Collaborative Commerce in Tourism
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This assignment requires an analysis of collaborative commerce in the tourism industry, exploring its implications for research and industry. It involves a critical evaluation of various studies and research papers related to collaborative commerce in tourism, including its impact on customer experience, corporate social responsibility reporting, and knowledge sharing among stakeholders.
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Unit 4
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Table of Contents
PART 1 SALES, BUDGET AND REVENUE MANAGEMENT.................................................3
Concept and principles of revenue management .......................................................................3
Applicability of revenue management tool in Lotus Group Company.......................................4
Impact of pricing strategies on revenue management ................................................................4
Applicability of principles of revenue management in Lotus Group Company.........................5
Different types of financial statement and reporting system in the company ...........................5
Importance and Value of budget for controlling business performance and variances..............6
Interpretation of financial statement and reports in an organization..........................................6
Business performance based on financial statement reports of travel and tourism industry .....6
PART 2 HR LIFE CYCLE AND HUMAN RESOURCE STRATEGY.......................................8
Human resource life cycle and its different stages ...................................................................8
Importance of HR life cycle and overcoming issues of staff retention......................................9
Recommendation on improvement of HR processes .................................................................9
PART 3 LEGISLATION AND ETHICS IN TRAVEL AND TOURISM ..................................10
Impact of legal issues on travel and tourism industry and legislations that will be applicable
in this sector..............................................................................................................................10
Impact of employment and contract law on business decision making....................................10
Potential implications of regulations, legislations and standards on decision making ............10
Critical reflection on potential implication ..............................................................................11
CONCLUSION.............................................................................................................................11
PART 1 SALES, BUDGET AND REVENUE MANAGEMENT.................................................3
Concept and principles of revenue management .......................................................................3
Applicability of revenue management tool in Lotus Group Company.......................................4
Impact of pricing strategies on revenue management ................................................................4
Applicability of principles of revenue management in Lotus Group Company.........................5
Different types of financial statement and reporting system in the company ...........................5
Importance and Value of budget for controlling business performance and variances..............6
Interpretation of financial statement and reports in an organization..........................................6
Business performance based on financial statement reports of travel and tourism industry .....6
PART 2 HR LIFE CYCLE AND HUMAN RESOURCE STRATEGY.......................................8
Human resource life cycle and its different stages ...................................................................8
Importance of HR life cycle and overcoming issues of staff retention......................................9
Recommendation on improvement of HR processes .................................................................9
PART 3 LEGISLATION AND ETHICS IN TRAVEL AND TOURISM ..................................10
Impact of legal issues on travel and tourism industry and legislations that will be applicable
in this sector..............................................................................................................................10
Impact of employment and contract law on business decision making....................................10
Potential implications of regulations, legislations and standards on decision making ............10
Critical reflection on potential implication ..............................................................................11
CONCLUSION.............................................................................................................................11
INTRODUCTION
Travel and tourism industry is providing leisure to people that have interest in traveling
from one place to another. At present, it is the largest sector that is covering larger share in the
marketplace. It is mainly consists of five parts such as lodging operations, transportation
services, providing food and beverage operations, retail stores etc.
The Present study will be based upon on Lotus Group Company. It is the British travel
company that owes Dialal flight and lotus business travel (Xiang, Magnini, and Fesenmaier,
2015). It is also responsible for making travel arrangements that are related to flights, hotels, and
tours.
Report will include concept of revenue management and its rationality in travel and
tourism sector. Applicability of revenue management tools that will help in maximizing profit
for the future. It also includes pricing strategies on revenue management in a specific sector
under travel and tourism industry. Furthermore, it will include different types of financial
statements and reporting mechanism that will be used in an organization. Importance of budget
that will help in evaluating performance of the company. It also emphasize on HR life cycle that
is applied in travel and tourism sector. There are several legislations that will have an impact on
business decision making.
PART 1 SALES, BUDGET AND REVENUE MANAGEMENT
Concept and principles of revenue management
It refers to the process of selling product and services to right people, at the right time
and at right price that will help in evaluating the efficiency of cost in Lotus Group. It will help in
evaluating the performance of company by using data and information that will help in
analyzing demand and the behavior of consumer towards Lotus group.
Principles of revenue management
Travel and tourism industry is providing leisure to people that have interest in traveling
from one place to another. At present, it is the largest sector that is covering larger share in the
marketplace. It is mainly consists of five parts such as lodging operations, transportation
services, providing food and beverage operations, retail stores etc.
The Present study will be based upon on Lotus Group Company. It is the British travel
company that owes Dialal flight and lotus business travel (Xiang, Magnini, and Fesenmaier,
2015). It is also responsible for making travel arrangements that are related to flights, hotels, and
tours.
