Comprehensive Business Toolkit Report: Audley Travel Analysis

This report analyzes the travel and tourism business toolkit, focusing on Audley Travel. It discusses the rationale and principles of revenue management, exploring how the industry applies revenue management tools to increase profits. The report reviews the HR life cycle, emphasizing talent retention and development, and develops a performance management plan. It also explores relevant legislation, employment law's impact, and financial reporting mechanisms, including the importance of budgets for controlling business performance. The report provides a comprehensive overview of key business strategies within the travel and tourism sector, providing valuable insights into revenue generation, employee management, and financial planning, all within the context of the Audley Travel company.

The Travel And
Tourism Business
Toolkit

Table of Contents
Introduction .....................................................................................................................................3
P1 Discuss the rationale and principles of revenue management for the travel and tourism
industry .......................................................................................................................................3
P2: Explain how the specific sector of the travel and tourism industry apply revenue
management tools to have more profits....................................................................................5
P3: review the different phase of the HR life cycle apply the specific travel and tourism job
and important for retaining and developing talents....................................................................6
P4: Develop the performance management plan for the travel and tourism job role and apply
technique to solve the negative behaviour and overcome issues of the staff retention.............7
P5: Explore legislation that organisation in the travel and tourism industry ...........................8
P6: Examine how company employment and contract law has potential impact on the business
decision making in the this industry............................................................................................9
P7: Examine the different kinds of the financial statement and reporting mechanism for the
organisation ................................................................................................................................9
P8: Examine the importance and value of budgets for the controlling business performance
...................................................................................................................................................10
Conclusion:....................................................................................................................................14
REFERENCES..............................................................................................................................15

Introduction
The travel and tourism is one of the important and major part in the hospitality industry
which can simply contributed towards the profit margin sectors. The huge and big opportunities
simply expand the businesses in an International market place. The travel and the tourism
industry is quiet attractive and profitable for the organisation and it reflects worldwide location
as well. Under this report, Audley tarvel have been taken into consideration that is working
under travel and the tourism industry and headquartered in United Kingdom. n addition to this,
the discussion includes a plan on the basis of revenue management, some effective strategies that
leads to an effective budgets, the financial statement and a good discussion that leads to
managing the HR life cycle in an organisation on the basis of legislation laws (Kirsch, 2019).
P1 Discuss the rationale and principles of revenue management for the travel and tourism
industry
The revenue management: It refers to the travel and tourism organisation which is quiet
effective and can be able to predict the consumer behaviour on the basis of improving the
accessibility and maximisation of the profit. In relation with the Audley tarvel Group plc is one
of the organisation which is quiet useful in context with the revenue management and can be able
to manage several resources in some better ways.
Rationale and principle of revenue management :
The market place must have various principles of the revenue management that can simply help
in the growth of travel and tourism.
Rational in the relation to the Audley tarvel :
 In relation and with the help of revenue management organisation, there is a need to be
able to produce the effective and well deserved goods and services for the targeted
consumer at the reasonable price (Cruz and et. al., 2019).
 In relation with the travel and tourism, the management must be effectively done on the
basis of hospitality manager, that can simply manages the profiles of revenue and some
another management things as well.
 The organisation can simply able to reduce the cost management and having an effective
traditional pricing format.
Principles :

 Marketplace segmentation: It refers to the two segment such as qualified and
non-qualified, in which the consumer behaviour helps to achieve profit and
revenue at the given period and set of timing.
 Method of booking and historical demand: the travel industry must have
historical pattern and effective dates on the basis of booking in the companies. It
is one of the duty of So as per this principle, it is a duty of Audley tarvel in
forming some effective strategies and leads to profit maximisation.
 Overbooking: the company must have original capacity, increase in the consumer
and revenue period. The customer should be able to facilitate and affect the
revenue management.
 Market segmentation: It is a process of dividing a target market into some small
market and in terms of more effective and systematic segments. The segmenting
customers, demographics, interest, needs or locations are all included in it. The
channels as well as customers in different groups are based on several needs as
well.
Revenue management :
In relation with the travel and tourism industry, there are some effective techniques and
tools that can simply provide an organisation in generating profits and increase the market share.
The revenue management is one of the application of disciplined analytics that can easily helps
and predicting the behaviour of the consumers and at the level of micro market and optimizing
the availability of products and several prices in terms of increasing the growth in revenue. In the
context of the Audley travel , there are some few and effective management tools that have been
listed below:
Capacity utilisation: the tool suggest that, organisation should conduct some effective booking
methods and use of capacity in a full resources. In a reference with Audley travel, there is a need
to focus on bookings which includes more revenue for an organisation in the market place. It
gives a systematic relation between output that is produced in terms of installed equipments and
the potential output which could be produced in terms of capacity building.
Discount allocation: The tool simply suggest that organisation must be able to attract
consumers in terms of offering the discounts and services. It will simply increases the existing
number of consumers and offer market places as well. The discount allocation refers as the

