Business Management For Travel And Tourism

Both financial and management accounting are important tools in a business but both have different purposes. Financial accounting is used to present the financial health of an organization to its external stakeholder. However, management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions. In all common businesses, shareholders generally worry about the income and loss incurred by the company but in the flight industry customer’s safety is always top priority. Besides safety, the second most important concern would be providing the passenger with an exciting travel experience at a minimal cost while maintaining a respectable profit margin that would not concern the shareholders too much.

The hospitality and leisure industry hug a variety of sectors and businesses across hotels, restaurants and restaurants, travel and tourism, gaming, sport and leisure. The sector is reliant on the consumer confidence and business sentiment and is facing rising pressure to deliver innovation, value and quality. Hospitality is that business that helps people to feel welcome, relaxed and to enjoy themselves. It is all about customer service and providing the best quality and experience possible for the customers. (Discover Hospitality, 2012)

Revenue management has been a system long used by the airline industry to optimize revenue on airline routes. Marriott implemented their own revenue management One Yield system twenty years ago to optimize individual guest room rates and allocation. One Yield is used in 97 percent of Marriott’s 3,300 hotels in 70 different countries to handle over 75 million individual guest room transactions per year. Recently, Marriott decided to move from One Yield to Total Yield so its revenue management system would include all revenue generation instead of just individual guest rooms. To develop this system, Marriott created a proprietary Group Pricing Optimizer (GPO) to help hotel managers decide on what

Chapters 10 (pp. 396-405) & 16 (pp. 646-651) Cost Accounting: a managerial emphasis (Horngren et al.)

The Development of the Travel and Tourism Industry and the Factors Affecting it Today Contents The development of the travel and tourism industry Page 3-4 Factors that have led to the growth in travel and tourism Page 4-6 Future developments in travel and tourism Page 6-7 Factors affecting the travel and tourism industry today Page 8-9 Bibliography Page 10 The Development of the Travel and Tourism Industry Throughout history, people have travelled across Britain for purposes of trade, education, religion and to fight in battles.

It is common knowledge that the prices people have to pay for accommodation in hotels vary enormously. Furthermore, hotel revenue managers probably posses or more or less accurate intuition of what causes room rates to diverge. However, they do not know how Online Travel Agent sites select the leading hotels to be placed on their first search page. In this respect, some determinants are expected to be associated with hotel prices in a more or less linear way. To say it differently, price differences between hotels underscore the presence or not of some variables expected to influence the latter. It is essential for hotels to understand how they can price

For our case study on revenue management, we take the case of the Crags Oceanside Golf Resort. The golf resort boasts of a fantastic vista of an ocean and location between rocky cliffs. Guests are promised to an ambience of smelling woodsy scents and freshly mown grass. The golf resort has a reputation of being a home to international golf competitions since the 1950s. The golf course can be used only by members on weekends but by all people from Monday to Thursdays. The clubhouse has a restaurant, tavern, and a retail facility. Golf carts are equipped with global positioning system locators. There is a barber shop, a salon and a golf clinic. The restaurant serves breakfast, lunch, and dinner. There are on-course drinks, cocktails and Saturday evening social events. Catering and event-planning services are available. There is full range of spa products and services. The resort has a complete line of merchandise related to golf. Of course, as a golf resort, there are golf lessons, golf cart rentals and video analysis services on customer’s swings and putting.

Over the last several years, a number of firms have been focused on increasing their bottom line results and decreasing costs. This means that there is an emphasis on eliminating areas which can hurt productivity. In the tourism sector, this is taking place through offering special incentives and rewards. However, many of the airlines and hotels hurt themselves by lacking any flexibility in offering customers choices. (McCarty, 2009) (Bouts, 2007) (Hawtree, 1983)

With the development of tourism, hotel industry competes sharply.A hotel using the different strategy to increase their competitive advantage.Cliff Bowman advance a theory which is Strategy clock, is a tool to analysis enterprise's strategic choice with 8 different type of competitive strategy options including 'No fills', Low price, Hybrid, Differentiation, Focused differentiation, increased price with standard value, increased price with low value and low value with standard price.In the price based strategy( 'No fills', Low price etc) is the most common strategy used in the hotel industry.A low-price strategy reflects to seek to achieve a lower price than competitors whilst trying to maintain similar perceived product or service benefits to those offered by competitors.(Johnson & Scholes, 2008)'No frills' means combine a low price, low perceive product or service benefits and focus on the price-sensitive market segment. Nowadays, there have a lot of argument and discussion about the impact of price-based strategy.In this essay will explain two side arguments of price-based strategy which including pros and cons, needs and risk, also my opinions.