Report will include concept of revenue management and its rationality in travel and
tourism sector. Applicability of revenue management tools that will help in maximizing profit
for the future. It also includes pricing strategies on revenue management in a specific sector
under travel and tourism industry. Furthermore, it will include different types of financial
statements and reporting mechanism that will be used in an organization. Importance of budget
that will help in evaluating performance of the company. It also emphasize on HR life cycle that
is applied in travel and tourism sector. There are several legislations that will have an impact on
business decision making.
PART 1 SALES, BUDGET AND REVENUE MANAGEMENT
Concept and principles of revenue management
It refers to the process of selling product and services to right people, at the right time
and at right price that will help in evaluating the efficiency of cost in Lotus Group. It will help in
evaluating the performance of company by using data and information that will help in
analyzing demand and the behavior of consumer towards Lotus group.
Principles of revenue management
Market Segmentation:- This principle helps in determining customer needs and demands that
will help in satisfying its needs and wants (Sigala, 2017). Customers are divided into various
segments according to their demands that will also help them in fulfilling easily. It is important
for Lotus Group to segment consumer that will help in increasing sales as consumers are the
king of the market.
Supply Forecasting:- It is important to check out the availability of rooms for the traveler as
there may not be shortage of rooms so it is to be managed in advance for the future course of
action by the manager of Lotus Group.
Applicability of revenue management tool in Lotus Group Company
There are four important tools that will be used in the company are as follows:
Property management System:- This tool is used for determining success of company in the
future. This will help in making easy flow of work in company for the future. Nowadays
companies are adopting different technologies that will help in upgrading different systems that
will be applicable in Lotus Group. In selecting this tool company needs time for maintaining
flexibility in the premises.
Booking Engine: - This is also an important tool that will be used in detecting sale at a point of
time that will help in benefitting company in the future. This will help in attracting international
customers from other countries as well. It is important to use this tool in the business as it will
facilitate in increasing sales
Channel manager:- This will help in managing stock of Lotus Group manager effectively so
that it will facilitate various procedures for future.
Rate Shopper:- It is used in paying attention to competitors that are available in the market.
Through this company can evaluate its ranking for future in market.
Impact of pricing strategies on revenue management
It is having a greater impact on sales of the company. As consumers are the king of
market so company have to produce goods accordingly. It is important for Lotus Group to
will help in satisfying its needs and wants (Sigala, 2017). Customers are divided into various
segments according to their demands that will also help them in fulfilling easily. It is important
for Lotus Group to segment consumer that will help in increasing sales as consumers are the
king of the market.
Supply Forecasting:- It is important to check out the availability of rooms for the traveler as
there may not be shortage of rooms so it is to be managed in advance for the future course of
action by the manager of Lotus Group.
Applicability of revenue management tool in Lotus Group Company
There are four important tools that will be used in the company are as follows:
Property management System:- This tool is used for determining success of company in the
future. This will help in making easy flow of work in company for the future. Nowadays
companies are adopting different technologies that will help in upgrading different systems that
will be applicable in Lotus Group. In selecting this tool company needs time for maintaining
flexibility in the premises.
Booking Engine: - This is also an important tool that will be used in detecting sale at a point of
time that will help in benefitting company in the future. This will help in attracting international
customers from other countries as well. It is important to use this tool in the business as it will
facilitate in increasing sales
Channel manager:- This will help in managing stock of Lotus Group manager effectively so
that it will facilitate various procedures for future.
Rate Shopper:- It is used in paying attention to competitors that are available in the market.
Through this company can evaluate its ranking for future in market.
Impact of pricing strategies on revenue management
It is having a greater impact on sales of the company. As consumers are the king of
market so company have to produce goods accordingly. It is important for Lotus Group to
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satisfy needs and demands of traveler who are travelling from one place to another (Mahrous
and Hassan, 2017). There are different pricing strategies in market such as penetration, price
skimming etc. that will facilitating various aspects in the market. Consumers buy product after
seeing price that will have greater impact on business operation of Lotus group. As price is the
main factor that will affect sales of the company. If prices of Lotus Group will be high then
consumer will shift to its competitors that will have greater market share in the company. As
price is important component for consumers that will help in providing various aspects that will
provide various segments that will impact on the company’s operation.
Applicability of principles of revenue management in Lotus Group Company
As market segmentation is one of the principles that will help in managing revenue in the
company. There are various aspects that will be bringing more consistency in the operations that
will help in managing different factors that will affect operations and managing production and
helps in improving productivity in Lotus Group Company. Forecasting demand in the future will
help in bringing new things and innovative ideas for the future. If performance of company is
good then it is very important in managing various aspects that will help in providing various
aspects in the future (McGregor and Robinson, 2019). Quality of product is being provided to
customers for the future course as it will help in making different aspects for the company.
