International Travel & Tourism Management Business Toolkit Report

This report delves into the intricacies of revenue management within the international travel and tourism industry, using Carnival Corporation & PLC as a case study. It explores the principles of revenue management, including market segmentation and demand forecasting, and examines how these principles are applied to maximize profitability. The report also analyzes the HR life cycle, from attracting and recruiting employees to retention and separation, highlighting the importance of effective HR practices in the hospitality sector. Furthermore, it covers financial statements, reporting mechanisms, and the significance of budgets in managing a business. The report also discusses relevant laws and regulations, including health and safety, discrimination, and employment laws, providing a comprehensive overview of the legal and operational aspects of the travel and tourism industry. The report highlights the importance of financial statements, including balance sheets, and reporting mechanisms to improve organizational profitability, offering a holistic view of business operations.

The International
Travel & Tourism
Management Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1 .................................................................................................................................................3
P1 Principles of revenue management.........................................................................................3
P2 Revenue management tools to generate profits......................................................................4
LO2 (Completed in PPT).................................................................................................................4
LO3 (Completed in PPT).................................................................................................................4
LO4 .................................................................................................................................................4
P7 Types of financial statement ..................................................................................................4
P8 Importance and value of budgets............................................................................................5
CONCLUSION................................................................................................................................5
REFERENCE ..................................................................................................................................6

INTRODUCTION
Travel and tourism is the part of business industries where number of business concern
are running their business by providing variety of accommodation and other services as people
wants. This is important for companies to understand the needs and wants their passengers so
products and services should be provided accordingly to them (Baumgartner and Bansal, 2019).
To understand about travel and tourism Carnival Corporation & PLC has been chosen that is
British American has been taken that is hotel in UK and offers different accommodation
services. Topics are covered in report are principles of revenue management for travels and
maintaining budgets or financial statement.
Task 1
P1 Rationale and principles of revenue management
Revenue management is a wider concept that is use to maximise the productivity and
profitability by running a business effectively. This is important for organisation to offer variety
of products and services so revenues can be generated accordingly. In other words, it is a long
term plans where organisation sale its products at low rates in higher demand which helps to
manage the good efficiency. For instance, the manager of Carnival corporation & PLC are
understanding what people wants if they comes in hotel from a nation to visit and offer kind of
services resulting management of revenues (Jayasooriya, 2019).
Rationale of revenue management
It provides the ability to make most out of perishable inventory control – Revenue
management is important because it provides an ability to make perishable stock of hotel rooms ,
allowing them to increase the money and generate profits. In context to Carnival Corporation &
PLC, manager are focusing on revenue management by offering hotel rooms to stay, food facility
and other services by charging amount from them which helps to control the revenues.
Hotel owners are anticipating demand – This mean owner in relation Hotels are make
efforts to anticipate demand and optimising pricing availability for the purpose of attaining
possible results. In context to Carnival hotel, owners are getting financial results by maintaining
demand and needs of customers.
The principles of revenue management

Market segmentation – This means hotel customers are categories in to qualifies and
non qualifies customers. Segmenting customers depends on attributes and services are provided
accordingly to them. The hotel owners of Carnival Corporation provides variety of services as
per customers category and charge accordingly.
Performance management- This is the main principle of revenue management in which
performance of hotel is measured by managers while offering different products and services so
goals and objectives can be achieved. In Carnival Corporation & PLC hotel manager is
responsible s
Demand forecasting and supply forecasting – Demand and supply are basic needs
people and organisation where people are demanding products and it is supplied by
organisations. In Carnival Corporation & PLC the focus of manager is on demand and supply of
hotel services so they feel better. In this, manager need to forecast early and late checkouts by
knowing availability of rooms that helps to manage services.
P2 Specific sector of travel and tourism applies on revenue management
Involve marketing with pricing and customer’s acquisition strategy – This is important
tool which is used by managers when customers book rooms by checking prices that helps to
maintain the profits in a organisation. Revenue management woks with marketing where hotel
manager of Carnival Corporation & PLC to use promotional channel in order to reach near by
customers and sale them services. So profitability can be generate effectively.
More on going collaboration with sales and marketing – Technology is growing faster
than previous time where managers are using holistic approach to combine the best traditional
marketing, online that helps to generate profits. In Carnival corporation & PLC are using
different channels of marketing which helps to maintain the profits accordingly (Malachovský,
2020).
Task 2
P3 Various stages of HR life cycle
HR life cycle is the main activity in hospitality industry where HR manager is playing vital
role such as recruiting, selecting, retaining and controlling the activities which helps to maintain
the business activities. In context to Carnival Corporation & PLC HR manager is playing vital
role as it identify the needs of employees in food and beverage department, room services,

