The Travel and Tourism Business Toolkit - Assignment Sample

TRAVEL AND
TOURISM BUSINESS
TOOLKIT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ..........................................................................................................................................1
P1 The rationale and principles of revenue management for the travel and tourism industry....1
P2 Investigate how a specific sector of travel and tourism industry applies revenue
management tool.........................................................................................................................2
TASK 2............................................................................................................................................3
P3 The different stages of HR life cycle applied to specific travel and tourism.........................3
P4 Develop performance management plan for travel and tourism job role..............................3
TASK3 ............................................................................................................................................4
P5 Specific legislation in the travel and tourism industry...........................................................4
P6 Illustrate how company, employment and contract law has a potential impact on decision-
making.........................................................................................................................................5
TASK 4 ...........................................................................................................................................5
P7 The different types of financial statements and reporting mechanism for organisation........5
P8 The importance and value of budget for controlling business performance. ........................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
.........................................................................................................................................................7

INTRODUCTION
Travel and tourism industry is related with various combination of activities, as in this a
individuals travels to various places. This type of industry is one of the fastest growing industry
because needs and preferences of the customer's are rapidly changing. Many organisations in this
industry are making continuous plans and strategies to attract more and more customer's, so that
their profitability is increased. This report has been based in Carnival Corporation which is one
of the top British cruise operator. The organisation focuses on providing various services to its
potential customer's(Bharwani and Butt, 2012). These services includes- food, bars, events,
entertainment, etc. this report will deal in various principles of revenue management, different
stages of HR life cycle and a proper management plan for solving the problem of employee
retention in the organisation.
TASK 1
P1 The rationale and principles of revenue management for the travel and tourism industry.
Revenue management is generally concerned with managing overall cost of the industry
in various parts of the world. In relation to, Carnival Corporation it is concerned with managing
the cost and expenses in the best possible manner. For managing the revenue of the organisation
finance manager of needs to make better plans and strategies to achieve the target in the best
possible manner. The plans and strategies can be related to various services and accommodation
provided by the organisation and knowing the preferences of customer's, so that revenue can be
increased.
Rationale of revenue management
 Revenue management helps in making plans for introducing new range of services for the
potential customer's. This is done by providing services at the minimum cost , so that
business activities can be conducted in the effective manner.
 The cost of the organisation is decreased because in revenue management traditional
pricing methods are used(Bierman and Smidt, 2012).
Principles of revenue management
Market segmentation- According to this principle customer's of the organisation are
divided into various segments such as qualifiers and non-qualifiers. This segmentation is done