There are various ways that will be creating different strategies for making various segments that
will help in increasing profit for future.
Different types of financial statement and reporting system in the company
The types of financial statement and reporting system in lotus group are balance sheet ,
profit and loss account and cash flow statement. In balance sheet all the asset and liability if
company comes. In profit and loss account we write all the indirect expenses incurred in a
accounting year. Cash flow statement shows the inflow and outflow of cash i.e. whether cash
came in business or cash gone out of the business (Battour and Ismail, 2016). These financial
statement helps in planning , analyzing, benchmarking and decision making to management.
Makes investor , promoters , debt provider and creditor think before investing , credit ,
borrowing ,etc . It provide statutory changes. It helps in collecting capital for company. It helps
and Hassan, 2017). There are different pricing strategies in market such as penetration, price
skimming etc. that will facilitating various aspects in the market. Consumers buy product after
seeing price that will have greater impact on business operation of Lotus group. As price is the
main factor that will affect sales of the company. If prices of Lotus Group will be high then
consumer will shift to its competitors that will have greater market share in the company. As
price is important component for consumers that will help in providing various aspects that will
provide various segments that will impact on the company’s operation.
Applicability of principles of revenue management in Lotus Group Company
As market segmentation is one of the principles that will help in managing revenue in the
company. There are various aspects that will be bringing more consistency in the operations that
will help in managing different factors that will affect operations and managing production and
helps in improving productivity in Lotus Group Company. Forecasting demand in the future will
help in bringing new things and innovative ideas for the future. If performance of company is
good then it is very important in managing various aspects that will help in providing various
aspects in the future (McGregor and Robinson, 2019). Quality of product is being provided to
customers for the future course as it will help in making different aspects for the company.
There are various ways that will be creating different strategies for making various segments that
will help in increasing profit for future.
Different types of financial statement and reporting system in the company
The types of financial statement and reporting system in lotus group are balance sheet ,
profit and loss account and cash flow statement. In balance sheet all the asset and liability if
company comes. In profit and loss account we write all the indirect expenses incurred in a
accounting year. Cash flow statement shows the inflow and outflow of cash i.e. whether cash
came in business or cash gone out of the business (Battour and Ismail, 2016). These financial
statement helps in planning , analyzing, benchmarking and decision making to management.
Makes investor , promoters , debt provider and creditor think before investing , credit ,
borrowing ,etc . It provide statutory changes. It helps in collecting capital for company. It helps
all the outsider users to take important decision. If there is proper maintenance of financial
statement then this provides good competition in market and inflow of cash.
Importance and Value of budget for controlling business performance and variances
Budget plays an important role in evaluating performance of the company. Success of
Lotus Group will also depend on budget as without preparing a proper budget a company cannot
survive in the market. Successful businessman always make a proper budget for its company and
plans for the future curse of action that will be performed by analyzing different functions of the
company. It helps in gaining knowledge regarding expenses and revenues of the company and
then the businessman can take proper decision to use available resources so that there will be
growth and development in company. It also helps in reducing cost of production ad increasing
profit margin by providing return on investment of Lotus Group. As it is providing control and
planning of financial department of growing business (Glover sand et. al., 2016). There are
various perspective that will help in measuring performance and variances that are available in
the company. Therefore, budget helps in saving money for future projects in the company.
Interpretation of financial statement and reports in an organization
As in growing era there are various aspects that will be help in gaining more knowledge
regarding financial aspects of the company. Annual turnover of Lotus group is £ 315 million as
most successful private company in UK. It comes in 1000 companies that will have greater
impact on the market in United Kingdom. It is also listed under London stock exchange that will
be providing different aspects that will be creating many forms for the companies that are
essential in the future course of action. As there are various statistical approach that will have a
greater impact on various sources that will be helpful for the future course of action (Giap,
Gopalan and Ye 2016). There are different segments that will be decided for the company in the
near future. There are different segments that will be providing in the company to survive in the
company for future.
Business performance based on financial statement reports of travel and tourism industry
As Lotus group is performing well in the United Kingdom and other parts of country that
will help in gaining different aspects for the future course of action. It is having different
statement then this provides good competition in market and inflow of cash.
