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Preet Rathore - Triona P4 - Unit 10 - Business Travel operations
Transcript of Preet Rathore - Triona P4 - Unit 10 - Business Travel operations
The Global Economy
Growth and recession , exchange rates
With many Brits booking their summer holidays, i will be looking at the destinations that offer the best return on your money .
Holidaymakers looking to book now can take advantage of favorable exchange rates which can offer up to two thirds better value compared to this time last year. The destination that offers 65% more for your pound spent is Zambia .
This table is showing the best destinations to watch out for in 2016 for the best value for money .
This is followed by Brazil and Argentina which offer 43% and 42% better value. Also destinations such as Turkey, Malaysia and Canada also feature in top 12 best value destination list based on current exchange rates. The Euro has fallen outside of the top 12 but is still offers 7% more for your pound compared to last year.
Commenting on 2016’s predictions, Darren Kilner, currency expert for FAIRFX, added: “In the first half of 2016, the Pound could continue to be under pressure as political uncertainty takes hold of the UK with the EU referendum due to take place before the year is out.”
He added: “However, there is scope for the Pound to strengthen in the second half as the Bank of England looks to raise interest rates, following the Fed at the end of 2015, making it the second major economy to raise rates.”
“As a result, the Pound could strengthen against European and Scandinavian currencies including the Euro, Norwegian Krone and Swedish Krona, where interest rates look likely to be cut.”
Web and telephone conferencing , e meetings , web based seminars
Booking their business travel through an online booking tool will effect the TMC as they will have less contact with the customers personally . This could also affect the global economy as technology is effecting the business travel because meetings and conferences are now being done over the internet and over social sites .
TMC's will need licenses from ATOC and IATA in order for clients to book train and air tickets . The TMC will keep track of clients budgets .
PHE and the National Travel Health Network and Centre are advising pregnant women to consider avoiding travel to countries with ongoing Zika virus outbreaks.Whilst it remains important for travellers to take the necessary precautions, PHE is stressing that any public health risk to the wider population in England is negligible, as the mosquito that transmits the virus is not found in the UK.
Dr Hilary Kirkbride, travel and migrant health expert at PHE said:
“While we may expect to see small numbers of Zika virus infections in travellers returning to the UK, the risk to the wider population is negligible as the mosquito is not found in the UK and the virus cannot be caught from coming into contact with an infected person.
Also they advise that if you are planning on travelling to any of the infected countries, seek advice from a health professional if you have any questions or concerns.Since the start of the outbreak in 2015, 5 UK travellers have been diagnosed with Zika virus.
Five cases of Zika virus have been diagnosed in UK travellers as part of this outbreak. There has only been one additional case of Zika virus infection diagnosed in the UK to date. This case was diagnosed in 2014 following travel to the Cook Islands and is not part of the ongoing outbreak in South and Central America and the Caribbean.
Almost 1.4 million UK residents travelled to South and Central America and the Caribbean on average each year between 2010 and 2014.
What is the Zika virus:
It is Spread by the Aedes aegypti mosquito, which also carries dengue fever and yellow fever
◾First discovered in Africa in the 1940s but is now spreading in Latin America
◾Scientists say there is growing evidence of a link to microcephaly, that leads to babies being born with small heads
◾Can lead to fever and a rash but most people show no symptoms, and there is no known cure
◾Only way to fight Zika is to clear stagnant water where mosquitoes breed, and protect against mosquito bites
Growth and recession
Growth and recession
Among the nations with a 50-50 chance of two quarters of contraction is Taiwan. Its annual growth rate slow dramatically from 4 percent in the first quarter of 2015 to minus 0.6 percent in the third quarter due to a slowdown in exports to China.
Even with expected growth this year of 1.2 percent, Ukraine, one of last year's worst performers, is still at risk. Economists rate its chance of recession over the next 12 months at 60 percent, the third-highest tied with Argentina.
With the UK entering a double dip recession in the beginning of the year 2012 , this has resulted in being a massive effect and issue for the travel and tourism industry . The increase in unemployment , price rises , redundancies saw the UK population resulting in yearly holidays within their residing country or non at all , this is rather than traveling abroad .
