Travel and Tourism Toolkit Assignment
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Added on 2021-01-01
Travel and Tourism Toolkit Assignment
Added on 2021-01-01
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TRAVEL AND TOURISMTOOLKIT
Table of ContentsINTRODUCTION...........................................................................................................................1LO1 ................................................................................................................................................1P 1 Rationale and principle of Revenue management.....................................................................1P2 Application of revenue management tools in food and beverage sector of Tourism industry................................................................................................................................................2LO2..................................................................................................................................................3P3 Different stages of HR life Cycle as part of HR strategy .................................................3P4 Performance management plan of Hr manager................................................................4LO3.................................................................................................................................................6P5 legislation that TUI have to adhere to...............................................................................6P6 impact of company , employment and contract law on the decision -making of TUI.....6LO 4 ................................................................................................................................................7P7 Different types of financial statement and reporting mechanism for TUI.......................7P8 Importance and value of budget for controlling business performance and identifyingvariances...............................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONThis study is based on travel and tourism toolkit. Travel and tourism industry provide variousfacilities relating to travel packages, accommodation services and many more which assist the customersin their trip. This assignment will include TUI group for defining various section of this task. TUI group isa leading firm in the field of travel and tourism sector in UK. They provide various facilities to theircustomers such as accommodation, travel services etc. TUI have number of employees more than 50000.This study will include various principles relating to revenue management and its application in travel andtourism sector. Furthermore, this study will include about managing human resource life cycle as part ofHR strategy. Moreover, it will include the impact of legal and ethical consideration on Travel and tourismbusiness. This assignment will also explain about managing budget and statistical and financial record.LO1 P 1 Rationale and principle of Revenue managementRevenue management assist the organisation in increasing the overall productivity of the firm byeffectively managing the resources of the firm in order to generate more revenue (Crouch, Huybers andOppewal, 2016). It is a collection of strategies which the firm uses in order to increasing the demand of theproducts and services to generate revenues. Revenue management principles consist of the following :Pricing : Pricing in revenue management is related to the pricing strategies which the companyuses in order to attract customers which helps in generating revenues. Pricing strategies helps inmaking the value of the product and services offered to the customers. Optimal pricing strategy areimplemented by TUI in order to provide customers with fair pricing for the product and services.TUI provides various discounted packages in order to attract customers for travel. Differentiatedpricing strategy is based on different situation existing in the market.Inventory : Revenue management principle is based on controlling inventory in order to increasetheir profitability by allocating capacity with the best prices. Inventory management assist theorganisation in attracting more profit (Adido, 2018). For example, TUI in situation where therehigh demand of the product ensure that customers are provided with the products and services atthe prices which are estimated by the company. TUI in order to control inventory ensure that thecustomers are provided with high packages in situation of high demand and also reduce the productand services if there is less demand.Marketing : Marketing assist the firm in attracting more customers by using various promotionaltools such as advertising in television, magazines, newspaper etc. which helps TUI in getting more1
customers towards the brand and helps in increasing their profitability. TUI in order to attract morecustomer ensure that social media marketing is properly managed in order to provide customerswith various facilities relating to new services and products and also provide support to thecustomers with the help of online booking that provide ease to customers in their travel. Marketsegmentation in marketing assist the firm in dividing the customers between potential customersand existing customers.Channels : Revenue management principle include channels of distribution through whichprofitability is increased. Travel and tourism industry provide customers with different channels ofdistribution which helps in delivering the products to the customers (Chong and Balasingam,2018). There are changes in prices according to the way of distribution such as prices are differentwhen the customers purchase from the physical store and when the product is purchased online.TUI group offers their customers with different channels of distribution which assist in attractingmore customers. There are various factors that must be considered for revenue management that includes the following ;Seasonality : revenue management of the organisation is based on this factor as it play asimportant role in increasing the revenue for the firm. For example, the tourism services providedby TUI generate more revenue in winter season as most of the tourist are attracted in that season.Capability : The capability of the firm to generate revenue is measures in order to improve theperformance of the firm top generate more revenue. TUI in order to manage the revenue identifyits capability to measure the income generated according ton its capability.Operationality : TUI for managing the revenue ensure that the various operation of the businessare performed effectively and efficiently to generate more revenue.Competition : Revenue management require identification of the competition to increase therevenue for TUI. Identifying information about the competition in the market provideunderstanding for managing the revenue to increase the profitability of the firm.P2 Application of revenue management tools in food and beverage sector of Tourism industryRevenue management tools are used in order to increase the profitability of the organisation. Revenuemanagement tools consists of budgeting, dynamic pricing, inventory control etc.Budgetary control: This tool of revenue management assist the organisation in reducing theexpenses and increasing the profitability of the firm. Budgetary control is related to comparisonbetween the actual income with the planned income in order to identify the revenue generated2
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