Analysis of Travel and Tourism Business Toolkit for Thomas Cook

This report delves into the travel and tourism business toolkit, using Thomas Cook as a case study. It examines revenue management strategies, including market segmentation, booking processes, and pricing. The report also explores the HR lifecycle, detailing stages from recruitment to separation, specifically for a marketing manager role. Furthermore, it covers performance management, outlining plans and addressing issues like staff retention. The analysis extends to legal and ethical considerations within the travel and tourism sector, such as the Equality Act 2010. Overall, the report provides a comprehensive overview of key business aspects within the travel and tourism industry, offering insights into operational efficiency, employee management, and legal compliance.

Travel and tourism
business toolkit

Table of Contents
INTRODUCTION:..........................................................................................................................1
TASK 1:...........................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
TASK 2 ...........................................................................................................................................4
P3............................................................................................................................................4
P4............................................................................................................................................5
TASK 3............................................................................................................................................6
P5............................................................................................................................................6
P6............................................................................................................................................7
TASK 4:...........................................................................................................................................8
P7............................................................................................................................................8
P8............................................................................................................................................8
Conclusion:....................................................................................................................................11
References : ...........................................................................................................................12

INTRODUCTION:
The travel and tourism are refers to the important part of the hospitality industry which
contribute in major profits margin in the market place. There are large number of the
opportunities which are available to the organisation working in hospitality sector and are
looking forwards to the growing at the international market. The travel industry is a attractive
and generating profits for the organisation at the global market. Under this report, the Thomas
cook is a organisation which offering the travel and tourism facilities to its customer and
headquarter is in the UK market. The revenue management plan is formed which helps in
making the strategies to have effective financial statement and how to have proper HR life cycle
in the market place.
TASK 1:
P1
Revenue management: it refers to the methods or the process , here the company is able to
perform organisational task and examine the behaviour of the consumer so that proper service
can be offered. It also includes the effective management of the product accessibility with the
reasonable price so that organisation are able to successfully attain desired goals of market place.
In the relation to the Thomas cook, the administrator are able to have better arrangement of the
resource with the help of the revenue management.(Teo, 2017)
Principle or rationale of the management revenue:
Revenue management are classified into different parts which leads to the growth of the
travel or tourism industry.
Rationale :
 Management of revenues helps the Thomas cook to have the effective and productivity
goods and service for the customer which helps them to capture the market with the
profit margin.
 In the refers to the tourism and travel, the management have to done in the relation to
the manager and managerial things that is supportive for successfully performing task in
prefect manners.
 The organisation can focus on reducing the cost and have effective price in the market
place for its customer.
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Principles:
 market segmentation: under such condition, the whole market is segmented into the
qualified and non-qualified market where the consumer behaviour and action helps them
to have respective segment where the organisation can perform their task and achieve the
goals in time period.
 Process of the booking and demands: under the travel section, the organisation tries to
examining the demand in the market with the help of the historical information and
pattern in the booking system so that effective service can be given to the customer.
 Overbooking: the organisation takes the more booking of the customer in the market
which increase the revenues of business in the market area in order to accomplish the
objectives or set targets of company correctly.
Revenue management:
there are different kinds of the approaches and methods which are significant for business to
generate more earnings in the area of market as well as enhance the share of respective company
the different market location. With the reference of the Thomas cook, the some of the effective
methods or approaches of management of revenues are mention below in detail(Choon, 2017)
Capacity utilisation: here the organisation uses effective booking system so that they have
proper use of the available resource in more accurate way. In the context to the Thomas cook, the
administrator focus on having the full booking in their management so that more profits can be
generated in the market place.
Discount allocation: the company should utilize this tools to attract more customer towards
their services in order to gain more competitive advantage over other rival companies in
respective market area. This methods also helps in retaining the existing market customer and
have more clients in the long run which helps them to perform the task in better ways and have
more profits.
P2
In relation to the tourism industry, the organisation have the various and effective
revenue management and pricing strategies that will support in accomplish desire organisation
objective in more effective and efficient manner.
Affects of strategies of pricing on the management of revenue :
2