Here's what a few of the world's largest airlines are doing in reaction to the outbreak.
American Airlines' policy will allow a customer to receive a refund if they provide a doctor's note stating that they are unable to travel to affected countries or territories due to their pregnancy.
Affected countries include Brazil, Colombia, El Salvador, Guatemala, Haiti, Honduras, Martinique, Mexico, Panama, Puerto Rico, and Venezuela.
"If a pregnant customer is due to travel up to and including February 29, but they no longer wish to travel," British Airways said in an email to Business Insider. "They can change their booking free of charge and delay their journey or amend to an alternative destination."
"This applies to flights to Brazil, Mexico, Barbados and Dominican Republic, and we will continue to review the situation."
The global company- M1
The growth and recession has affected the business travel environment as travel agencies are now having to increase there prices on holiday packages as they are no able to reach their target this is because not many people were traveling to different destinations , this is based on the fact that pries have become very expensive and many people couldn't afford to take more than one holiday a year because they have no jobs and workers in the travel sector were made redundant .
The recession has made an affect on travel budgets because they had to change their prices on flights as well as accommodation and tried to lower there prices , this is so customers can afford the holiday packages , so that they can make some money from the holidays that they are selling to customers , however because of the recession some people might not be able to afford first class and five star hotels because the GDP is decreasing and people customers would rather chose to go by economy and chose three star accommodation or apartments. This then gives budget airlines some competition because people have now started to choose budget airlines such as rynaire and easy jet because of the cheaper prices than other well known bigger airlines such as british airlines and if they arrange business trips in Europe they may want to take a rail service to get to the UK to Europe such as The euro star , but because of the recession not many are traveling for business meetings instead they are doing web conferencing which has caused an increase in the use of web conferencing as companies can now do their meetings with other companies around the world without having to travel to attend the meeting . Some business travelers might be affected by airlines during the recession if they do not have ATOC licensing which protects customers from airlines that collapse was XL airlines in 2008.
Technology - M1
Technology – web and telephone conferencing, e – meeting, web based seminars
Technology such as web conferencing has had an effect on the business travel environment as there has been an increase in web conferences such as SABA as well as WebEx , whereas other companies can now arrange meetings with other companies without having the trouble of having to buy tickets to travel abroad and because of this it has a has put a decrease in sales as now they will be no need to buy flight tickets or having to look for accommodation to stay in as many companies are using web conferencing . however there is now competition for budget airlines and rail , this is because they are losing profits because of business clients no longer having to fly due to the increase in technology and budget airlines will have to special offers and incentives in order to try and attract more customers to travel with them .
Health Epidemics - M1
Health epidemics is also another big factor which is also affecting the business travel environment and recently there has been a massive outbreak of a disease called the Zika virus , which is a disease that has been carried out out by mosquitoes and the virus is spreading around south American and could spread to north America and Canada , the virus has already affected over a massive 10,000 people . This has made a huge impact on business travel because the virus has resulted in business travelers not wanting to travel to America for their meetings. however this had resulted in an advantage as it has caused an increase in web conferencing as people don't need to take the trouble of flying abroad instead they can do web conferencing .
D1- Discuss the current business travel environment and how business travel agents are responding to current challenges.
Technology is having a big impact on business agents because it has now become much more advanced in the way that we now have web based meetings where business agents are now being to communicate with other work colleagues over video chat and they can also use web messaging in order to talk to other business agents globally and around the world . By having web meetings they are able to record the meeting and send it to other business meetings . There is something called self booking this is where business travelers can book their own packages which includes choosing there own flights , accommodation and transfers by themselves without having to visit a business travel agent . Another method of advanced technology is a rail and travel app , this makes it easier for the business travelers as if they need to book train tickets they wouldn't need to take the trouble of going to a ticket desk or having to phone the train service that is required instead they can book it themselves .
How the business agents are responding to this change is by making many online websites for the companies this way clients can browse through the choices themselves and chose what suits them best and can also put their contact details such as emails, fax and phone number which then gives clients another way of getting in touch with the agents without having to visit the agency. On the website the business have put a payment section where clients can pay online with their debit card once they have chosen what they want.