Importance and Value of budget for controlling business performance and variances
Budget plays an important role in evaluating performance of the company. Success of
Lotus Group will also depend on budget as without preparing a proper budget a company cannot
survive in the market. Successful businessman always make a proper budget for its company and
plans for the future curse of action that will be performed by analyzing different functions of the
company. It helps in gaining knowledge regarding expenses and revenues of the company and
then the businessman can take proper decision to use available resources so that there will be
growth and development in company. It also helps in reducing cost of production ad increasing
profit margin by providing return on investment of Lotus Group. As it is providing control and
planning of financial department of growing business (Glover sand et. al., 2016). There are
various perspective that will help in measuring performance and variances that are available in
the company. Therefore, budget helps in saving money for future projects in the company.
Interpretation of financial statement and reports in an organization
As in growing era there are various aspects that will be help in gaining more knowledge
regarding financial aspects of the company. Annual turnover of Lotus group is £ 315 million as
most successful private company in UK. It comes in 1000 companies that will have greater
impact on the market in United Kingdom. It is also listed under London stock exchange that will
be providing different aspects that will be creating many forms for the companies that are
essential in the future course of action. As there are various statistical approach that will have a
greater impact on various sources that will be helpful for the future course of action (Giap,
Gopalan and Ye 2016). There are different segments that will be decided for the company in the
near future. There are different segments that will be providing in the company to survive in the
company for future.
Business performance based on financial statement reports of travel and tourism industry
As Lotus group is performing well in the United Kingdom and other parts of country that
will help in gaining different aspects for the future course of action. It is having different
stakeholders that will help in gaining various perspectives for the future course of action. Profit
and loss account of Lotus group is showing net profit that is available in the account of the
company. Customers are also coming from different areas that will be useful for the future
course of action. There are various segments that will be gaining more profit in the future for
proper utilization of resources in the company (Mason, 2015). Various aspects that will be
creating different segments as there are various financial statement for the company as it will be
having different perspective as gaining more profit in the future. Various stakeholder that will be
having different perspective for the future gaining knowledge as it is also essential.
EVALUATION OF RATIO ANALYSIS OF LOTUS GROUP
Interpretation:- From the above ratios it can be interpreted that current asset in 2107 is 1049
while in 2018 it is 670 and current liabilities in 2017 is 565 while in 2018 it is 285 therefore
current ratio that is obtained is 1.86 in 2017 and 3.05 in 2018.
Interpretation:- From the above table it can be concluded that cost pf goods sold in 2017 is
2880 and in 2018 it is 2877. Average inventory in 2017 is 539 and in 2018 it is 378. Therefore,
inventory turnover ratio is 5 in 2017 and 8 in 2018.
Interpretation:- From the above table gross profit ratio in 2017 is 320 and in 2018 it is 548.
Revenue that is earned in 2017 is 3200 while in 2018 it is 3425. Therefore, gross profit ratio is
10% in 2017 and 16% is 2018.
and loss account of Lotus group is showing net profit that is available in the account of the
company. Customers are also coming from different areas that will be useful for the future
course of action. There are various segments that will be gaining more profit in the future for
proper utilization of resources in the company (Mason, 2015). Various aspects that will be
creating different segments as there are various financial statement for the company as it will be
having different perspective as gaining more profit in the future. Various stakeholder that will be
having different perspective for the future gaining knowledge as it is also essential.
EVALUATION OF RATIO ANALYSIS OF LOTUS GROUP
Interpretation:- From the above ratios it can be interpreted that current asset in 2107 is 1049
while in 2018 it is 670 and current liabilities in 2017 is 565 while in 2018 it is 285 therefore
current ratio that is obtained is 1.86 in 2017 and 3.05 in 2018.
Interpretation:- From the above table it can be concluded that cost pf goods sold in 2017 is
2880 and in 2018 it is 2877. Average inventory in 2017 is 539 and in 2018 it is 378. Therefore,
inventory turnover ratio is 5 in 2017 and 8 in 2018.
Interpretation:- From the above table gross profit ratio in 2017 is 320 and in 2018 it is 548.
Revenue that is earned in 2017 is 3200 while in 2018 it is 3425. Therefore, gross profit ratio is
10% in 2017 and 16% is 2018.
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Interpretation:- From the above table it can be said that total debt in 2017 is 685 and in 2018 it
is 429. Total shareholders fund is 380 in 2017 and in 2018 it is 572. Therefore, debt equity ratio
in 2017 is 1.80 and in 2018 it is 0.75.
PART 2 HR LIFE CYCLE AND HUMAN RESOURCE STRATEGY
Human resource life cycle and its different stages
It refers to changing scenario that will be providing different stages that is helpful for the
future course of action. There are various stages that will help in bringing more efficient way
that will be providing different aspects for the future. As there are different segment that will
using various information for the future. There are different roles that will be played in the
company will help facilitating more in the company. Different stages that will be used during
human resource life cycle.
