Interpretation of financial accounts of The Restaurant Group

Unit 2 Finance and funding in Travel Tourism – TRG Plc - Level 5 (Diploma in Travel and Tourism)

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Task 1

Question 1 Importance of costs and volume in financial management of Merlin Entertainments Plc.

Question 2 Pricing methods used in the travel and tourism sector

Question 3 Factors influencing profit of Merlin Entertainments Plc

Task 2: Presentation

Task 3

Question 1 Interpretation of financial accounts of The Restaurant Group (TRG) Plc

Task 4: Poster

This unit aims to provide students with an understanding of the financial aspects of the travel and tourism industry. Students will learn about the importance of costs and volume in financial management, pricing methods, factors that influence profit, management accounting information, and sources of funding.

Costs and volume in financial management

Costs and volume are two of the most important factors in financial management. Costs are the expenses incurred by a business in order to produce and sell its products or services. Volume is the quantity of products or services sold.

For travel and tourism businesses, costs can be divided into two main categories: fixed costs and variable costs. Fixed costs are costs that do not change with the level of sales, such as rent and salaries. Variable costs are costs that change with the level of sales, such as the cost of goods sold and commissions paid to travel agents.

Volume is important because it affects the profitability of a business. If a business can sell more products or services without incurring significant additional costs, then its profits will increase. However, if a business cannot sell more products or services without incurring significant additional costs, then its profits will decrease.

Pricing methods

There are a number of different pricing methods that can be used by travel and tourism businesses. Some of the most common pricing methods include:

Cost-plus pricing: Under this pricing method, the business sets its prices by adding a markup to its costs.
Market-led pricing: Under this pricing method, the business sets its prices based on the prices charged by its competitors.
Value-based pricing: Under this pricing method, the business sets its prices based on the perceived value of its products or services to customers.

The best pricing method for a travel and tourism business will depend on a number of factors, such as the type of business, the target market, and the competitive landscape.

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