under the differentiation pricing process, the organisation have various kinds of the prices fro
their service in the market according to the different factors such as the customer behaviour ,
their disposable income and need as well as supplying in the different market area. The pricing
strategies have different impact on the organisation such as the positive side is that it helps the
organisation to enhance their revenue and increase organisation operations across the boundaries
of different nations and all over the global environment and decrease the production cost . The
major disadvantage of respective company is that it is not capable of successfully making the
effective brand image and value in the market place with the motive of attaining desired
objectives and goals of organisation.(reejesh, and Abhilash,, 2017)
Application of the process of revenue management:
 forecasting: in the context of the Thomas cook , the manager of the organisation are able
to examine and forecast the revenue which can be generated by providing the goods and
service to the customer which leads to have effective profits margin.
 Control: here the manager and leader of the organisation focus on controlling the
activities which helps in creating more profits in the organisation such as facilities
relating to the booking and accommodation service and various arrangement in the
organisation.
Principles of revenue management:
 demand and supply forecast process: under this part, the company is capable to analyse
and evaluate the demand and supply of the organisation service in the market which
helps them to calculate the profits and income which can be generated for future
prospective.
 Market segmentation: In the case of respective company are be identify the targeted
market place and able to finds the customer who are willing to associates with the
organisation service which helps in creating the more profits for the organisation in the
present and in the long run.
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TASK 2
P3
The operate in the systematic manner in the industry of travel and tourism, the organisation
needs to have good employees who perform activities in more effective and cost effective
manner. The human resource management life cycle includes the different stage which helps the
HR manager to finds out the most qualified and suitable employees which can perform the task
in better ways and achieve the desire goals of the organisation. In the relation to the Thomas
cook, the there are different kinds of the stages in the life cycle of human resource process for
the position of the marketing manager which are stated as below:(artín, , Mendoza. and Román,
2017.)
appeal: the Thomas organisation make various strategies which helps inn having more
applicants towards the marketing manger post in the organisation which helps the company to
have sound employees to perform the function in the better ways.
Recruitment: the HR manager needs to conduct and carry out the hiring process which helps
them to recruit the employees which are good for the post of the marketing manager and helps
the promote the organisation good and service in the targeted market place. The interview face
is carried out here the manager will examine the applicant on the base of skills and abilities
which are needed to perform the task in better ways.
On boarding: under this stage, the HR manager of the organisation are able to identify the
applicant which match with the job description of the marketing manager , understand the rules
and regulation to the organisation and what role is has to perform in the organisation.
Development : under this part, the organisation are able to provide the different kinds of
training and development programs where the employees are given the effective learning lesson
which helps them to improve the work in the better ways so that organisation can achieve the
goals within the set time period.
Retention: under this methods, the organisation focus on retaining the employees in the
company by giving them rewards for their goods and productivity work in the organization that
will support in reducing the time and price which are included in the hiring process in the
organisation.
Separation: here the employees of the organisation level the company that will have impact on
performance of the business in the up coming future. It also affects the goodwill of the
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organisation in the market area where company is offering products to customers and image in
the minds of the consumer in the long run.\
the above stage, are concerned as the important in the HR life cycle which support company for
hire the correct kind or set of candidates for who are performing to achieve the common kinds
of the products or offerings of the company in the long period of time . This method support
the company for employees who are working to achieve the desire outcomes for the organisation
and helps in taking competitive edge in the market place.
P4
The performance plan are made by the organisation which helps them measure and manage the
performance of the worker at the management level that will support organisation to successfully
attain goals in the set time period. With the references of the Thomas cook, the organisation
make the proper plan for the marketing manager post in the company and so that the person are
able to handle the organisation function in the effective manners and generate the more profits
for the organisation.
Job title : marketing manager
department : marketing position.
Company : Thomas cook.(retzel, 2018)
Base Success Maintain requirement Outcomes
Solve the negative
behaviour of the
worker
To overcome the
problem in the
organisation , the
manager focus on
offering the different
kinds of session such
as motivation where
the employees are
inspired to perform the
task in the better ways.
Under this method, the
organisation provide
the helps its worker to
improve their work
which will help them
to achieve the task and
objectives in the better
ways and in the
profitable manners.
Under the Thomas
organisation ,the
manager are able to
have effective
employees which
helps in achieving the
organisation objective
within the set time
period and in the
proper manners.
5

Issues in staff
retention:
To reduce such kinds
of the issue at the
organisation the
manager tries to
provide the different
kinds of rewards to
the employees for their
best inputs at the work
which helps them to
hold and retain them
for the longer period
of time in the long
run.
The manager as well
as leader of the
organisation provide
different programs to
its employees which
helps them to achieve
the set objectives in
the most profitable
manners.
The company in the
market are able to
have effective brand
image in the market
place as they have less
employee turnover
ration in the market
place which affects the
organisation goals.
with the references the Thomas cook, the organisation are able to have solve the different kinds
of the issues and problems which needs to be dissolved in the management level to achieve the
set outcomes in the organisation and achieve the organisation objectives.
TASK 3
P5
The organisation carry out its performance at the different location which needs to be
follows the different kinds of the laws and regulation that will support company to complete the
task in most accurate and correct way. Different laws are followed in the travel and tourism
sector, which are stated as below:
Equality act 2010: according to this act, the organisation have make sure that everyone in the
organisation needs to be treated equally at the work related places. Under this act, the
employees are not able to discriminated the another employees on the base of the age, gender
and colour in the management level. In Thomas Cook, with the assistance of this act, the
enterprise offer equal treatment and rights to workers in diverse sector. For instance, by offering
equal pay to same position of people and equal growth options to all workers.
6