Recruitment and on boarding:- This is the first stage that involves introduction of new
employee into the company premises. In T&T company recruitment and on boarding services is
provided to new employees that help in evaluating various perspective for the future. From this
process company hire talented and efficient resources in the company.
Orientation and career planning:- In this proper planning of career is being done that will help
in facilitating different aspects for the future in company. T & T is doing proper planning before
conducting orientation programme that help in providing effective services to new employees.
At this stage employee is providing knowledge regarding policies and procedures of the
company.
Career development:- It is essential for the company to provide career development to its
employee that will be creating different aspects for future course of action as it is important that
will help in gaining more knowledge and improvement of skills in the company (De Grosbois,
2016). Here, T&T is organizing training and seminars for the development of skills and
knowledge among new employees of the company.
is 429. Total shareholders fund is 380 in 2017 and in 2018 it is 572. Therefore, debt equity ratio
in 2017 is 1.80 and in 2018 it is 0.75.
PART 2 HR LIFE CYCLE AND HUMAN RESOURCE STRATEGY
Human resource life cycle and its different stages
It refers to changing scenario that will be providing different stages that is helpful for the
future course of action. There are various stages that will help in bringing more efficient way
that will be providing different aspects for the future. As there are different segment that will
using various information for the future. There are different roles that will be played in the
company will help facilitating more in the company. Different stages that will be used during
human resource life cycle.
Recruitment and on boarding:- This is the first stage that involves introduction of new
employee into the company premises. In T&T company recruitment and on boarding services is
provided to new employees that help in evaluating various perspective for the future. From this
process company hire talented and efficient resources in the company.
Orientation and career planning:- In this proper planning of career is being done that will help
in facilitating different aspects for the future in company. T & T is doing proper planning before
conducting orientation programme that help in providing effective services to new employees.
At this stage employee is providing knowledge regarding policies and procedures of the
company.
Career development:- It is essential for the company to provide career development to its
employee that will be creating different aspects for future course of action as it is important that
will help in gaining more knowledge and improvement of skills in the company (De Grosbois,
2016). Here, T&T is organizing training and seminars for the development of skills and
knowledge among new employees of the company.
Termination:- This is the last stage of HR life cycle in that employee will be terminated from
the company that will create loss for it. As there are different segments that will be gaining more
knowledge and different perspective of the company in the future. At this stage, in T&T
company employee get terminated from the company that depend on specific reason in the
company. Either its misbehave or negative response towards employees lead to provide
termination from T&T.
Importance of HR life cycle and overcoming issues of staff retention
It is very important that will help in gaining more knowledge regarding various aspects
for the future course of action. It is important in gaining different perspective that will be
beneficial for the future course of action. There are various segments that will be gaining
different sources that will bring more efficiency in the future (Zaitseva, Goncharova and
Androsenko, 2016). From overcoming issues of retention company have to be very particular
regarding different segments that will running in various perspective for the future growth and
will be helpful in attracting more employees.
Recommendation on improvement of HR processes
HR processes can be improved by adopting different software’s that will be gaining
different ideas and innovation that will be facilitating in the company. There are various factors
that will help in improving HR processes in the future course of action. Various aspects that will
be gaining more knowledge and enhancement in the business process.
PART 3 LEGISLATION AND ETHICS IN TRAVEL AND TOURISM
Impact of legal issues on travel and tourism industry and legislations that will be applicable in
this sector
Legislation is having a greater impact on business operations that will be creating
different aspect in the future. As there are so many factors that will have greater impact on
business as setting up business in other country will disturb economy that will be creating a
brand image in the company (Nezakat and et. al., 2015). There are different issues that will be
related to health and safety of employees in Lotus Group. As there are different segments that
the company that will create loss for it. As there are different segments that will be gaining more
knowledge and different perspective of the company in the future. At this stage, in T&T
company employee get terminated from the company that depend on specific reason in the
company. Either its misbehave or negative response towards employees lead to provide
termination from T&T.
Importance of HR life cycle and overcoming issues of staff retention
It is very important that will help in gaining more knowledge regarding various aspects
for the future course of action. It is important in gaining different perspective that will be
beneficial for the future course of action. There are various segments that will be gaining
different sources that will bring more efficiency in the future (Zaitseva, Goncharova and
Androsenko, 2016). From overcoming issues of retention company have to be very particular
regarding different segments that will running in various perspective for the future growth and
will be helpful in attracting more employees.
