The Travel and Tourism Business Assignment Help

The Travel and Tourism Business Assignment Help

Introduction

Travel and tourism industry is one of the emerging industry in current time of period as the number who are willing to travel new places had expanded in the past few years. This particular report will also discuss about several aspects which are related to this particular industry. The report will provide concise information about the revenue management system of the industry in the context ofVisit Britain. This is one of the largest tourism organizations of United Kingdom. The study of report will also discuss about the concepts which could be used to manage the budgets and sustain statistical and financial records of the business. There will also be the discussion about HR approaches which are majorly necessary to be initiated to attain the majorly required workforces. There will also be the discussion about ethics and legislations of the travel industry.

Part 1: Sales, Budget and Revenue Management

Scenario 1

P1 Discuss the rationale and principles of revenue management for the travel and tourism industry.

Revenue management is one of the concept which not only saws in the high demand, but it also helps to encourage the demands the law period with preferred avoidance to the pricing anthropophagy. The revenue system is the long term strategic approach which takes the insertion of several revenues with their cost-effectiveness into contemplation. This aims to sell law rats even in the high demand to manage the business structure (Di Foggia and Lazzarotti, 2014). This is necessary for Visit Britain also to attain efficient management over the revenue structure. 

Rational of revenue management 

The revenue management is one of the concept which helps to provide most suitable services to the customers of the business. In context of determine about several destinations and values this is the most impactful approach which could be helpful to maintain the economic structure. 

  • This focuses on each group or department of the organization and analyse some factors which needs to be initiated to attain growthand development.  
  • This helps to attain some innovative trends which helps to improve the services in cost efficient manner. 
  • It helps to build proper balance between different departments and authorities of the organization. 

Principals of revenue management 

This is necessary to attain the revenues system and approaches in efficient manner which could be helpful to accomplish the major objectives of the business. There are some of the principals which could be helpful to manage the business process. 

  • Market segmentation: This is necessary for Visit Britain to analyse most suitable armlet in significant manner (Abrate and Viglia, 2016). 
  • Historical demands and booking patterns: In context of tourism destinations could vary from customer to customer but this is necessary not to avoid any historical place as well as the booking needs to be available. 
  • Demand estimate and dislocation analysis: This is necessary to determine about required estimations which will be necessary to manage the customers at different location. 
  • Pricing and inventory management: The pricing values and implications and majorly required to be managed in significant manner.
  • Overbooking and information system: The scenario of overbooking needs to be managed with proper implication of required amendments (Cetin, et. al., 2016). On the other hand, this is also necessary to use proper technology system to communicate with the large customer base. 

M1 Analyse the impact of differentiated pricing strategies on revenue management in a specific sector of the travel and tourism industry

Differential pricing strategy is the approach of selling same product on differentprocess to the different customers. This strategy ensures organization to attain prior efficiently. Transportation is one of the emerging sectors of tours and travel industry as the motive of tourist is just to enjoy their leisure time at some different place. This differentiated pricing strategy affect the revenue management of transportation sector. As this is the strategy in which sake of the customer pays less amount for the services rather than some other customers. As revenue system refers to managing the pricing values of the productivity for limited services (Sigala, 2015). In that particular case in context of transportation there are several scenarios and services which could be initiated by the avoidance of price for some certain customers to make them comfortable with the discounts factures. This could be helpful to attain their values and efficient customer base conversely, it could also affect the profit factor of the business. 

D1 Critically analyse the principles of revenue management and its application in a specific sector of the travel and tourism industry

There are several principals of revenue system which includes pricing, market segmentation, and booking. These factors play vital role in context of transportation sector. As this sector possess large customer base of tourism industry. These principals of revenue help the organization to understand about the customer’s needs and customersto get more connected to the values of the organization (Di Foggia and Lazzarotti, 2014). Thus, this is the approach which helps to expand the values of business in more significant manner.

P2 Investigate how a specific sector of the travel and tourism industry applies revenue management tools to generate and maximise profit.

