Travel and Tourism Toolkit: Revenue, HR, and Legislation

This report provides a comprehensive analysis of a management travel and tourism toolkit, focusing on key areas essential for success in the industry. It begins with an introduction to Intrepid Travel, an adventure travel company, and then delves into revenue management, exploring sales, budgeting, and revenue generation strategies. The report examines revenue management tools, differentiated pricing, and the application of revenue management principles to Intrepid Travel. Part 2 focuses on the HR lifecycle, including recruitment, performance management, and strategies for improving employee behavior. Part 3 addresses legislation and ethics in travel and tourism, covering employment law and the impact of regulations on decision-making. The report concludes with a summary of the findings and recommendations for the effective management of travel and tourism operations.

Management
Travel and tourism tool kit
Student name

Travel and tourism tool kit 1
Contents
Introduction................................................................................................................................2
1.1 Sales, budget and revenue management...............................................................................3
1.2 Basic principles of revenue management in travel and tourism industry............................3
1.3 Revenue management tools in order to generate maximize profits-....................................3
1.4 The impact of differentiated pricing strategies on revenue management in travel
andtourism industry-..............................................................................................................4
1.5 Principle of revenue management and application of it over intrepid travel-......................4
1.6 Manage budgets and maintaining statistical and financial records-.....................................5
1.7 Importance and value of budget for controlling business performance and identifying
variances-...............................................................................................................................5
1.8 Financial statements of intrepid travel-................................................................................6
Part 2..........................................................................................................................................7
2.1 HR lifecycle and human resource strategy...........................................................................7
2.2 Stages of the human resource lifecycle-...............................................................................7
2.3 Performance management plan............................................................................................8
2.4 Techniques to improve negative behaviour in an organisation-..........................................9
2.5 Importance of HR life cycle-..............................................................................................10
2.6 Recommendations..............................................................................................................11
Part 3........................................................................................................................................11
3.1 Legislation and ethics in travel and tourism......................................................................11
3.2 Employment & contract Law.............................................................................................12
3.3 Implication of legislation, regulation and standards over decisions making.....................13
3.4 Impact of legislation, regulation and standards over decisions making.............................13
Conclusion................................................................................................................................13
References................................................................................................................................15

Travel and tourism tool kit 2

Travel and tourism tool kit 3
Introduction
Intrepid travel is one of the world’s smallest groups of Adventure Travel Company. As this
well-known company journey come a long way. Intrepid travel begins at 1988 and till
moving ahead with every year. This particular travel generates the real life experience, which
makes one feel alive and experiencing something special. Other than this, the main role of the
Intrepid travel is to make their customers experience the real life experiences by offering the
local knowledge and the experience which helps an individual to get behind the scenes of the
culture and makes understanding about unique and authentic insights into local life.
In terms of the services, intrepid travel main motto states that vacations should not be hard.
They provide the full services travel agency so can think of holidaying without any hassle.
Certain loyalty programmes are also originated by the intrepid travel likewise, if a person
ends up taking the ninth trip, intrepid will provide the legends rewards to put towards the
tenth trip and along with that they would consider those individuals as intrepid legend.
Hence, this corporation is a accountable organisation, which organizes trips under the
guideline of united nation worldwide compact so they objective to encourage the adventurous
tours worldwide.
.