Recommendation on improvement of HR processes
HR processes can be improved by adopting different software’s that will be gaining
different ideas and innovation that will be facilitating in the company. There are various factors
that will help in improving HR processes in the future course of action. Various aspects that will
be gaining more knowledge and enhancement in the business process.
PART 3 LEGISLATION AND ETHICS IN TRAVEL AND TOURISM
Impact of legal issues on travel and tourism industry and legislations that will be applicable in
this sector
Legislation is having a greater impact on business operations that will be creating
different aspect in the future. As there are so many factors that will have greater impact on
business as setting up business in other country will disturb economy that will be creating a
brand image in the company (Nezakat and et. al., 2015). There are different issues that will be
related to health and safety of employees in Lotus Group. As there are different segments that
will be facilitating in providing different sections that will be applicable in business for the
future. There are different legislation as they will have more restriction in achieving different
concept that will be creating different legislation for the future. As travel and tourism industry is
the fastest growing industry that will greater impact from its competitor that are working in the
future course of action.
Different legislation that will be applicable in T&T company emphasize on providing
proper health and safety to its employees. For the purpose of doing business at global level their
rules and regulations applied into business. In this different tourism law applied that is having an
impact on decision making process of the company. It is necessary for providing proper safety to
employees that are working in T&T. This legislation is having an impact on decision making
process that affect working environment. In case employees are not healthy then absenteeism
increases in the organization that lead to loss in the company.
Impact of employment and contract law on business decision making
These laws will affect functioning of company as it is important for the future course of
action. As these will have greater impact on functioning as well as different approaches that will
be creating different perspective for the future. If employees are not employed then they will
not be able to take decision for the company and this impact its working operation (Schuckert,
Liu and Law, 2015). There are different norms and principle that will have greater impact on
business working as there are so many laws that are applicable while doing business in other
country.
Potential implications of regulations, legislations and standards on decision making
Regulations of the specific country will have a greater impact on decision making as
there are several ways that will have a potential impact on business operations of the company.
As it is important for the company to follow proper rules and standards that will be running in a
particular country for the future (Camilleri, 2018). As Lotus Group is providing services related
to travel and tourism industry so it has its operation in different countries and they have their
own rules and regulations that will be followed by company and sometimes it will have greater
impact on decision making process in premises.
future. There are different legislation as they will have more restriction in achieving different
concept that will be creating different legislation for the future. As travel and tourism industry is
the fastest growing industry that will greater impact from its competitor that are working in the
future course of action.
Different legislation that will be applicable in T&T company emphasize on providing
proper health and safety to its employees. For the purpose of doing business at global level their
rules and regulations applied into business. In this different tourism law applied that is having an
impact on decision making process of the company. It is necessary for providing proper safety to
employees that are working in T&T. This legislation is having an impact on decision making
process that affect working environment. In case employees are not healthy then absenteeism
increases in the organization that lead to loss in the company.
Impact of employment and contract law on business decision making
These laws will affect functioning of company as it is important for the future course of
action. As these will have greater impact on functioning as well as different approaches that will
be creating different perspective for the future. If employees are not employed then they will
not be able to take decision for the company and this impact its working operation (Schuckert,
Liu and Law, 2015). There are different norms and principle that will have greater impact on
business working as there are so many laws that are applicable while doing business in other
country.
Potential implications of regulations, legislations and standards on decision making
Regulations of the specific country will have a greater impact on decision making as
there are several ways that will have a potential impact on business operations of the company.
As it is important for the company to follow proper rules and standards that will be running in a
particular country for the future (Camilleri, 2018). As Lotus Group is providing services related
to travel and tourism industry so it has its operation in different countries and they have their
own rules and regulations that will be followed by company and sometimes it will have greater
impact on decision making process in premises.
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Critical reflection on potential implication
According to the Dubey, 2016 Rules and regulation is having a greater impact on
business operations as well as decision making in Lotus Group. There are several aspects that
will be having impact on business operations. There are several ways that will affect operations
as well as legislations that will create a greater impact on decision making of the company.
There are different rules and regulations that will be followed as they are norms for the future
running of business. There are several ways that will have greater impact on company’s
operation.
As per the view Baum ed., 2016 Different countries are having different operations that
will be governed in different companies. It will be depended on its nature and different ways that
will have greater impact for future course of action. As there are different sources that will
impact operations as well as factors for different company’s operation for the future. These will
affect potentially on company’s operations as this will have a greater impact on business as there
are different rules and regulations for impact on different departments in Lotus Group. As there
may be various techniques that will be created in the future and will have an impact for the
future.