Travel coordinator is one of the most important job profile of tourism industry as these are the employees who guides travellers to attain wonderful experience. The revenue management attain several technical tools which could be helpful to manage the business performance. In context of transportation industry too this tools plays vital role to attain generate and maximise the profit. There are many of the aspects and profit factors which helps to attain the growth and development in the business sector. Some of the revenue management tools are: 

Property Management System (PMS)

One of the major tool of revenue management is Property Management System (PMS) as this helps to attain the management of several property factors related to the transportation services (Di Foggia and Lazzarotti, 2014). The transportationsector requires to haveavailability of accommodation which could be used by their tourist to stay hassle free and having the property management system is one of the major preference of attaining that particular management to be initiated in significantmanner. 

Booking facilities 

Effective booking system is the major necessity for transportation organizations. That could be understood that the customers always like to attain major benefits in least time and in the current technical time rapid booking facilities are the major necessity of customers. The booking system could help the customers to connect with the values of the organization which helps to expandthe business. Thus, this could be determined as one of the major tool to attain profit. 

Channel manager

The manager or higher authorities are required to attain proper balance over the performance management of different inventories on the reservation. This is not necessary to analyse several business portals to handle the booking factors. This is necessary to understand that one channel system could be helpful to attain more specific management of the business. This could also be helpful to analyse the most required factors to be modified. 

Rate shopper 

This is necessary to analyse the pricing and different factors of the competition as the analysis over the competition is one of the factor which helps to determine about the market trends and also helps to analyse about the most suitable changes which are necessary to be initiated(Sigala, 2015). 

Demand forecasting

This is one of the tools of resource management which ensures to provide with the better determination over the current marketplace necessities as well as historical approaches. This could be beneficiary for the organization in terms of analysing about the necessities of marketplace and will also provide with better understanding about the outcomes necessary to be engaged in terms of handling the businessperformance. 

Sideliner

The travel and tourism industry faces challenges in terms of managing the pricing activities as the destination rates and customer requirements could be affected in terms of handling the prices. This application provides with certain suggestions to manage the pricing values which will be beneficiary for Visit Britain to access over customer’srequirements.

Part 2: HR Life Cycle and Human Resource Strategy

Scenario 2

P3 Review the different stages of the HR life cycle applied to a specific travel and tourism job role, and their importance for retaining and developing talent

Human resource lifecycle includes several aspects which helps to attain organizational management and growth. In context of travel and tourism industry this is majorly necessary to have proper inclusion of that type of HRM which helps to expand the business culture. This is necessary for HRM to attain several steps and research before attaining the travel coordinatorfor the business of Visit Britain. Some of the stages of HR lifecycle are: 

  • Recruitment: This is one of the major responsibility of HR department to recruit the most talented and skilled candidates. As attaining the employees according to business needs helps to expand the business values in more significantmanner (Taqi, et. al., 2018). The profile of travel coordinator needs to be filled with the enthusiastic and nature lover person. 
  • Education: This is also necessary for HRM to provide proper training to the employees regarding ongoing process of the business. The travel coordinator requires tio trained and understood about several destinations organizations deals with so that they could provide more efficient customer values. 
  • Motivation: The motivation and satisfaction are the major necessity for employees to deal with the organizational perspectives. As this is necessary to provide some of the advantages and values to the employers which motivates them and in context of travel coordinators they need to provide with the facilities of appraisals and motivation. 
  • Evaluation: The human resource plays vita role to manage the organizational culture with the help of different evaluation and management techniques of the workplace culture. On the other hand, this is also necessary to initiate some certain changes in the business process which helps to expand the business values in significant manner. 
  • Celebration: This is also one of the responsibilities of HRM to initiate some of the reward and appraisal programs to motivate the employees who had performed extremely well (Azam, et. al., 2018). This will help the employees to extend the bar to perform in more significant manner.

Importance of HRM lifecycle for retaining and developing talent

  • This could be helpful to attain the employee structure which could be most impactful and necessary for the organization.
  • The efficient HRM initiates some of the strategies which helps to attain balanced workplace culture. 
  • The balance and satisfactory workplace culture makes the employees more interactive towards the organizational structure. 
  • This helps to attain the advantages of developing the diversity in the internal structure of business (Önder and Treiblmaier, 2018).