selling rooms at a price lower than the rack rates. Rooms can be seems out to be a parishable
products. It is better to have a sell discount then it simply keeps vacant.
P2: Explain how the specific sector of the travel and tourism industry apply revenue
management tools to have more profits.
The tourism industry have several pricing strategies and revenue management which can simply
helps the organisation objectives in terms of efficiency and generation of profit in some effective
target places (Svajda, Malac and Khartisvili, 2020).
Pricing strategies:
It refers to the strategies that are used by managers to determine the price of goods nad
services they are offering to customers. In context of Audely tarve, pricing strategies adopted by
company are given as under:
Price skimming: Under this, marketers set higher price for products and service at initial
level and then reduce it overtime. This strategy plays a great role in attracting more number of
buyers that is essential to increase in sales of organisation.
Price penetration: In this, pricing strategy organisation set lower price at initial level and then
increase the price overtime. Here, price increases due to enhancement in brand value of company
this method of pricing is generally adopted by those organisations that have been developed
higher goodwill at market place.
It is analysed that price penetration strategy is adopting by company. As organisation has
developed its brand image overtime. Now, customers perceive it as a reputed company that
provides better travel facilities to customers. They determined lower price at initial level and
increased it over the years.
Effects of various pricing strategies on the revenue management plan:
The differentiation pricing strategy refers to the organisation fixation in the market place and
there is a need to include various factors such as consumer behaviour, purchasing capabilities,
demand and supply in the market and several conditions in the country. The impact of pricing
strategies can be positive and negative because it helps in increasing the revenue of the
organisation, expand business activities and reduce the production cost.
Application of revenue management process:
 Forecasting: In reference to the Audley travel, the organisation must be able to forecast
various activities and help in effective profit margins and market places as well.

 Control: The organisation can simply control several activities in relation with the
revenue management including cost, booking, seating arrangement and facilities.
Principle of the various revenue management :
 The forecast method of supply and demand: The organisation can be able to calculate the
revenue and it needs to be generated in coming years. Demand and supply forecast
methods:
 Market segmentation: According to the effective and prosperous situation, the
organisation is simply able to target the market and research the potential in consumers
so that facilities can simply arrange and company can earn more profit.
P3: review the different phase of the HR life cycle apply the specific travel and tourism
job and important for retaining and developing talents.
The human resource management cycle must include various stages that can easily help
in selecting various employees and it can available in the tourism and travel industry. The
various role and responsibilities included in an organisation is to achieve goals and objectives.
Here, the role of HR executive has been selected for current report. For this, HR life cycle is
given as under:
Appeal: The Audley tarvel uses different strategies for attracting more number of
appliacants and it will systematically helps in achieving the desirable outcomes.
Recruitment : To recruit the HR executive the organisation should simply hire and
select the employees of an organisation which can simply helps in selecting the company process
so that the team attracted with more workers, conduct the interview process and managers can
simply examine the applicants which are quiet appropriate in their capabilities and in some
effective analytical skills (Pérez and Pérez, 2020).
On –boarding: The method includes selected applicants in understanding the
descriptive role of company rules and regulation, that are followed in the organisation and the
job of employees needs to attain the proper and effective documentation.
Development: The manager of an organisation should include various and effective
training and learning programmes for the employees in which the skills can help in the
prosperous development. The development programmes can simply help in achieving the better
task and maximisation of the profit.