cleaning, finance and management department where number of services are provided to
customers and increase the organisational profitability. The different stage of HR life cycle in
context to Carnival Corporation & PLC has been defined as:
Attracting – it is important for organisation to have great employees who can work in
changing and typical situation so productivity and profitability can be increased. For instance, In
Carnival Corporation there is vacancy for assistant in food and beverage department who can
understand demand of customers according to their culture and provide them products and
services that can help to increase the productivity.
Recruitment – This is the process of hiring and recruiting the people who can work in
challenging situation and give their efforts to complete the task. This is the activity which is done
by management by hiring person and getting the things done effective time period. In Carnival
Corporation & PLC, HR manager is responsible to recruit the food and beverage assistant in such
department that helps to manage the activities that helps to attain the goals and increase number
of customers by offering better quality of hotel services.
On boarding – This is the phase where HR manager get introduce new hires and
employees in front of all and make them feel good. When an employees is selected by
management then next requirement is to introduced it in front of all and provide them roles and
responsibilities so they get ready to work. In Carnival Corporation, HR manager is going through
this stage and it helps new joinees to feel good. Moreover, it provides training and development
programme to employees so they understand their roles and responsibilities in order to work
accordingly.
Development – Herein, programmes and events are run by management in order to
develop the organisation effectiveness and complete the goals and objectives. In context to
Carnival Corporation & PLC company HR manager provide education and development
programme to their new employees so they can adjust in new environment and give their efforts
to complete the task in certain period of time.
Retention – This is another step where organisation’s management efforts to retain
employees for long period of time. Herein, manager are responsible to understand the needs and
wants of their employees and make feel them good. So they can work effectively and helps to
increases the revenues. In regard of Carnival Corporation & PLC HR manager are having ability

who retain employees by providing better quality of services and benefits where employees
make decision to retain for long term and increase business activities.
Separation – This step is related to leaving stage where employees make decision to
leave organisation and increase their effectiveness. In this process, HR manager of Carnival
Corporation & PLC make decision to leave and transfer and switching organisation where
interview in relation to exit are conducted by managers. This helps to increase the organisational
effectiveness.
P4 A management plan for a specific job role
Performance management plan is written document which is prepared by management in
order to run and complete all goals in relation to organization. Management plan is the activity
where number of employees are working collectively by understand goal and giving their efforts
to maintain the organisational productivity. In case of Carnival Corporation managers are
playing key role as they decide the goals to increase the number of customer in hotel that will
helps to take competitive advantages and maintain higher profits. Therefore, for completing this
goal, a performance plan is designed by management that is defined below:
Plan Review Monitoring
The management of Carnival
Corporation has decided to
offer robotics services in
room services and food
delivery that will helps to
increase organisational
profitability and increase
number of customers.
This is the activity where roles
and responsibilities of
employees are delegated by
mangers and provide them
assistance to complete the
task. In this tactics manager
allocate roles and
responsibilities and review the
plans that helps to understand
it is running good or not.
This is another activity where
performance of employees are
measured by management in
context to Carnival
Corporation that helps top
complete the task and attain
business goals effectively. In
this managers are running their
business effectively and
maintaining profitability.