M2 Evaluate the importance of the HR life cycle in relation to strategic talent management and overcoming issues of staff retention

The HR lifecycle plays essential role to build the organizational structure in context of attaining the values and proper management of the workplace. The strategic talent management is one of the approaches which indicates towards some of the ideas to attain talented employment in the organization. HRM plays vital role to critically analysing about the employment structure which is necessary to be initiated. The industry is currently facing many of the issues related to the staff retention as current employees are left the organizations due to the lake of balanced workplace (Nag, 2018). The efficient implication of HR lifecycle could be the best option to be used to attain the efficient workplace culture.  Thus, it could be stated that efficient structure of HRM could be helpful to attain growth and development. 

D2 Make valid judgement and recommendations on how HR processes and documents can be improved for effective talent planning throughout the HR life cycle

The processing of HRM includes several implication and approaches which are related to attaining several plans and strategies which could be used to attain the efficient and most required talent to expand the business culture (Fong, et. al., 2018). This is required for the HRM to maintain the process of recruitment and selection with proper inclusion of specific aptitude and careening tests that could be helpful to determine about the values and determination of the employees on some specific and easy aspects. 

P4 Develop a performance management plan for a specific travel and tourism job role, applying techniques to resolve negative behaviour and to overcome issues of staff retention

The performance management plan includes some of the improvement sects which are necessary to be initiated by the travel coordinator (Assaf and Tsionas, 2018). These are some of the responsible part of organizational business who helps to attain the valuable customer base. 

Performance management plan 

Description of the underperformance:The travel coordinator is facing issues related to explaining the scenarios and values of theplanning. 
Aim of the Performance Improvement PlanThe plan aims to improve the skills and capabilities of the values of travel coordinator. 
Improvement ObjectivesSuccess CriteriaAdditional Support RequiredReview ScheduleObjective Outcome
Communication skills This could be improved with proper inclusion of some modification in the processed knowledge. Several online and offline learning sources. By the time coordinator is communicating with the customers. This will be helpful to attain the customer satisfaction by clearing all of the doubts. 
Research and analysisThis ability could be helpful to expand the business values with the help of having knowledge about several traveling places. The ability of searching the techniques of observation could be helpful to attain the benefits. By analysing the performance of travel coordinator to getting interest regarding the information of different places. This could be helpful to attain the advantages of managing the travelling process with the help of analysing several places. 
Traveling and enthusiastic energies This is necessary to have the ability of traveling and exploring new places in travel coordinator. This skill will be helpful to engage with the more efficient customers base. Bu determining about the changes and modifications adapted by travel coordinator. Customers will be satisfied and exploration of new destinations will extend the business. 

Techniques to resolve negative behaviour and to overcome issues of staff retention

This is necessary for the organization Visit Britain which helps to resolve the negative behaviour and resolve the issues which are related to the staff retention. One of the specific technique which can be used is related to the attaining the record and management of the appraisal and benefits regarding the employees (Nurdiansyah, 2018). Apart from that this is also necessary to attain some of the techniques which engage employees towards the organizational performance and management. 

Performance management plan 

Description of the underperformance:To attain and manage talent in the organization. 
Aim of the Performance Improvement PlanThe plan aims to improve the skills and capabilities of the values of travel coordinator. 
Improvement ObjectivesSuccess CriteriaAdditional Support RequiredReview ScheduleObjective Outcome
Training and development Proper training to the employees so that they can knowcompany values. Several online and offline learning sources. Time to time analysis over the performance of employees Will provide with better determination about the employee’sengagement. 
Performance analysis This will be beneficiary to analyse employees on basis of performance. Will be required to have proper team to track records accumulated by the employees. Employees will be analysed on the efficient performance indicators. This will provide with understating of their abilities. This will provide with the advantages of handling the process of internal business management. 
Traveling and enthusiastic energies This is necessary to have the ability of traveling and exploring new places in travel coordinator. This skill will be helpful to engage with the more efficient customers base. Bu determining about the changes and modifications adapted by travel coordinator. Customers will be satisfied and exploration of new destinations will extend the business.

