Travel Agency Management
Not what you're looking for?
Question 1
From the Profit-and-Loss Statement, what are the two ways that any business can increase their profits or lessen their losses? Explain in some detail.
Question 2
What is a Marketing Plan? Discuss some procedures in making one up. Why is this important, especially for a Home-Based Agent?
Question 3
What is the Balance Sheet? How can it help in showing the condition of the business?
Question 4
What is the main item of many business' profit and loss statements that is not normally shown or needed in a travel agency operation?
Purchase this Solution
Solution Summary
The solution provides an in-depth discussion, explanation, importance, practice and application of key subjects of study in Tourism management in terms of running asuccessful travel agency practice- Profit & Loss statement, marketing plan, balance sheet as well as important elementsin the Profit & Loss statement of a travel & tourism business. For expansion,aside from an in-depth description and discussion, websites are provided within the solution so that the student can use said links to find more detailed examples. The solution follows the APA format and references both in print and online are provided.
Solution Preview
Dear Student,
As always, the solution provided below is made to be concise so that you can easily absorb them and use as reference for your studies. Good luck and thank you for using Brainmass.
Sincerely,
OTA 105878/Xenia Jones
-------------------
Profit & Loss Statement
The profit and loss statement is also referred to as the income statement and is important to any business primarily because it is the business official 'Financial Statement' whereby revenue (or the top line - the general amount of money made from products and services before cost in its varied forms are deducted) is expressly denoted to express its transformation to net income or the 'bottom-line' (the profit made which is revenue minus cost). The Income statement is of great importance to stakeholders - managers, employees, investors, concerned government bodies, etc. in that it allows them to see the performance of the company within a particular period growth-wise. Transparency and accountability is what the Income statement means to many hence the income statement 'speaks for the performance and reliability' of any business. The income statement unlike the balance sheet (which shows only a certain date) covers a certain period of time thus presenting patterns within the organization and their customers' demand, purchase and business practice trends. This is what makes a Profit & Loss statement valuable to any business as they usually become evidentiary references to strategic planning when it comes to formulating new marketing and sales plans and strategies to expand the market or to present new products and services to a customer base. A P&L statement usually presents a particular period of sales within a business year typically following seasonal purchases. SO for example, if a travel agency is formulating Sales & ...
Education
- MPhil/PhD (IP), Open University, Milton Keynes, UK
- MA, Open University, Milton Keynes, UK
- Certificate, Geva Ulpan (via Universita Tel Aviv)
- BA, University of the Philippines
Recent Feedback
- "Thank you!:)"
- "Excellent, thank you!:)"
- "Thank you for your timely help. I have submitted another posting (656038) and assigned it directly to you. Please help."
- "Thank you so much for your timely help. Much appreciated."
- "Thanks so much for your support."
Purchase this Solution
Free BrainMass Quizzes
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.