Health and safety act 1974: it is essential for the organisation to provide the safety measure to
its employees so that they feel safe and secure at the work place and focus on providing the
organisation outcomes in the proper manners. In Thomas Cook, the firm follow this act to offer
security to it workers form uncertainty and others. To offer protection and safety to the
employees, it offer diverse benefits to them such as health insurance, medical facilities etc.
Minimum wages; - under this act, the employees are provided with the minimum wages at the
organisation which helps them to survive in the organisation and perform their work in the
effective manners.(ew, ., 2018)
P6
In the travel and tourism industry , the organisation performance their work under the
different kinds of the laws like the companies laws, employment laws and various kinds of the
laws which are important for the organisation to execute their work in the proper manners.
Some of the effective laws which are followed in the Thomas cook are as followed:
Employment laws: As per this legislation, the relationship among the employees of the
organisation are stated so that work is completed within the set procedure and under the laws ,
rules which helps in hiring the employees which understand their roles and duties which helps
them to achieve the goals. In Thomas Cook, the main purpose of this act is to offer safeguard
against discrimination and unfair dismissal. For instance, if the administration function does not
offer rights of workers to them then it unfavourably influence the determination devising in
forms of workers turn over and others.
Company laws: Under this law, the organisation have its people in the form of stakeholder,
employees and customer which are the important employees at the work place which helps them
to achieve the desire outcomes in the market and obtain the desire level of income in the long
run. Company law exists to protect everyone and not just the main player in an establishment,
which is why corporate law also makes provision for the rights of workers. As a regulation, this
law creates a separate legal entity that takes on a life of its own. It can own assets, owe
obligations and improve fund independently through debt, equity and hybrid of both.
Contract laws: Here the organisation give protection to the seller and buyer in the market place
which helps them to perform better in the organisation and equal rights are given to them so that
work can be completed within the set time period. It is an act which is formulated in 1963 to
introduce the necessity to offer reasonable notice dismissal. It can be define as a legally binding
7

agreement which exist among employees and employer. This act is framed for offering
protection to employee’s rights is that the authority of the firm can offer them a reason before
dismissing them. For instance, if the rights of workers are violated in any terms then the
organisation can lead to pay huge penalties. The firm effectively offer worker rights to them as
per to law then the firm will work efficient form and accomplish its business objectives in set
period of time or build a immense image in market.
TASK 4:
P7
In the relation with the organisation, the financial statement are prepared which shows the
profits and loss status of the organisation which helps them to improve the performance and
achieve the profits margin in the most profitable manners.
Balance sheet: it is sheet which states the assets and liabilities of the company over the certain
time period which helps them plan their task and activities in the proper ways so that
organisation objective can be seen (Dias, , 2017).
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9

Income statement: This statement helps in calculating the profits which are earned in the certain
time period and which shows the organisation profits and financial position which are earned in
the long and this also helps in showing the market value of the organisation in the long run and
which shows the goodwill of the company.
10

11

Statement of the cash flow: with the help of this statement the organisation are able to examine
the cash flow in the organisation which they earn from the different section such as investment,
finance and operating titivates. This statement helps them to carry out the work in proper
manners.
This financial statement helps the organisation to achieve the desire results and make the
effective strategies which helps them to grow their business to next level in the organisation.
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P8
The organisation are able to achieve the desire outcomes which the helps of the budget
which improves and control the organisation performance in the management. With the effective
budget, the organisation is able to achieve the objectives in the most effective and productivity
manners. Some of the importance is as follow:
Helps in minimising the expense: with the help of the budget the organisation can reduce the
cost and achieve the outcomes in the most profitable ways in the company and are able to take
the competitive advantage in the tragedy market place.
Some of the important calculation ratio: net profits, gross profits ratio and another ratio which
shows the true and accurate position of the organisation in the market so that they can make the
effective strategies to perform better at the market and brand image can be build in the minds of
the customer.
Budget is a financial plan for a defined period often one year. It includes planned sales
volumes and revenues, resource, cost and expenses, liabilities, cash flow and many more. There
are different types of budgets that are defined as under:
Operating budget- It includes of all revenues and expenses over a time period that a firm,
government and establishment utilise to plan its operations. It is designed by the management
division in advance of a reporting time as a goal or plans its operations. It assist in offering a
clear image to the firm regarding the production, labour, sales, overheads, material cost and
many more which assists the business associates to improve policies and plan of actions to get
attention of more consumer towards services and survive in the market till long term.
Master budget- It refers to an expensive business strategy that documents expected future sales,
purchases, capital investments, production levels or other to be obtained and repaid. In Thomas
Cook, the master budget considers all other fiscal budgets and budgeted income statement and
balance sheet. The management division of this firm frame budget with the combination of asses,
sales, operating income and practices which leads the firm to set objectives accordingly.
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14

15

Form the above mention, the organisation is able to calculate the ratio which helps them to
improve their work at the organisation and achieve the set goals within the set time period and in
the proper and effective manners.
Conclusion
According to the above study and discussion, it can be conducted at the organisation in the
travel and tourism industry are able to examine the their growth rate with the effective strategies
which helps them to achieve the desire level of profits and able to capture the large number of
the market and have more customer in the market place which helps in generating more revenue
in the market place so that long term profits can be created from the organisation objectives in
the market place. The organisation have also apply and follow the laws and different kinds of
the rules and regulation which helps them to perform the work in the better ways and achieve
the desire level of the outcomes in the less time and expand their business at the international
market place. The financial statement are papered to understand and examine the profits level
and performance level of the organisation in the market place so that effective measure can be
taken to overcome the some of the issues which needs to be overcome in the next few years.
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