue management its principlesand rational in tourism and travel industry. It also explains the legislation and ethics in thissector.PART 1Concept of Revenue Management and their rational and principlesRevenue management helps to identify customers demand to optimize inventory and costavailability in way to increase revenue growth. It is the concept of stimulating needs in lowperiod during avoiding pricing cannibalism. Rationale of Revenue Management-Revenue management is important process within the travel and tourism industriesbecause it allows organization to anticipate optimize and demand availability or valuation forgaining the best possible financial outcome. According to this industry can identify theircustomers need and wants that maximize their profit margin more than the other organizations.Through this process tourism industry can decently implement revenue management to gain thecoveted results which help them to manage entire operation system.Principles of Revenue Management-Market segmentation: market segmentation is an effective way that is based on extensivedecimal research centering in huge numbers of person and grouping all of them togethersettled upon common characteristics such as behavioral patterns, demographics andcognition ratings. It is the best way to get information about customers and other peoplein Country.1
Demand forecast and displacement analysis: It is the second stage of revenuemanagement principles, that help industry to calculate the values of the group comparedto transient while generate by contrast. . It is very useful in tourism sector to predict themost probable stage of needs that is liable to occur in light of circumstances. Information systems: Information system help travel and tourism industry throughcollect, process, distribute data and other details of the tourists and also the trend ofcurrent marketplace.Application of revenue management tools in Thomas CookCompetitor analysis: Competitors analysis will help Thomas cook to identify itsbusiness rival in the world. Thus, to know about the competitors' industry can implementtheir strategies and make new plans to get its business more profitable and successful inmarketplace. Through identify rivals they can execute more planning that help them togenerate more profit. Dynamic pricing: According to this process Thomas Cook offer its customers a dynamiccosts facility that can increased their profit more than now. They need to make flexiblepricing structure that it can be changed according to the current and future marketenvironment. Thus, all these changes may be maximize their profit margin more over theother tourism and travel industries in UK. Forecasting: Forecasting process helps to predict customers’ needs and demand that theyhad expected to Thomas Cook. This is the effective way to generate more profit andmaximize the growth of travel and tourism business. Forecasting is the best process thatincrease profitability and productivity of industry and also helps to supply products andservices to people according to their wants or requirement. Price optimization: Price optimization is the process of setting prices for products andservices and other facilities of Thomas Cook. It will be helpful to know the respond ofcustomers about the different prices through various channels. Thus, for this they canincrease their profit and generate more as compared to other industries. Impact of pricing strategies on revenue management of Thomas CookPricing at a premium: Pricing strategies is used by the Thomas cook for price theirgoods and services. Pricing at a premium impact on revenue management of touroperator. According to this process, industry set their service and products cost much2
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