Travel and tourism tool kit 4
(Source: Swanson, and Edgell Sir, 2013)
1.1 Sales, budget and revenue management
The concept of revenue system highlights about that particular income which is obtained by
the organisation through selling of the goods at the various different prices. Hence, in very
basic terms concept of revenue states that whatever the firm sales, the receipts and income
earned is referred to revenue generation.
Revenue management highlights about predicting the customers request to optimize portfolio
and value obtainability in order to exploit the income growth. It importance is to gather
information about the marketplace so that it can be active and not oversensitive.
Revenue management is that concept which not only maximizes the high period request but
along with this it also helps in stimulating demand in low period while avoiding pricing
cannibalism (Legohérel, Fyall, and Poutier, 2013).
1.2 discussion of Basic philosophies of revenue management in travel and
tourism industry
Travel and tourism revenue management is the most significant aspect for the success of
industry. The most basic principle in terms of Intrepid travel and tourism industry is direct
booking; through this, the customers can make direct bookings in order to gain services. By
performing it well many travel and tourism industries gain loyalty of customers through
direct booking initiatives.
Intrepid Travel and tourism software, data and insights highlights that every industry need to
make decisions on the basis of most recent and the accurate data. As maintenance of the
relevant data is one of the key to success. Travel and tourism software system is one of the
favourite tools for the mangers in order to keep the marketing efforts and helps in identifying
the various marketing channels, which helps in brining guest.
Lastly, experience starts with the website management as it helps in finding everything on
one’s social media, through mobiles and smart phones. Through this, more and more people
starting accessing the websites (Swanson, and Edgell Sir, 2013).

Travel and tourism tool kit 5
1.3 Revenue management tools in order to generate maximize profits-
The property management system: The property management system is one of the major
tools for the success in term of intrepid tour and tourism industry. This particular tool of
revenue management highlights about the workflow easier at reception areas, which helps in
creating the perfect guest experience. With use of latest and upgraded technologies, it
important to consider time to select the property management system which is the most suited
to one’s needs which helps in offering the best connection with the other systems.
Booking engines- the most important tool in terms of revenue management in relation to the
intrepid travel and tourism industry is the selection of technology in terms of booking engine,
which helps in managing the direct point of sales. As this aspect helps in facilitating
international reservations, without any human intervention and lastly easy conversion of
currency is also available in terms of booking engines, which helps the customers to make
easy bookings without any issues (Kimes, 2011).
1.4Analysis of the influence of distinguished valuing strategies on revenue
management in travel and tourism industry-
As pricing is one of the most vital marketing tools in sales and sales advertising. As pricing
are depended on two internal and external factors. Firstly, customers are highly price
sensitive however; the adoption of the differentiated pricing strategies majorly affects the
profitability of the company. It is very essential to set the perfect price and balance between
the demand and supply. For generating balance the intrepid company must adopts different
pricing strategies to attract the potential customers and convert the existing ‘customers into
the loyal ones.
Moreover, in terms of price parity strategy helps in stimulating the direct bookings, which is
a highly effective plan to involve the use of discount codes to inspire the future reservations
and through this many customers, gets attracted who are loyal to them and helps the intrepid
company to earn more of revenue. Other than this, upselling is also one of the pricing
strategies, which helps in encouraging customers to spend more on their existing purchase,
which is the most vital component for an effective revenue management strategy within the
travel and tourism industry.

Travel and tourism tool kit 6
1.5 critical analysis of principle of revenue management and application of
it over intrepid travel-
Intrepid travels are one of an exploration tourism company, which is one of the biggest
companies functioning over the small scale in a tourism industry. This particular company
provides around 150 paths and destinations in more than 120 countries. Some of the
attention-grabbing destinations obtainable by the business for the travel purpose are Europe,
Asia, and Latin America. Moreover, this particular company operates tour worldwide under
the guideline of United States global compressed so that they goal to encourage the
adventurous tour worldwide.
The implementation of the various principles in terms of revenue management highlights
about the market segmentation, as customers segmentation are being classified on the basis
of qualified and non-qualified customers in which the most important are the expensive rates
which are unrestricted in nature and having an highest availability likewise, government.
Other than this, corporate customers are the negotiators in terms of availability.
Demand forecasting aspect highlights about the arrival demand through the length of stay.
Intrepid travel generates the forecast on the day of the week, time of the year and seasonlility,
outings and special occasions. Hence, such type of forecasting helps in determining effective
workings for the revenue management controls.
Overbooking control aspects intrepid travel generates the specific process in which they at
that particular time are selling more of reservations above their total capacity. This particular
process helps in finding and reaching to the most encouraging overbooking level to maximize
the revenue and along with it minimizing the risk (Swain, and Mishra, 2012).
1.6 Manage budgets and maintaining statistical and financial records-
In terms of financial statement, it is the most important tool, which helps the company to
understand the performance of the organisation in all the aspect. The dissimilar types of
monetary statement and reporting mechanism for organisation in terms of travel and tourism
industry is through statement of profit and loss and balance sheet and lastly, the summarised
statement of commercial position, which highlights about the total assets and total liabilities
and net assets and total equality left over with the company.