Retention: The Audley tarvel company retained some effectiveness in the existing
employees and offer the rewards to them so that appreciation process will be effective and stay
for the longer duration of time.
Separation: The employees of an organisation can leave in terms of notice period and it
simply affected the market place as well as damages the brand image of the organisation.
With above discussion, it is analysed that there is a proper steps are used by managers to
recruit a competent candidate. Here, HR life cycle is discussed for the job role of HR executive
that will help to hire best suitable candidates for particular profile. The above stages suggest that,
HR helps the productivity of company in terms of rewards and success. It will automatically
helps in retain the good staff and hire employees that can simply enhances the profit.
Importance of HR roles in retaining and developing talent
The effective selection and recruitment is quiet important for the Audley tarvel gorup plc
for the effective and development of a best talent in the workplace. Effective recruitment and
selection is important for Topdeck in retaining and developing of best talent in the workplace.
The company can be able to gives a major effect on the business performances so that there is a
great development of best candidates in a systematic period of time (Annushkina and Regazzo,
2020).
P4: Develop the performance management plan for the travel and tourism job role and
apply technique to solve the negative behaviour and overcome issues of the staff
retention.
The plan is specifically designed in measuring and managing several performance of the
employees. The goals and objectives are useful in achieving the goals and objectives which helps
in achieving the market place. In relation with the , performance management plan make some
effective goals and objectives in terms of positioning the increase in revenue of the company that
has some targeted segments.
Job position: marketing head manager
Function: marketing section .
Organization: Audley tarvel

Objective Success criterion Additional maintain
requirement
Outcomes
Solving the negative
behaviour of the
employees:
The problem in
context with the
management level
includes the conduct
of various sessions
which simply includes
classes of motivation
and the meeting
sessions that helps in
resolving the issues.
To solve this problem
in the management
The manager and the
leader can offer
employees in
conducting the market
survey and it also
helps in reflecting of
some innovative ideas
that can simply helps
in profit
maximisation.
The Audley tarvel
organisation can be
able to have
productive ratio that
can simply helps in
leading the market
share profit
maximisation.
Problem related to
staff retention:
To overcome such
problems, an
organisation can
simply adopt various
and effective
strategies for the
better advancements,
inputs, recognitions
and some effective
strategies as well.
Here the manager can
provide some
effective strategies
that can help in
achieving the
desirable goods and
performances.
The organisation are
able to reduce the
employees turnover
ratio, which also
create brand value to
the company name
in the market .
In the context of the Audley tarvel, the effective performance management plan can help in
enhancing the desirable inputs and outcomes in the market.
Techniques to retain employees and to solve the issues negative behaviour
Motivation: It is analysed that motivated employees tend to work with organisation for
longer run. So, there are several monetary as well as non monetary techniques that are used by
managers to get desired results from employees. In regards of respective company, managers use

several approaches and provide incentives, rewards to staff members on regular basis so that they
stay with organisation for longer duration.
Enhancement employee engagement: Here, it is essential to enhance engagement of
work force in overall production process. For this, managers are required to maintain positive
environment at work place and provide necessary opportunities to them of career enrichment. In
case of Audley travel, managers also adopt several techniques to enhance the engagement of
work force within organisation.
Recommendation:
It is analysed that HR practices of organisation required some improvements in order top
attain predefined goals and objectives. Some recommendations with an aim to enhance existing
HR practices of organisation are given as under:
Here, managers are required to adopt appropriate strategies to retain employees for longer
run. For this, they should analyse needs and requirements of work force and provide and adopt
appropriate methods to motivate them.
In addition, there is also requirement to maintain positive environment at work place
where employees get an opportunity to grow and prosper. In addition, they need to adopt
effective methods to monitor the performance of subordinates in timely manner to ensure long
term growth and sustainability of organisation.
It is analysed that managers are require to develop proper training and development
programs so that work force can acquire necessary skills and capabilities for future growth and
success. It will also assist them to perform assign task in better manner.
With above discussion, it is monitored that these recommendations are essentials to make
necessary improvements in the functions of company that will further help in accomplishment of
predefined goals and objectives.
P5: Explore legislation that organisation in the travel and tourism industry .
The Audley tarvel is seems out to be on different locations in which different legal laws
provide different areas of the operations in the market place. There are some different laws
which needs to be applicable for performing several and effective task to be perform in an
effective manner.
Equality act 2010: The act includes several strategies in which employees have been treated
equally and there must be no discrimination in terms of age, colour and religion.

