Rationale and Principles of Revenue Management in Travel and Tourism Industry

The International Travel & Tourism
Management Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Examine the rationale as well as principles regarding revenue management for tourism and
travel industry..............................................................................................................................3
P2 Determine how a specific sector implies revenue management tools to maximize profit.....4
LO3..................................................................................................................................................5
Covered in PPT............................................................................................................................5
P5. Legislation that needs to be followed by travel and tourism company.................................5
P6. Company, employment and contract law impact on business decision making...................6
LO4..................................................................................................................................................7
Covered in PPT............................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Travel and Tourism field deals with taking care of travel management, tourists,
hospitality management, tour management and many more. The professionals of tour
management may also manage the travel modes, accommodation, tour program as well as overall
stay of such tourists within all over world. Tourism management deals with the all the actions
that are related to the tourism industries (Dang and et.al., 2016). It is a field that able to prepares
people with interest ,training for management positions within food, tourism as well as
accommodation within the tourism industry. Present study focuses on rationale as well as
principles regarding revenue management for tourism and travel industry. It also focuses on
Determine how a specific sector of the travel as well as tourism industry implies revenue
management tools to maximize profit.
P1 Examine the rationale as well as principles regarding revenue management for tourism and
travel industry.
The broadly accepted on the revenue management clearly focuses that the local time and
Surroundings, its rooms to the right people at the right prices accompanied by right efficiency.
Mention below are various principles of the revenue management
Value
When its about to manage the hotel there must be understood that it revolves around value. Here
discussed about the advertise to t potential people but also perceived the value can be gathered
by surveys and feedback. Perceived value and advertised value must be kept within a minimum
all the times so all the consumers are not disappointed. Thus, most guest seek hotels at online as
well as minimal to the no discrepancy within these two value it will aids you to get good
reviews online as well as attract the more number of the consumers. To enhance this value
managers of Carnival Corporation & PLC makes the improvement to the consumer service as
well as increases food and drink quality as well as packages also secure private parking and
many more (Goldbarg and et.al., 2018).
Distribution channel
It is also known as the marketing channel. Here marketing budgets regarding independent hotels
are very limited when its comes to about the marketing of resources that's why managers of
Carnival Corporation & PLC has to choose the perfect marketing channel. To address such