Principles of Revenue Management in the Travel and Tourism Industry

The International Travel &
Tourism Management
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1 .................................................................................................................................................3
P1 Principles of revenue management.........................................................................................3
P2 Revenue management tools to generate profits......................................................................4
LO2 (Completed in PPT).................................................................................................................4
LO3 (Completed in PPT).................................................................................................................4
LO4 .................................................................................................................................................4
P7 Types of financial statement ..................................................................................................4
P8 Importance and value of budgets............................................................................................5
CONCLUSION................................................................................................................................5
REFERENCE ..................................................................................................................................6

INTRODUCTION
In business environment different types of organisations are running their business which
helps to maintain the productivity and profitability of a nation. Travel and tourism is one out of
them important industry that is providing variety of services to customers. Herein, all activities
and performance are managed by managers who manages and organise functions efficiently
(Baumgartner and Bansal, 2019). To understand about this Carnival Corporation & PLC is taken
that is British cruise operator providing hotel style accommodation, food, bars and shore
excursions, entertainment and event organise. This report covers principle of revenue
management in cruise line industry and importance of budgets that are used in businesses.
LO1
P1 Principles of revenue management
Revenue management is considered as application of disciplined analytics which predict
consumer behaviour at micro level and optimise products and services for the purpose of
maximising growth. The rationale in context to Carnival Corporation & PLC are as defined:
 This is important to manage the facilities and funds that arises in organisation at the
moment of providing services (Jayasooriya, 2019).
 This helps to manage the business activities and staffing level in relation to hospital
industry that helps to work accordingly. With the help of revenue management hotel manager can anticipate demand and optimise
availability of resources effectively.
Principle of revenue management
Market segmentation: In this market is segmented at different types such as
behavioural, psycho graphical, geographical etc. that helps Carnival Corporation & PLC to
maintain the productivity and profitability effectively.
Pricing and inventory management: This is used by manager of Carnival Corporation
& PLC to set the prices and cost of cruises services so customers can get easily. Moreover,
inventory management helps managers to manage the inventory level and place order
accordingly that helps to increase profitability.