Travel and Tourism Business Toolkit - Titan Travels Assignment Sample
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Added on 2021-01-03
Travel and Tourism Business Toolkit - Titan Travels Assignment Sample
Added on 2021-01-03
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The Travel and TourismBusiness Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................1LEARNING OBJECTIVE 1............................................................................................................1P1. Rationale and principles of revenue management for the travel and tourism industry.........1P2. Application of revenue management tools to generate and maximise profit........................2LEARNING OBJECTIVE 2............................................................................................................3P3. Different stages of HR life cycle and their importance for retaining and developing talent.3P4. Performance management plan..............................................................................................5LEARNING OBJECTIVE 3............................................................................................................6P5. Specific legislation that organisations in the travel and tourism industry.............................6P6. Employment and contract law has a potential impact on business decision-making in thetravel and tourism industry..........................................................................................................7LEARNING OBJECTIVE 4............................................................................................................8P7. Different types of financial statements and reporting mechanism for organisation withinthe travel and tourism industry....................................................................................................8P8. Importance and value of budgets for controlling business performance and identifyingvariances......................................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONTravel and tourism industry is considered as one of the growing business across the world(Cohen, 2017). In reference to tourism, it includes series or activities or services experienced bythe travellers at the travelling and having fun. Such industry plays an important role as it helps inproviding employment opportunities, generating revenues and developing economicinfrastructure. Present report is based on Titan Travels which began in 1978 for providingextraordinary travelling experiences to its clients (Titan Travels, 2019). It has its headquarterslocated at Cross Oak Lane, UK. It is one of the holiday escorted company. The entity has beenhonoured with British Travel Awards. This report includes discussion on rationale and principles of revenue management aswell as application of revenue management tools to generate and maximise profit. It furtherincludes, different stages of the HR life cycle, and their importance for retaining and developingtalent, a performance management plan and various techniques to resolve negative behaviour andto overcome issues of staff retention. In addition, specific legislation, potential impact ofemployment and contract law on business decision-making in the travel and tourism industry.Lastly, different types of financial statements and reporting mechanism as well as the importanceand value of budgets for controlling business performance and identifying variances are coveredin this report.LEARNING OBJECTIVE 1P1. Rationale and principles of revenue management for the travel and tourism industryRevenue management: It is a management approach to optimise the revenues throughcontrolling costs to provide benefits to the business. It helps in forecasting the consumersdemand for optimization of available stocks as well as prices for the purpose of maximisinggrowth of the revenue. it include evaluation of average daily rate, standard rate as well asavailability of products or services for increasing revenues. In relation to Titan Tours, suchconcept is related to planning the procedures for optimizing and managing human resources forthe time period of higher demand as well as lower demands. It is useful for avoiding unnecessaryexpenses and focus on improving food & beverages, accommodation, entertainment, servicesand more. Using such technique, the managers of selected business frames plans which helps inattracting maximum customers and guests. Proper adoption of revenue management strategies1
helps the industry in improving branding and occupancy of different hotel managers for thepurpose of maximising revenues. Rationale and Principle of Revenue ManagementRationale of revenue management are the followings:Revenue management system are useful in decreasing cost of unnecessary expenses.Revenue management system are helpful in training, improving, designing, updating andboosting the performances of the workforce. Revenue management helps in predicting consumer behaviour for optimising theavailability of new product or service as per the prices and selling them to the rightconsumer at right time for maximising revenue growth which benefits the business toperform its operations effectively (Colomb and Novy, 2016). Principles of revenue management in travel and tourism industry are the following:Overbooking: This principle is related to accepting more reservations than the capacity.In relation to respective industry, it is a situation where the supply of rooms at certaintime for reservation exceeds the availability for sale at same time period. Variousconsumers cancel the rooms at some time period. The motives of such principle is toboost the level of overbooking for the purpose of enhancing revenues as well as reducingrisk of service cancellation.Market segmentation: Under such principle, the clients are sub divided into groupsaccording to the homogeneous behaviours or characteristics as per the needs, demands ofthem. It helps in understanding the perception of clients for the objective of formulatingand providing suitable products and services to each segment. The segmentation helps theTitan tours to segments its clients and provide services accordingly which leads tomaximising sales and profits. P2. Application of revenue management tools to generate and maximise profitRevenue management tools: These are tools and techniques which helps in predictingdemand of customers towards the products or services, optimising price availability as well asmaximising the commission efficiency. In relation to travel and tourism sector, various tools andtheir applicability for generating maximum profits are the followings:Capacity utilization tool: In any organisation, certain proportion of the fixed capacitiesneeded to be utilized in efficient and appropriate manner. This tool helps the business to2
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