Health and safety act 1974: It is quiet important to increase the safety measures at the workplace
and also helps in executing the task in some effective and better ways.
Minimum wages : On the basis of act, the employee of an organisation can effectively provide
minimum wages and workers needs to be survive in the competition.
P6: Examine how company employment and contract law has potential impact on the
business decision making in the this industry.
The travel and tourism industry conduct several activities in terms of various laws including the
law of company, employment laws and some different laws as well. some of important laws
which are applied in the Audley tarvel are as stated as below:
Employment laws: The legislation and the relationship between workers and employees
describe members of organisation in a proper and effective rules on the basis of given power to
complete the task as well.
Company law: On the basis of law, the member of organisation includes employees, consumers,
shareholders and many others so that the outcome is quiet desirable and efficient in the market.
Contract law: The protections which have been quiet effectively given to the sellers and the
buyers helps in operating the legal laws in which there are some equal rights in effective places.
The development and the training process for company employment is an important and
effective development in relation with the Audley tarvel group plc and it taken a longer period of
time. There is a need to help the training, improving the skills and knowledge of employees and
impact towards the performances of business in terms of retaining the talented employees.
P7: Examine the different kinds of the financial statement and reporting mechanism for
the organisation .
The tourism industry includes different and financial statement which simply provide the
appropriate mechanism of activities that shows desirable output and loss of the statement.
Audley tarvel group plc are as follows:
Income statement : The statement suggest that organisation can simply able to examine several
profits which can be timely earn on a certain period of time. It simply shows the sales and
reduction in the expenses.
Balance sheet : It is one of the statement which shows performances of task and the activities.
There is a need to have financial position and assets at the market in which organisation can earn
market places. This is the financial statement of an organisation that shows the information

regarding assets and liabilities. It will helps the management in determining the liabilities and
assets as well. The net assets simply does not show the value which have in terms of tangible and
intangible process. On the other hand, liabilities refers to the organisation debt in which they can
easily pay in the future period of time. The management process can simply helps in
understanding and analysing the financial decisions that leads to a significant effect in terms of
proper and effective success in future. The significance of this statement is similar for
stakeholders also because contributes in ascertaining value of an organisation in market. This
ultimately help them to determine that how much they further needed to invest or disinvest from
an organisation (Herawati and Prihandono, 2020).
Statement of cash flow: It provide several information of cash flow in an organisation at a
certain period and in terms of several activities which have been divided for operational,
financial and investing fields. The statements of finance needs to be prepare by an organisation
so that the evaluation of the performance can be simply taken place in order to increase profits
and services.
Annual report: The reporting mechanism helps in delivering the financial information of an
organisation in terms of helping the general public and stakeholders. It includes compilation of
all the information from the beginning and at the end. The annual report consist of all the
effective information which needs to be prepared by an organisation in an effective period of
time. The financial statement helps the organisation in achieveing success and gaining
stakeholders and public. This help an organisation to gain the image among stakeholders and
public. While, public and stakeholders get the benefit to made decisions about investment within
an organisation or not (Martínez and Pérez, 2020).
P8: Examine the importance and value of budgets for the controlling business performance
The organisation includes some important and effective balance budget management in
achieving the goals and objectives at a several period of time. Some effective and imperative list
mentioned below:
Helps in reducing the expenses: The effective budget in the organisation can be able to
minimise the cost and several expenses that can easily affected the performances in an
organisation.
Predicting the future condition: The systematic and efficient budget helps in managing
several resources in better ways.

Forecasting: It is one of the technique that uses the historical data and inputs to informed
estimates that are predictive in determining the direction of the future trends. Businesses utilize
the forecasting in allocating the budgets or plan for anticipated the expenses for an upcoming
period of time.
Inventory pooling: It refers to a firm's ability and in serving to the multiple market- with
some effective and own demands from a good and effective single stock of the inventory. The
practice have been systematically analysed on the basis of product pooling and the location
pooling. It simply refers to the firm's ability to serve in the multiple markets in terms of uncertain
demand and a single stock of inventory.
Some of calculation of ratio :

The above calculation suggest that Audley tarvel group plc increases a good profitability and
expand the international market place (Herawati and Prihandono, 2020).

Conclusion:
The above discussion concludes that, travel and the tourism industry can be simply stated
on the basis of having a good growth in the market and it automatically helps the organisation in
earning of the desirable profits which can simply helps in managing various functions in terms of
proper and effective manner. The company Audley tarvel must have a dynamic and well
effective control over the revenue management that leads to have a better use of several
resources. The legal laws helps the company in order to execute the task in terms of better
performances and an ability to systematically focus on different laws that offer the companies
execution in an effective and better manners. Also, in able to focus the profit margin in several
market places.

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