Part 3: Legislation and Ethics in Travel and Tourism

Scenario 3

P5 Illustrate the potential impact of the legal and ethical considerations on a travel and tourism business

Legal issues and problems directly affect the functions and operations of travel industry. this is because due to these types of issues it becomes difficult for the management of organization to offer better services to its potential customers. The problems of the industry can be solved and overcome by taking corrective actions and also by using different laws and regulations for the future course of action. With the help of these laws proper guidance can be easily provided to the employees for completing a particular task in limited time period. 

The legal laws and regulations can have positive and negative impact on the functioning and development of travel and tourism industry. This is because different laws are used in the proper manner then chances of mismanagement can be directly reduced. While if these laws are not used in the proper manner then chances of confusion and dissatisfaction among the customers can directly increase. Some of the main types of laws that governs the travel and tourism industry of UK are – Employment law– Travel and tourism sector jobs regulations include all the freedoms and legislation to support employee health and values. It involves supplying the workers with the minimum salary interrelated with their operating hours. After two months of beginning the job, workers can provide detailed reports on the employment process, schedule and full rules to be enforced.

Contract law– The T&T sector follows such contract rules that guarantee company efficiency and standards are handled. It is important in order to decide the contract laws which ensure that business values are handled. It is important in order to realize that the transactions launched on the market are contract based and can not be gone. All of the parties need to obtain recognition so that the risks of conflict can be overcome.

Trade description act 1968: The trade label act has been introduced specifically to protect consumers from deception and misinformation. This act applies fines or sanctions or provides consumers with inadequate details. Planning the possible behaviour according to this act is very important for Cosmos. In achieving so, the company’s long and short term targets can be easily accomplished.

Package travel regulations 1992– The main motive of this act is to provide relevant information to the praties, so that goals are easily attained. with the help of this act proper accommodation services can be easily provided to the customers. 

Tourism act 1969-This type of act aims at promoting the tourist place in the proper manner. this act aims to coordinate different activities for the development of the tourism industry in systematic and well organised manner. 

Potential impact of regulations, legislation and ethical principles on decision making 

There are different types of legal laws and regulations that have a significant impact on the decision making process of the organization. If the management of organization plans to use the laws in proper manner then chances of attaining the long and short term goals will be automatically increased. Various ethical principles can be taken into consideration for taking logical decisions related to growth and development of the organization. Any misuse of laws and regulations will directly trigger hindrance in Cosmos ‘ growth. That is because the management may not be able to offer appropriate guidance to the employees for greater treatment of the consumers due to incorrect rules.

M3 Using specific examples, examine the potential implications of regulations, legislation and standards on decision-making in the travel and tourism industry

There are several laws which are related to the travel and tourism industry which mainly focuses on to provide healthy and efficient services to the customers with the proper implementation of some of the services which are majorly required for the customers to attain benefits in significant manner. These legislations positivelyimpact over the services and values which are providing by the industry (Assaf and Tsionas, 2018). For example, the legislation which is related to the holiday packages helps the organization as well as customers to attain proper determination about attaining proper idea about most specific aspects which could be fulfilled from the services. Thus, it could be stated that these are some of the laws andlegislations which provides stability and growth to the business structure. 

D3 Critically reflect on the potential impacts of regulations, legislation and ethical principles on decision-making in the travel and tourism industry

According to my point of view this is necessary to have some sort of value and authenticity which needs to be used by the organization while providing services and values to the customers. Different type of laws which had been initiated by the organization helps to attain customer’s values in more significant and efficient manner (Assaf and Tsionas, 2018). This also helps to attain some of the factors which help to balance the business.