Travel and tourism tool kit 7
1.7 Significance and value of budget for controlling business performance
and identifying variances-
Budgeting helps in identifying the current available capital, which helps in providing an
estimate of expenditure and anticipating incoming revenue. In addition, a budget business
helps in measuring the performances against the expenditure and ensures that resources are
available for the support of business growth and development. Moreover, it also enables the
businessperson to keep an eye over spending; planning a futile plan in order to attain business
set objectives (O'brien, 2019).
Other than this, budget is that process which helps in providing opportunities and ensuring
that the money is allocated into those things that helps in supporting the strategic objectives
of the business. Lastly, through budget formation, it helps in engaging the team in reviewing
and comparing the last year budget with the actual one so that it provides the information
about the strength and the weaknesses of the company and what all further changes in
strategies are to be adopted for the future enhancement of the company (Morrison, 2013).
1.8 Financial statements of intrepid travel-
Summarised statement of profit and loss (for the year ended 31 December 2017)
(Source: Intrepid group, 2017)
Summarised statement of financial position (for the year ended 31 December 2017)

Travel and tourism tool kit 8
(Source: Intrepid group, 2017)
The above-summarised financial statements help in evaluating the overall performances of
the intrepid travel through the comparison made in between 2016 and 2017 year. The above
mentioned tables highlights about the financial position of intrepid travel states that financial
year 2017 sales was much better than 2016 likewise a slight improvement from 245,260 to
275,780. In terms of revenue from the continuous operation have a major impact, which
increased from 245260 to 275780, which is relatively higher. However, if we see profit
before tax has a major downfall as compared to 2016 report. Overall, the profits were at
downfall condition as compared to the earlier year but their improvement in the total assets
along with this there is an increase in total liabilities (Intrepid group, 2017).
Part 2
2.1 HR lifecycle and human resource strategy
Human resource cycle each stage has its own set of various chances, encounters and profits.
Many instance highlights that if an employee whose skills are least upgraded can address this
particular issue during their evaluation stage. Moreover, organisation who are unable to
perform better gets HR motivation assistance. Lastly, regularly the corrective actions are
taken into consideration, which ensures the business continuity.
2.2 Stages of the human resource lifecycle-
Recruitment- In terms of signing the finest persons is one of the main supplements for
development of the commercial. Such staffing decisions in travel and tourism industry have a
direct impact the company’s turnover, productivity and overall growth. Hence, in order to get

Travel and tourism tool kit 9
success during the recruitment stage of the lifecycle, company in terms of travel and tourism
context and the HR managers should work with strategic staffing plans, which help in
striving only the best.
Level of education- This aspect highlights about the customers education in context to travel
and tourism when one reaches to particular position. This phase includes responsibilities and
expectations and assists in passing along the business values and moral expectation.
Moreover, it is always significant to safeguard that every individual should remain under the
co-worker who escorts him or her through his or her transition. This aspect majorly helps the
employees to retain, learn and develop their talents so that it benefits both the individual as
well as organisation.
Motivation- As rate of sales is higher in a starting 90 days and arises from the absence of
adequate inspiration. Staffs who last the lengthiest are those who have constructed strong
promises with their front-runners. Human resource manager helps in keeping the workers
motivated during the first three month by continually keeping them involved, providing good
compensation perks, and viewing gratitude for their contribution.
Evaluation- The evaluation stage in human resource lifecycle helps in supervising the overall
performance of the employee’s. In this particular stage helps in equip the worker and their
supervisors with metrics that measure whether the recruit is the right fit for the work. Along
with this, it helps in maintaining the great deal when frontrunners seek out staffs doing the
fantastic job rather than continuously and continually condemning it.
Celebration- this is the last stage of human resource cycle, which gives an chance to
reactivate the workers and shows appreciations for their hard work. This appreciation can be
monetary and can be non-monetary too. In terms of non-monetary, companies can generate
flexible schedules or the extended paid leaves and much more. In monetary concern,
promotion and enhancement in salary which helps in striving to achieve the business goals.
2.3 Performance management plan
In performance management planning there are three main attributes, which mainly
highlights about the results, behaviours and development plan. In terms of result aspect, HR
manager evaluate and measure the performance and provides information in order to fulfil the
gaps in between performance and achievement. In behavioural aspect, through observations
and close monitoring by the supervisors helps in knowing the employees behaviour. Then,