As a Business Management major I have learned to appreciate the essence of a well-rounded curriculum to help fine tune and perfect a blooming business mind. I began college unsure of what path to follow. I walked through the doors of Francis Marion University, my first college, with little expectations and countless queries as to what my first year of college would hold. The first year was more of an eye-opener than a truly enlightening experience. I slowly began to understand that college was much more serious than my previous time spent in high school. The papers were longer, the material was more complex and the professors were more demanding. My time spent at Francis Marion was short, but my writing at the time would set a benchmark for me to judge where I am today. I moved back to Sumter, my hometown, to attend USC Sumter after a semester at Francis Marion. I attribute my time at this university to helping me choose business as my ultimate profession. I took English 102 with Dr. Mary Ellen Bellanca during my first semester. Her class helped ground me with a basic knowledge of fundamental English skills and to have a better grasp on how to research sources and connect them to the thesis and main ideas of my papers. I chose to include a submission from her class to demonstrate my ability to use research to form a very clear and well-written research paper. I also met the most influential teacher of my college career in a Creative Writing class. His name was Dr. Ray

Revenue management (RM) is the art and science of selling the right product to the right customer at the right time for the right price, through a combination of inventory controls and pricing (Cross 1997). The practice has first immerged from the airline industry and rapidly grew to its status today as major business practice widely used in different industries, such as Walt Disney, Hotel Chain, Car Rental and supporting consulting companies. RM relies on optimization models that take the demand forecast, risk factors, and capacity limitations as inputs, and output the optimal pricing strategies and quantities to be sold in a specific period, in order to maximize the company’s revenue. These decisions involve lots of uncertainty and risks especially for products with a perishable nature. Decision makers always have to choose between two options: sell the product as early as possible at lower price and guarantee a revenue from the product before it expires, or encounter the risks of delaying the selling process for the last moment before expiration date and rely on customers who are willing to pay high prices for the sake of getting the product. RM models are the tools that assist in such decisions, they are able to first determine the time period where market conditions are most favorable, and set up the right prices that are not too low leading to loss of profits and not too high leading to loss of customers.

Our industry, the Global Hotels and Resorts, experienced strong growth over the five years to 2015. Over the five-year period, both consumers and businesses became more confident about their finances and spent freely on luxuries, including travel. This culminated in a substantial increase in travel rates and hotel room and occupancy rates, two indicators of a hotel 's performance. Travel spending has also picked up quickly, especially in emerging economies where tourism is on the rise. Global tourist arrivals are expected to increase an annualized 4.8% over the five years to 2015 to reach 1.2 billion. As a result of these positive trends, industry revenue is expected to increase an annualized 4.6% over the five years to 2015

Destination marketing association International (DMAI) is an organization that represents DMO’s, conventions, and visitor bureaus around the globe. It is the world’s largest resource for people in the industry, with over 1500 professionals in the org. They provide members with lot of tools to succeed in the industry such as networking opportunities. Recently the details for their 2017 convention has come out. The big news being that they are changing their name do Destinations International. This is a big event in the history of the organization as they rebrand themselves for the future.

Hotels are shifting from owning new properties and establishing them to managing the existing one’s which lead to merges.

Abstract: Competition today is one of the major threats to an airline industry. Competitive advantage therefore can be achieved by establishing cost leadership. The ultimate challenge faced by any company would be to leverage between the escalating operational costs and falling revenues so as to maximise the profits. Determine the costing procedure of an airline industry and the various possible efforts it takes to reduce the costs. The airline industry employs a trend and horizontal analysis to evaluate its performance and productivity. This industry can be categorised into international, national, regional and cargo operations. The major costs incurred by the airline industry are weather costs, fuel