Performance management plan
Skills Target Strategies Outcome Time period Decision making skill By the end of the month
my target is to learn techniques that help in taking decision for the company to me. Participating
in different seminars and training programme that help me in improving my decision making
skills. I am able to improve this skill as now I emphasize more on taking decision and initiate
towards the company. 1-2 months Communication skill I have to improve this skill by
contacting with different people in the organization. Engaging in employee engagement
activities of the company that lead emphasize this skill for the future. I am able communicate
with other employees in the company without any hesitation. 2 months
CONCLUSION
From the above study it will be concluded that revenue management plays an important
role in running company’s operation as it will be providing right product to right people at right
According to the Dubey, 2016 Rules and regulation is having a greater impact on
business operations as well as decision making in Lotus Group. There are several aspects that
will be having impact on business operations. There are several ways that will affect operations
as well as legislations that will create a greater impact on decision making of the company.
There are different rules and regulations that will be followed as they are norms for the future
running of business. There are several ways that will have greater impact on company’s
operation.
As per the view Baum ed., 2016 Different countries are having different operations that
will be governed in different companies. It will be depended on its nature and different ways that
will have greater impact for future course of action. As there are different sources that will
impact operations as well as factors for different company’s operation for the future. These will
affect potentially on company’s operations as this will have a greater impact on business as there
are different rules and regulations for impact on different departments in Lotus Group. As there
may be various techniques that will be created in the future and will have an impact for the
future.
Performance management plan
Skills Target Strategies Outcome Time period Decision making skill By the end of the month
my target is to learn techniques that help in taking decision for the company to me. Participating
in different seminars and training programme that help me in improving my decision making
skills. I am able to improve this skill as now I emphasize more on taking decision and initiate
towards the company. 1-2 months Communication skill I have to improve this skill by
contacting with different people in the organization. Engaging in employee engagement
activities of the company that lead emphasize this skill for the future. I am able communicate
with other employees in the company without any hesitation. 2 months
CONCLUSION
From the above study it will be concluded that revenue management plays an important
role in running company’s operation as it will be providing right product to right people at right
price that will help in increasing efficiency of cost in business. In travel and tourism sector
revenue manager will help in efficient use of cost in the company that will bring various
perspective for the future. As there are different tools that will have a greater impact on
company’s operation as its revenue will be checked by several different perspective. As it is
important for the company to reduce operational cost for the future. There are several pricing
strategies that will create difference in selling a product in the market. Principles that will lead to
create difference in several major decision making that will create a difference at some point of
sale in company. Financial statement will help in gaining knowledge regarding performance and
productivity that will an impact on future operations of the company.HR life cycle that is to be
followed in the company will bring efficiency for the future as it will in increasing profit and
productivity in the company. Budget is another source that will help in gaining knowledge
regarding different perspective for the future. There are several legal issues that will impact
decision making in company.
revenue manager will help in efficient use of cost in the company that will bring various
perspective for the future. As there are different tools that will have a greater impact on
company’s operation as its revenue will be checked by several different perspective. As it is
important for the company to reduce operational cost for the future. There are several pricing
strategies that will create difference in selling a product in the market. Principles that will lead to
create difference in several major decision making that will create a difference at some point of
sale in company. Financial statement will help in gaining knowledge regarding performance and
productivity that will an impact on future operations of the company.HR life cycle that is to be
followed in the company will bring efficiency for the future as it will in increasing profit and
productivity in the company. Budget is another source that will help in gaining knowledge
regarding different perspective for the future. There are several legal issues that will impact
decision making in company.
REFERENCES
Books and Journal
Xiang, Z., Magnini, V.P. and Fesenmaier, D.R., 2015. Information technology and consumer
behavior in travel and tourism: Insights from travel planning using the internet. Journal of
Retailing and Consumer Services. 22.pp.244-249.
Sigala, M., 2017. Collaborative commerce in tourism: implications for research and
industry. Current Issues in Tourism.20(4). pp.346-355.
Mahrous, A.A. and Hassan, S.S., 2017. Achieving superior customer experience: An
investigation of multichannel choices in the travel and tourism industry of an emerging
market. Journal of Travel Research.56(8). pp.1049-1064.
McGregor, A. and Robinson, R.N., 2019. Wine Industry and Wine Tourism Industry
Collaboration: A Typology and Analysis. In Wine Tourism Destination Management and
Marketing (pp. 381-397). Palgrave Macmillan, Cham.
Battour, M. and Ismail, M.N., 2016. Halal tourism: Concepts, practises, challenges and
future. Tourism management perspectives.19. pp.150-154.
Glover, P. and et. al., 2016. The status of women in the UK travel & tourism industry: an
evaluation of the cruise and tour operator sectors.
