Travel And Tourism Business Toolkit : Assignment
Added on 2020-10-05
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Travel And Tourism Business Toolkit
Table of ContentsINTRODUCTION............................................................................................................................3TASK 1............................................................................................................................................3P1 Rationale and principles of revenue management in relation to travel and tourism industry3P2 Specific sector of travel and tourism industry applies revenue management tool in order togenerate and increase profit........................................................................................................5TASK 2............................................................................................................................................6P3 Different stages of HR life cycle and importance for retaining and developing talent..........6P4 Performance management plan..............................................................................................8TASK 3............................................................................................................................................9P5 Legislation which is required for travel and tourism industry to adhere...............................9P6 Impact of Employment and contract law on business decision making in travel and tourismindustry........................................................................................................................................9TASK 4..........................................................................................................................................10P7 Different types of financial statements.................................................................................10P8 Importance and value of budget for controlling business performance ..............................10CONCLUSION..............................................................................................................................11REFERENCES...............................................................................................................................12
INTRODUCTIONTourism is defined as a function of travelling which is performed by individuals forpleasure or business purpose. In current scenario, travel and tourism industry is fastest growingsector throughout the world. In relation with the tourism, it includes various set of activities inwhich different kinds of persons travels and stay together at several places instead of usualenvironment. This industry is rapidly growing in the market with an objective of serving theneeds of customers along with support government in enhancing their economy and gaining hugeprofitability. Taken organisation for this report is Thomas Cook which was founded in 1841along with headquarters are located in London, UK. Organisation offers a wide range of productsand services to their customers like food, accommodation, travelling etc. As per their visitor'sreport of company, company is serving the needs and wants of around 19.1 million customers atannual basis. This assignment will discuss about the rational and principle of revenuemanagement with the different stages of HR life cycle. Furthermore, performance managementplan along with various legislations and contract laws will also discussed under this assignment.In last report includes several kind of financial statement along with value of budget.TASK 1P1 Rationale and principles of revenue management in relation to travel and tourism industryRevenue management is concerned with controlling or monitoring of overall cost andbenefits of industry across the world. In other words, it is an application of disciplined analyticswhich predicts the consumer behaviour at micro market level and optimise the availability ofproducts so that firm can take growth in a particular marketplace. In Thomas Cook, revenuemanagement is related with providing right product at right time to right customers so as toearning revenue along with satisfying the potential needs of customers (Wiltshier,2019). For this,finance managers of Thomas cook has duty to make focus on their airlines, accommodation,food, entertainment and other services so that profitability would be increased and unessentialactivities from different departments in appropriate manner. Management of organisation canalso use this tool for predicting the needs of customers and satisfying them accordingly so thatoverall revenue figures of firm will be increased.Rationale and Principle of Revenue Management
Revenue management provide huge assistance to management in making new products,services and attractive pricing range so that business operations of firm should beconducted in effective manner.This tool also helps the managers in identifying unessential activities from the differentdepartments so that by removing it organisation can provide products to their customersat affordable prices. It also helps the management of firm in adopting effective pricing strategy so that largenumber of customers get attracted towards services of firm.There are some effective principles of revenue management in travel and tourism sector whichare given as below:Market Segmentation: This principle is mainly related with the consumers as it helpsthe management in identifying the customers and serving their needs accordingly. In it,consumers are divided in two parts such as price sensitive leisure customers and insensitivebusiness persons so that revenue can be enhanced. Through this segmentation, Thomas cook gainhuge benefits in the form of increasing sales figures and profitability (Taliouris, 2017).Historical Demand and Booking Patterns:In it, management should have to evaluateand analyse their past historical data which will helpful for them in forecasting the needs ofcustomers and developing strategies accordingly. With the help of this principle, management ofThomas cook will be able in considering the actual demands of customers from the organisationwhich will leads the firm towards gaining huge revenue and profitability.Overbooking:Principle of overbooking is related with providing effective services to thelarge number of customers from beyond the total capacity. This principle can provide beneficialresults in the situation when cancellations are less than the reservations. Management of Thomascook can use this principle for enhancing the level of overbooking and it also helps them inenhancing revenue and reducing the risk which can be occur due to high cancellations ofcustomers.Revenue Management ToolsDiscount Allocation: By using this tool, management of Thomas cook can offer a widerange of discount schemes to their existing and potential customers. When individuals willreceive discount offers at their advance booking then they automatically attracted towards theservices of organisation which helps the organisation in enhancing the overall profitability.
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