P6 Examine the potential implications of regulations, legislation and standards on decision-making in the travel and tourism industry and critically reflect on the potential impacts of regulations, legislation and ethical principles on decision-making in the travel and tourism industry

The potential implications of regulations, legislation and standards on decision-making in the travel and tourism industry

There are many laws relating to the corporation, jobs and contracts which may influence the nature of the firm. It will be calculated to include the market environment and the manner it needs to be handled effectively by getting any of the rules. With the help of different laws and regulations the management of organization will be able to take better and improved decisions for the future course of action. This is because decisions will be taken after analysing the current as well past situation. the main laws and regulations that are followed in travel and tourism industry is Civil Aviation authority, ABTA and Federation of tour operators. By using these laws the management directly focuses on taking relevant decisions for the future course of action. 

Critical reflection of the potential impacts of regulations

the impact of regulations can be positive or negative depending upon the situation. The actions of the traveller in choosing the destination they will visit will often be related to the travel risks. Due to different types of risks and problems or change in the need of customers the functioning of travel and tourism industry is directly impacted. If the management of this industry is not able to solve such types of problems, then chances of rise in unemployment for the individuals working in this industry directly increases. The business contracts are enforceable and means that imitated judgments on the contested item are supported with the legally enforceable protection. The competition contract motivates the decision to guarantee the efficiency of the facilities, while the non-competing contract implies that the stability and maintenance of the company community will be accomplished.

The contract of holiday package will directly help the organization in providing and offering better services to the customers in less time period. While with the help of contract of carriage effective plans and tactics can be easily made for transferring the carriage in a well organised manner.There are various other plans and strategies that can be made by the organization for improving the current  as well as past situation in limited time period.

Part 1: Sales, Budget and Revenue Management

Scenario 1

P7 Explore the different types of financial statements and reporting mechanism for organisation within the travel and tourism industry

Financial statements of the business help the company to analyse the financial performance of the business. Financial statements are an important tool which helps the company to know the financial activities of the business. The company prepares annual financial statements to know the overall business which is being implemented in the business environment. Travel and tourism industry is fastest growing in the world. There are various ways by which the company analyse and prepares the financial statements (Eddy, 2016). In travel and tourism sector, there are various ways by which the company prepares the financial statements in order to know all the financial activities of the business. Following are some of the types of financial statements-

Cash Flow Statement– Cash flow statements are prepared by Visit Britain which helps the company to record all the sources by which the cash is coming within the business. Other than this, the company also lists the cash which is going out of the company. It can be purchase of any machine for increasing the production of the company. Visit Britain can make use of the cash flow statements to record the cash that is being coming in and going out from the business (Eddy, 2016). 

Income Statement– Income statement is defined as the Profit and Loss statement. This is the way where Visit Britain can be able to analyse the ability of the company to generate profit. The annual income of the business is being analysed which helps Visit Britain to see whether the company will be able to generate profits or not. Income statements also help the business to analyse their own income statement (Eddy, 2016). 

Balance Sheet– Balance sheets of the company are prepared in order to manage the assets and the liabilities of the business. Balance sheets are prepared by an enterprise on a quarterly or annual basis. All the assets and liabilities within the business is managed. Balance Sheets do not include the operating results, only the assets and liabilities are mentioned. Also, the main focus of the company should be on removing all the liabilities of the business. The management should focus that there are no liabilities within the business (Eddy, 2016). 

M4 Interpret financial statements and reports for organisations within the travel and tourism industry

Within the travel and tourism industry, the financial statements can help the business to manage the business operations. The cash flow statements and the income statement will help the business to manage the profit of the company. Visit Britain can manage the financial activities of the business and can also help the business to record all the financial activities which are being implemented in the business. Income statement will help Visit Britain to manage and record the financial activities of the business. Income statement will also help Visit Britain to know whether the company is gaining profit with the business activities or is facing loss. Strategies can then be implemented for the improvement in the business operations. Balance sheet of Visit Britain will help the company to record all the assets and liabilities of the business. The management of the company can also focus in removing all the liabilities of the business. 