Task 3
P5 Specific laws in travel and tourism
Laws and regulation are needed to follow while running a business that suggest legal
work and increase confidence of customers. It is important for organisation to follow the rules
and regulation so goals and task can be performs accordingly. If a person is going to start and
running their business then it is important to follow all rules which are related to their business
and increase productivity. In context to Carnival Corporation & PLC different types of
legislations in relation to travel and tourism industry is defined below:
Health and safety law –According to this regulation organisation should provide good
health and safety to customers so they feel good and share their good experience from others. In
context to Carnival Corporation & PLC managers are following this legislations and providing
good health and safety to customers as well as employees which make feel them good. This
encourages customers and make decision to buy again.
Discrimination act – This mean organisation should not discriminate between people
who are obtaining services in travel and tourism industry. Herein, HR manager is responsible to
treat all people equally who are coming from other nation and should provide them services. For
instance, manager of Carnival are treating fairly all customers equally who are from different
culture and providing them services which helps to maintain the good productivity. Herein,
customers feel happy and make again decision to buy hotel services effectively.
Disability act – This act is related to ability challenging which is done by managers in
their organisation. In context to Carnival manager give employment opportunity to all by
knowing their talent which helps to increase organisational image and brand effectively.
P6 Employment, contract and company law
Employment law – According to act no discrimination should be done by managers
while employees are working in their organisation. Employment opportunities should be
provided to all employees equally which create a good feeling among employees and retain them
for long period. For instance, the manager of Carnival Corporation are following employment
rule in which it offer equal opportunity to all as seeing their talent which create good feeling and
improve the business profitability.

Contract law – When two and more than two people are collected to complete the task
under a agreement then contract law is formed which helps to maintain the good relationship
between people and complete task. In context to Carnival, having contract with some potential
customers on packages basis which helps to get travelling services and maintaining good
performance.
Company law – Such law is important to follow when people are going to start their own
business which helps to maintain the brand effectiveness. I n context to Carnival Corporation,
this law helps to maintain the business effectiveness with the help of employees and maintaining
good performance.
Task 4
P7 Types of financial statement and reporting mechanism
To run a business there is need to prepare different types of financial statement which
helps to improve the organisational profitability. Such statements are prepared in accounting
period which state what are need to spend. The management in relation to Carnival corporation,
managers are preparing different financial statement that are as defined:
Balance sheet – This statement involves assets and liabilities which are recorded in
columns and helps to define profitability. In Carnival Corporation, financial manager is
preparing this statement by recoding assets and liabilities which helps to improve profit margin
in accounting period and maintain profitability (Hoogendoorn, Kelso and Sinthumule 2019).
.
Income statement – This is a statement which is prepared by manager of Carnival
Corporation in which all income and expenses are recorded by manager that states how much
spending is dine and how much revenues are generated which helps to increase profits.
P8 Importance and value of budgets for controlling business performance
Budgets are the important for organisation which is used to know how much need to make
investment and can get returns which helps to make changes accordingly. Number of budgets are
prepared by managers such as cash, master, zero, capital and etc. all are using to maintain the
productivity and profitability. In Carnival Corporation, managers are preparing budgets which
are important to increase profits and knowing what expenses many be occur in organisation. The
importance and value of budgets in context to Carnival are provided as:

 Budgets are uses to identifying current available capital that gives an estimation of
income and expenses that occurs in Carnival.
 This is valuable to control the finance of businesses.
 This helps to meet with business needs and wants.
 It ensures managers that business has enough money for future projects.
CONCLUSION
From the report it can be concluded that travel and tourism industry are running a business
by formulating various regulations and policies which helps to maintain the good performance.
Different types of financial statement are prepared by managers which provide situation and
financial position of a company and increase profitability. Budgets are important and valuable
for organisation as it helps to know the income and expenses of company and increase profit
margin accordingly. HR manager is playing an important role and responsibilities by
understanding needs and wants of their employees and provide them products and services which
helps to maintain profitability effectively.

REFERENCE
Books and Journal
Baumgartner, S. and Bansal, T., 2019. Travel and tourism: A comparative analysis of different
HRIA approaches. In Handbook on Human Rights Impact Assessment. Edward Elgar
Publishing.
Hoogendoorn, G., Kelso, C. and Sinthumule, I., 2019. Tourism in the Great Limpopo
Transfrontier Park: a review.
Malachovský, A., 2020. Creative Tourism in Successful Destination Management as a Solution
of Systemic Crisis in Slovak Tourism. In Destination Management and Marketing:
Breakthroughs in Research and Practice (pp. 854-875). IGI Global.
Brauer, R., Dymitrow, M. and Tribe, J., 2019. The impact of tourism research. Annals of
Tourism Research. 77. pp.64-78.
Jayasooriya, S. S. W., 2019. Review on the factors influencing tourist’s impulse buying behavior
in luxury restaurants in Sri Lanka (reference to Kandy city).
Phillips, P., and et. al., 2020. The influence of geographic and psychic distance on online hotel
ratings. Journal of Travel Research. 59(4). pp.722-741.