Giap, T., Gopalan, S. and Ye, Y., 2016. Drivers of growth in the travel and tourism industry in
Malaysia: A Geweke causality analysis. Economies. 4(1). p.3.
Mason, P., 2015. Tourism impacts, planning and management. Routledge.
De Grosbois, D., 2016. Corporate social responsibility reporting in the cruise tourism industry: a
performance evaluation using a new institutional theory based model. Journal of Sustainable
Tourism.24(2). pp.245-269.
Zaitseva, N.A., Goncharova, I.V. and Androsenko, M.E., 2016. Necessity of changes in the
system of hospitality industry and tourism training in terms of import substitution. International
Journal of Economics and Financial Issues. 6(1). pp.288-293.
Nezakati, H. and et. al., 2015. Review of social media potential on knowledge sharing and
collaboration in tourism industry. Procedia-social and behavioral sciences. 172.pp.120-125.
Popescu, A. and Popescu, D., 2016. Hashtag Progress: The Digital Fingerprint of Web 2.0 on
Tourism and Hospitality Industry Management—A Case Study for Romania.
In Entrepreneurship, Business and Economics-Vol. 1 (pp. 555-564). Springer, Cham.
Camilleri, M.A., 2018. the tourism industry: An overview. In Travel marketing, tourism
economics and the airline product(pp. 3-27). Springer, Cham.
Books and Journal
Xiang, Z., Magnini, V.P. and Fesenmaier, D.R., 2015. Information technology and consumer
behavior in travel and tourism: Insights from travel planning using the internet. Journal of
Retailing and Consumer Services. 22.pp.244-249.
Sigala, M., 2017. Collaborative commerce in tourism: implications for research and
industry. Current Issues in Tourism.20(4). pp.346-355.
Mahrous, A.A. and Hassan, S.S., 2017. Achieving superior customer experience: An
investigation of multichannel choices in the travel and tourism industry of an emerging
market. Journal of Travel Research.56(8). pp.1049-1064.
McGregor, A. and Robinson, R.N., 2019. Wine Industry and Wine Tourism Industry
Collaboration: A Typology and Analysis. In Wine Tourism Destination Management and
Marketing (pp. 381-397). Palgrave Macmillan, Cham.
Battour, M. and Ismail, M.N., 2016. Halal tourism: Concepts, practises, challenges and
future. Tourism management perspectives.19. pp.150-154.
Glover, P. and et. al., 2016. The status of women in the UK travel & tourism industry: an
evaluation of the cruise and tour operator sectors.
Giap, T., Gopalan, S. and Ye, Y., 2016. Drivers of growth in the travel and tourism industry in
Malaysia: A Geweke causality analysis. Economies. 4(1). p.3.
Mason, P., 2015. Tourism impacts, planning and management. Routledge.
De Grosbois, D., 2016. Corporate social responsibility reporting in the cruise tourism industry: a
performance evaluation using a new institutional theory based model. Journal of Sustainable
Tourism.24(2). pp.245-269.
Zaitseva, N.A., Goncharova, I.V. and Androsenko, M.E., 2016. Necessity of changes in the
system of hospitality industry and tourism training in terms of import substitution. International
Journal of Economics and Financial Issues. 6(1). pp.288-293.
Nezakati, H. and et. al., 2015. Review of social media potential on knowledge sharing and
collaboration in tourism industry. Procedia-social and behavioral sciences. 172.pp.120-125.
Popescu, A. and Popescu, D., 2016. Hashtag Progress: The Digital Fingerprint of Web 2.0 on
Tourism and Hospitality Industry Management—A Case Study for Romania.
In Entrepreneurship, Business and Economics-Vol. 1 (pp. 555-564). Springer, Cham.
Camilleri, M.A., 2018. the tourism industry: An overview. In Travel marketing, tourism
economics and the airline product(pp. 3-27). Springer, Cham.
Paraphrase This Document
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Schuckert, M., Liu, X. and Law, R., 2015. Hospitality and tourism online reviews: Recent trends
and future directions. Journal of Travel & Tourism Marketing. 32(5). pp.608-621.
Dubey, A.K., 2016. Future Technology and Service Industry: A Case study of Travel and
Tourism Industry. Global Journal of Enterprise Information System.8(3).
Baum, T. ed., 2016. Human resource issues in international tourism. Elsevier.
and future directions. Journal of Travel & Tourism Marketing. 32(5). pp.608-621.
Dubey, A.K., 2016. Future Technology and Service Industry: A Case study of Travel and
Tourism Industry. Global Journal of Enterprise Information System.8(3).
Baum, T. ed., 2016. Human resource issues in international tourism. Elsevier.
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