(PDF) Travel and Tourism Business Toolkit

Travel and Tourism
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain rational and principle of revenue management for the travel & tourism industry....1
P2 Application of revenue management tool to generate more sale or maximise profitability...2
TASK 2............................................................................................................................................3
P3 Stages of HR life cycle and it's importance to retaining and develop talent..........................3
P4 Performance management .....................................................................................................4
TASK 3............................................................................................................................................5
P5 Specific legislation that organisation of the travel and tourism industry have to adhere to...5
P6 How company employment and contract law has a potential impact on business decision-
making in the travel and tourism industry...................................................................................6
TASK 4............................................................................................................................................7
P7 Explain different types of financial statements and reporting mechanism in context of
Tourism industry..........................................................................................................................7
P8 Importance and value of budget to control business performances and identify variances.. .8
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
Travel and Tourism business toolkit is the process of providing services to their customer
and it will be differentiate according to their functions they offer or perform. It is one of the
growing service sector business in the world. It include various activities related to travelling that
elated by the customers (Ambrose, 2012). Travel and Tourism industry plays important role
where it provide employment opportunities, awareness about that local area where people wants
to visit. With the help of this, it provide revenue, it helps in developing economy of the UK and
infrastructure. Titan Travel company chose for the better understanding of this concepts and it is
UK based organisation. It's headquarter in Cross Oak Lane which is one of the best holiday
escorted company. Titan Travel get the British Travel Awards because of high satisfaction level
of customers during travelling. This report include the various topics such as key principles of
this business, HR life cycle in context of HR strategies, legal and ethical impact and manager
budget, statistical records & financial records.
Learning Outcomes 1
P1 Explain rational and principle of revenue management for the travel & tourism industry
Revenue management: It is a application which is used for the prediction of consumer
behaviour at micro level. It also provide the facilities to optimize the availability from revenue to
price and growth. This process help the Titan and Travel to identify or analyse the average daily
rate, difference between standard and available rate of products & services (Truong and Hall,
2013). In the Titan Travels context, manager have to analyse the demand of customer and it will
be managed through human resources. Basically this management approach help the organisation
to identify their over expenses and try to reduce through effective human resource management.
It focuses on improving their food & beverages quality, their accommodation facilities,
customer services and other entertainment activities which make customer experience more
valuable. For this, manager have to build effective strategies that attract customers & guest to
provide their services and increase their revenue by adopting this revenue management
strategies. It further helps in increasing their brand value and occupied with different manager of
the hotels for the purpose of maximising their productivity or profitability and achieve their goals
& objectives.
Rational of revenue management in context of Travel Travels business:

 It is helpful in measuring customer behaviour regarding their services which they going
to offer to maximise their business revenue.
 It will helps in to maintain Titan and Travels operational work by adopting this strategies
in context of charges of particular services and sold to the right client by use of their
human resources.
 Revenue management help the Titan and Travels to provide various improvement in
respect of quality, services, designing, updating and train their staff members to enhance
their performances.
 By use of this strategies, Travel Travels company can reduce their unwanted expenses
which automatically increase the revenue.
Principle of revenue management in context of organisation:
Market segmentation: By use of this principle, Titan and Travels divide their customers
into various sub-groups on the basis of their behaviours or similarities in their taste & interest
area. Manager have to analyse the demand and understand the perception and build suitable
service according to each segments (Beirman, Ritchie and Campiranon, 2014). It helps the Titan
Travels company to increase their sales and maximise the productivity as well as profitability.
Overbooking: It is related to the over acceptance of clients where organisation need to
increase their capacity to provide services to each customer. In this case, manager of Titan
Travels have to increase supply of rooms to fulfil the requirements because most of the
consumers cancel their reservation in the last point. So they have to manage and build effective
strategies, so they can able to reduce this problem and boost the organisation to increase their
sales and revenue.
P2 Application of revenue management tool to generate more sale or maximise profitability
Revenue management tool is the method to predict clients demand in order to various
services, price optimisation and increase the commission from different suppliers. To maximise
their productivity as well as profitability, manager of the Titan Travels adopt this strategies and
implement effectively. Their are some tool which is discussed below:
Discount Allocation Tool: By use of this tool, organisation provide the various
discounted offers to the customers. It will applicable through various ways such as online
booking, loyalty cards, advance booking, new clients and various offers on the bases on different
age categories (Kasemsap, 2018). It is a kind of promotional activity to attract more customers in