Travel & Tourism Management Assignment - Thomas Cook
Assignment brief for the Sales, Budget and Revenue Management unit in the HND International Travel and Tourism Management program.
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Added on 2020-10-23
Travel & Tourism Management Assignment - Thomas Cook
Assignment brief for the Sales, Budget and Revenue Management unit in the HND International Travel and Tourism Management program.
Added on 2020-10-23
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Travel & TourismManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Examine the key principles of revenue management for the specific industry.....................3P2 Revenue management tools to generate and maximise profit...............................................4P3 Review the different stages of the HR life cycle within specific travel and tourism jobrole, and their importance for retaining and developing talent...................................................5P4 Develop a performance management plan for a specific travel and tourism job role, .........6TASK 3............................................................................................................................................7P5 Explore specific legislation within the specific travel and tourism industry should workand adhere ..................................................................................................................................7P6 Illustrate how company, employment and contract law has a potential impact on businessdecision-making within specific travel and tourism industry.....................................................8TASK 4............................................................................................................................................9P7 Different types of financial statements and reporting mechanism for organisation withinthe travel and tourism industry....................................................................................................9P8 Importance and value of budgets for controlling business performance and identifyingvariances ...................................................................................................................................12CONCLUSION .............................................................................................................................13
INTRODUCTIONTravel and tourism Industry is currently growing and experiencing a unprecedentedgrowth and thereby helping in the growth of the economy. This is one of the most attractiveindustry in the world which is inuring huge profits. Travel and tourism industry provide variousservices in the form of food and beverage, accommodation and transportation facilities. Themain aim of the industry is to provide efficient services to its traveller to provide them long termexperience. Moreover there are various travel agencies which provides budgeted packages to thetravellers regarding their requirements and demands. The report is based on Thomas Cook whichis travel and tourism related company offer various services such as holiday packages, cruiselines services as well as food and beverage facilities to the travellers, headquarter in London, UK(Buhalis and Amaranggana, 2013). This project will throw highlights on sales and revenuemanagement within the specific industry. It also determines HR Life Cycle as well as legislationsand ethics in travel and tourism.TASK 1P1 Examine the key principles of revenue management for the specific industry.Travel and Tourism is the most attractive industry which targets large number of customerby providing services according to the demand of the travellers. This consist of variousdepartments such as sales, finance ad marketing in which employees work effectively towardsenhancing the brand image of the company. It is necessary for the company to provide necessarytraining to its employees so that work can be carried effectively and efficiently. ThereforeRevenue Management is a vital concept within the travel and tourism sector. RevenueManagement is concerned with analysing he past record or the current level of bookings from theindividuals so as to forecast the demand appropriately in to maximise revenue for the specificindustry. Rationale behind revenue Management for Thomas Cook is to analyse the data andanticipate demand of the customers thereby providing services according to the demand of thetravellers. This assist the company to maximise revenue as well as provide effective services tothe travellers and also assist the manager of Thomas Cook to manage the availability of hotelroom, transportation and food and beverage facilities, herby enhancing brand image of thecompany.
Key Principles of Revenue Management which can be applied to Thomas Cook arediscussed as follows-Market Segmentation- It is concerned with segmentation of the consumers that areavailing the services of specific travel and tourism sector. Customers can be classified onthe basis of their characteristics and attributes which assist Thomas Cook to provideservices according to their demand. This assist respective industry to provide varioustravel packages to the customers according to their budget. Thereby helping ThomasCook to effectively manage the revenue and target large customers. This assis t ineffective revenue management (Evans, Stonehouse and Campbell, 2012). Demand Forecasting- It has a greater impact on the revenues of the specific industry.As the high demand forecasting will lead to conservative inventory and low demandforecasting will lead to aggressive inventory controls. This factor affects the revenue ofthe company. Thereby Thomas Cook should effectively forecast the demand of thecustomers and make the service available so as to maximise the revenue.Overbooking- This factor has a greater impact on the revenues of the industry as itdetermines the manager within the respective company regarding future sales of itsrespective company and indirectly aims at generates at maximising revenues and profitmargins for the company. Therefore manager at Thomas Cook should book the hotelsappropriately and enhances its revenue. Therefore this are the effective principles of revenue management which assist he company thecompany to enhance business and maximise revenue in their long run.P2 Revenue management tools to generate and maximise profitTravel and tourism industry is the fastest growing industry which provides efficientservices to the travellers, thereby meeting up their satisfaction level and enhances brand image ofthe company. It s therefore necessary for Thomas Cook to effectively manage revenue of thecompany by applying various revenue management tools. Revenue Management is defined asthe application of the disciplined analytics and predicting the behaviour of the consumers tomake sure that products are available according to demand and thereby maximising revenues forthe company. Moreover with the help of revenue management tools respective industry shouldadopt effective pricing strategy so as to meet the demand of different categories of customer.During off seasons prices for the travel packages are low as compared to peak seasons (Evans,
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