The Travel and Tourism Business Toolkit

The Travel and Tourism
Business Toolkit
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAINBODY....................................................................................................................................3
P1 Revenue management rationale and principles of revenue management regarding travel as
well tourism industry..................................................................................................................3
P2 Describe a specific sector of the travel as well tourism industry that implies revenue
management tools to generate and maximize profit....................................................................4
P3 Human resource stages cycle ................................................................................................5
P4 Performance management plan for travel and tourism manager...........................................6
P5 Describe the legal and regulatory framework regarding travel and tourism sector.............7
P6 Employment and contract law influence on decision-making..............................................8
P7 Describe the various types of financial statements as well as reporting mechanism for
firm and the travel as well as tourism industry..........................................................................8
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Tourism is considered as the social, economical and cultural phenomenon that can entails
the movement to the persons to the place or place outside their usual place or environment.(Vu,
2015). Present report lay focuses on the Thomas Travel group Plc was formed by the Thomson
corporation. Its headquarter is in London ,United kingdom. It was founded in 1965 while defunct
in 2002. Report also focuses on the key principles of revenue management of the firm. Human
resource life cycle with the human resource strategy. It also focuses on the influence on the legal
as well as ethical consideration of the tourism business. Furthermore, it focuses on that how to
manage budgets as well as maintains financial standards and records.
MAINBODY
P1 Revenue management rationale and principles of revenue management regarding travel as
well tourism industry
Revenue Management starts within airline industry as when the firms founds different
ways to anticipate costumer demands so that it can introduce dynamic pricing. It is implemented
for the industry where costumers are willing to pay the different prices regarding the same
product, also product must be sold before a certain point of time and also a certain amount of
that product can be sold (Ammirato, Felicetti, and Della-gala, 2015 ).
It enables the TUI to adopt a data- driven approach to the decisions about the selling as it can
assure the informed decisions that can be made to derive the upwards revenue also it is
concerned with the predicting demand as well as optimizing pricing as well as availability
within an effort to encourage the revenue.
Different pricing strategies on forecast
It is the most vital pricing strategies regarding TUI of the master within the use of forecasting to
set the pricing that are based on the anticipated demand. It is crucial that the TUI destination rate
being charged as per the demand. High the demand,high will be its pricing. Occupancy revenue
is known as the Robust forecasts' strategy that relies upon the accurate record being kept within
Historical Data. Also, the destination rates as well as average spend per place that can be
providing specifically useful. Also, it is crucial to make use regarding data that can be already in
the books. For examples reservations and also wider tends of market ( Khuong, and Huong,
2016).
Price per segment
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One of the most crucial pricing strategies is known as the price per segment as this ca be offered
the same product at various prices to the various types of the consumers.
Discount codes regarding the direct bookings.
To boost future direct booking one of the effective strategy that can ban some pricing incentives
as it is considered as one of the effective strategies that able to use the discount code. So that
the when the guests visit the TUI after booking by a third party they could offer a discount
code regarding any future direct booking as they can make with the consumers .It also provides
the dual benefits of repeat business as well as encouraging them so that they can book directly
as if they can opt to stay within the TUI again within the future (Becken and Khazai, 2017) .
Offer a package
It is known as the another solid option that can maximize revenues so that it can creates
packages enables consumers to pay more than just a place ,also the additional services,items as
well as product can be featured within packaging details that can also includes meals, bicycles
and other equipments that are used during the Travelling. However, the travel and tourism
company Like TUI provides the sales at the off-season and also apply high prices on the High
season (Alfaro Navarro and et.al., 2019 ).
P2 Describe a specific sector of the travel as well tourism industry that implies revenue
management tools to generate and maximize profit
Revenue management is plays a crucial role in assuring that target consumers are offered the
best price guarantee as in today's world leveraging price is everything but ta the same time value
based pricing also warranty the profitability of business while at the same time it can offer the
lowest pricing strategy within market.
Discounts / special deals as an options
Apart from the profitability and beating market competition the management regarding revenue
management also spreads business strategy for example that can be improved the customer
satisfaction. As it can be accomplished with by providing the discounted process as well as
specialized deals sung the holiday or vacation season for example Easter. Thus it is considered
as the short term strategies that can mostly covers a campaign that is sporadic campaign as it is
crucial; to communicate more effectively to the consumers that can be avoided the discrepancies
while resuming the normal prices (Morais, Cunha and Gomes, 2019).
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