Impact of Financial Management on the Tourism Industry: MyTravel Group

This report investigates the impact of financial management on the growth and development of the tourism industry, using MyTravel Group as a case study. The introduction highlights the tourism industry's significance in economic development. The research aims to determine the impact of financial management, with objectives focusing on the importance of financial management, the role of the tourism industry in economic development, and the impact of financial management on MyTravel Group's growth. The report includes data analysis on customer relationships, finance management, and the advantages of financial management. The data analysis is based on surveys and provides insights into customer perspectives on the company, the impact of financial management, and the importance of financial management in the travel and tourism sector. Recommendations suggest MyTravel Group should implement effective financial management tools and improve service quality. The conclusion emphasizes the role of financial management in market growth and development. The report provides a comprehensive analysis of the financial aspects of the tourism industry and offers valuable insights for MyTravel Group.

Task 1
Research Project

Table of content
 Introduction
 Research aim & objectives
 Data analysis
 Conclusion
 References

Introduction
 Travel and tourism is known as one of the fastest growing
industries of the world. It has a vital role in the economic
development of a country.
 There is required lot of efforts and strengths in order to attract
domestic and foreign visitors to visit the country's
spectacularsHowever, tourism industry of UK generates
revenues of about half a trillion dollars a year, and averaging
five percent annual growth.

Research Aim & Objectives
Research aim: - To determine the impact of financial management on growth
and development of tourism industry. A case study on MyTravel Group.
Research Objectives
 To identify the importance of financial management for a business
association.
 To find out the role of tourism industry in economic development.
 To ascertain the impact of effective financial management on growth of
MyTravel group.

Data analysis
 Data Analysis is the process of systematically applying
statistical and/or logical techniques to describe and illustrate,
condense and recap, and evaluate data.
 It involves the interpretation of data gathered through the
use of analytical and logical reasoning to determine patterns,
relationships or trends.

Theme 1: Customers' relationship of the
company
Q1. Since how many years
you are connected with
MyTravel Group?
Frequency
A. Last 6 six months 5
B. Since one year 20
C. More than a year ago 25
A. Last 6 six months
B. Since one year
C. More than a year ago
0
5
10
15
20
25
Column B

Theme 2: Managing finance for growth and
development of business organisations
Q2. Do you think that
systematic management of
finance is helpful in growth
and development of
business associations?
A. Yes 45
B. No 5
45
5
A. Yes
B. No

Theme 3: Advantages of financial management
Q3. What is the main
benefits of financial
management?
A. Brings economic growth
and development.
35
B. Enables to take better
decisions
10
C. Ensure financial stability 5
0
10
20
30
35
10 5
Series1

Theme 4: Financial capability of MyTravel
Group
Q4. Do you think that
MyTravel Group having
sufficient amount of capital
to manage its operations?
A. Agree 35
B. disagree 3
C. Can't say 12
35
3
12
A. Agree
B. disagree
C. Can't say

Theme 5: Importance of financial
management
Q5. What is importance of
financial management in
travel and tourism industry?
A. Improve market share 10
B. Obtaining maximum
competitive edge
15
C. Provide better quality of
services
25
A. Improve market share
B. Obtaining maximum competitive edge
C. Provide better quality of services
0
5
10
15
20
25
Column C

Theme 6: Impact of Travel and tourism
industry on UK's economy
Q6. Is growth and success
of Tourism industry affects
economic development of
UK?
A. Yes. 40
B. No. 10
A. Yes. B. No.
0
5
10
15
20
25
30
35
40
40
10
Column C

Theme 7: Ways of enhancing functional areas
Q7. What are the ways
through which MyTravel
can enlarge its functional
areas?
A. Improving quality of
services
15
B. Increasing product line 5
C. Applying innovative
tools in production
30
15
5
30
A. Improving quality of
services
B. Increasing product
line

Recommendations
 MyTravel Group it is advisable to management it needs to
acquire effective tools and techniques of managing finance
so as to take imperative decisions.
 In order to attain numerous customers' towards tourism,
MyTravel needs to improvise quality of its services; for this
it can also implement innovative tools, i.e. social media sites
so as to promote itself over the world.

Conclusion
 As per the above discussion, it get concluded that proper or systematic
management of financial sources helps organisation to gain high market
growth and evolution at marketplace.
 The report has based upon impact of financial management on travel and
tourism industry. For this, certain objectives are decided so as to gain better
research outcomes. Apart from this, in order to gather data certain
methodologies are used and the entire data has evaluated so as to recognise
customers' response towards business

References
 Buhalis, D. and Darcy, S. eds., 2011. Accessible tourism:
Concepts and issues (Vol. 45). Channel View Publications.
 Choi, H. C. and Turk, E. S., 2011. Sustainability indicators for
managing community tourism. In Quality-of-life community
indicators for parks, recreation and tourism management (pp.
115-140). Springer, Dordrecht.
 Evans, N., Stonehouse, G. and Campbell, D., 2012. Strategic
management for travel and tourism. Taylor & Francis.

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