D4 Evaluate business performance based on financial statements reports for the travel and tourism industry

Visit Britain implemented the types of the financial statements in order to improve the business performance. Cash flow statements help the business to record all the financial transactions of the business. Other than this, the income statements also helped the business to know whether the company is generating profits or loss with the business activities. Other than this, balance sheets have helped the company to manage and record all the assets and liabilities within the business environment. Balance sheet also helped the business to reduce the liabilities within the business environment. 

P8 Explain the importance and value of budgets for controlling business performance and identifying variances

Budget is an important tool which can help an enterprise to manage and control all the financial activities of the business within the business premises. Other than this, budgets are made to control the expenses of the company as well. Companies prepare quarterly and annual budget and all the activities within the business is conducted according to the decided budget (Banks, 2018). Budget can also help the company to save money for the future use as well. While the budget is being prepared, all the units of the business are present. Opinions and views about the budget are taken and after the mutual understanding, the budget is being prepared by the company. Budgets can also help the business to control the business performance as well. 

A budget is planned by a company to-

  • Manage the business performance and control the finances of the business
  • Also helps the business to meet its objectives and goals within the business environment
  • Makes sure that there is sufficient money for the future use as well
  • Helps the company to fund its commitment (Popovič, et.al, 2018

Budgeting here calculates and estimates the revenue, plans and expenses of the company. Other than this, the budget also helps the company to manage the expenses of the business. Budget also restricts the company to spend on those products which are of no use and are expensive as well.  Budget also ensures that the money is allocated properly so that the business can easily achieve the business goals and objectives of the business (Przywara and Rak, 2019). Therefore, it can be stated that the budget can help the business to manage the business operations and can also help in achieving a sustainable business environment. With the help of budget, all the financial activities and the expenditures of the business can be managed. Also, the budget helps the company to stop spending on the unwanted equipment of the business. 

Variance analysis– This is the budget for the production unit for Visit Britain which is a tourism industry in the market. The expected sales unit of the business is £877,500 and the direct material of the business amounts to £135,000. £81,000 is the direct labour and the production overhead amounts to £94,500. The administrative overhead amounts to £216,000. After analysing all the units, the profit of the company amounts to £351,000. 

Budget for the production unit 27000Budgeted production for 10000 and 20000 units
Particulars AmountParticulars AmountAmount
  Sales 325000six50,000
Expected sales units877500   
  Direct Material50000100000
Direct Material135000Direct labour30000six0000
Direct labour81000Production Overhead3500055000
Production Overhead94500Administration Overhead8000080000
Administration Overhead216000   
  Profit130000355000
Profit351000

Above mentioned is the budgeted production which helped in the management of the business operations. The expected sales unit of the business were amounting to £877500. After analysing the costs of direct material, labour, production overhead and administration overhead, the profit of the business will be £35100. On the other hand, if the production is between 10,000 to 20,000 units, the profits seem to be more. The profits in the production between 10,000 to 20,000 units are £355000.  

Role and Value of Budgeting

  1. Budgeting helps in maintaining the assets and liabilities of business.  Budgeting helps in getting proper information about the assets and liabilities of the business. 
  2. Budgeting also guides the management about the policies and the formulation of the policies. 
  3. All the departments of the business can be managed. 
  4. It helps in controlling the unnecessary expenditure of the business 
  5. Activities within the business can be co-ordinated 
  6. Weakness of the business can be disclosed which can help in providing proper management of the financial expenditure. 

Visit Britain is also managing the financial expenditure of the business with the help of Budgeting. Other than this, budgeting will also help in the management of the assets and liabilities of the business. Visit Britain can also get proper information about the expenses of the business and in which manner they are being used. Profits and losses of the business can also be managed with the help of budgeting.

Conclusion

The report had discussed about several aspects travel and tourism industry as this is one of the emerging industry in the current time of period. There was the discussion about one of the tourism organization that is Visit Britain. The revenue management in foremost concern in context of managing the business values with the help of different aspects related to the tourism. Apart from that this is also necessary to attain proper consideration about the factors which needs to be managed while attaining the business related to the HRM and Legislation. 

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