Travel and tourism tool kit 10
development plan which helps in improving the employee knowledge, skills and attitude (De
Waal, 2013).
Performance scheduling
Performance implementation
Performance valuation
Performance evaluation
Performance renewal and rebuilding (Rolstadås, 2012)
Second step highlights about performance execution, which states that whatever the plans
and standards are set at the earlier stage are taken into considerations. In this the role and the
responsibility of the HR is to improve focus by providing resources, tools and equipment’s to
staff members for the better performances of the tasks. This can be improved through
motivating the team members through different tools and integrating the overall
performances and enhancing the individuals’ knowledge and skills (De Waal, 2013).
Performance assessment highlights about both employees and HR manager who are
responsible to measure and access the up to performance of employees against the set targets.
The phase of process also highlights the individual set targets, behaviours, or attitude and till
date achievements during the performance appraisals (De Waal, 2013).
Next step highlights about performance review in which superiors and subordinate
exchanges the information and the performance feedback against the set target by the firm. In
this a proper conversation is taken in between managers and the employees and along with
this, more of training sessions, next year goals and targets and expectation of employees and
managers in order to lead overall success of the firm (Kappel, 2017).
Lastly, performance renewal and reconstructing highlights about, whatever the further
alteration are to be made in terms of improving training session and next plans to be set

Travel and tourism tool kit 11
comes under this head. Hence, here the process starts again which is again need to be
discussed, design, develop, executed and reviewed again in order to resolved all the issues
and the problems such as retention issues and performances issues through setting of
performance development plan with strategic objectives of organisation (Yazici, 2011).
2.4 Techniques to improve negative behaviour in an organisation-
Within the organisation, treat people with justice and uniformity. Develop and
broadcast the workstation rules and dealings that help in organizing work successfully
and efficiently.
Provide an appropriate strategic framework and leadership which includes missions,
values and vision and goals so that accordingly people within an organisation makes
better decisions which empowers them to make more strategic decisions which are
align with the overall performances (Rees, and Smith, 2017).
Providing an appropriate rewards and recognitions helps in contributing more in
organisation activities effectively. Hence, through such rewards and recognition helps
in building a positive workplace and reduces negativity within the organisation
(Heathfiled, 2018)
Retention of employees within an organisation can be more, if an organisation starts
treating their employees with respect at all the levels, recognition for their hard work
should be done through promotions and rewards. Moreover, providing them job
securities and lastly generating more of opportunities to use skills and abilities at
work so that retention rates reduce and success of organisation upgrades that usual
(SHRM, 2019).
2.5 Importance of HR life cycle-
Human resource life cycle mainly highlights about recruitment, education, motivation,
evaluation and celebration. In this, in order to overcome the issue of employee retention
organisation needs to work over education in which they need to be educated about skills that
are need be upgraded through proper training, communication, assigning new roles and
responsibilities in order to enhance their performance and retention in organisation.
Other than this, motivating employees who are working dedicatedly and are engaged in
performing at higher levels and showing their commitment towards the set targets by the
company. This can be improvised when company generates better compensation, benefits and