Essay
UNIT 2 the business of travel and tourism P2
- Institution
- PEARSON (PEARSON)
UNIT 2 the business of travel and tourism
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Angelika MillerThoma
s Cook
Organisational Characteristics
Business structure
Thomas Cook is a public limited company operating in the private sector and due
to this they work towards making a proft which gets divided to all the
shareholders and the board of directors decides how much each shareholder
receives and is open to stock exchange. They are also involved in both inbound
and domestic travel.
Business organisation
Thomas Cook is horizontally integrated as its buying smaller agencies and
merging with them to create a bigger one, for example they merged with
MyTravel. However Thomas cook is also vertically integrated as they integrated
through the chain of distribution from a travel agent to a tour operator and now
also own their own airline and hotel.
Control
Thomas cook is controlled by a board of trustees and shareholders as it is a
limited company therefore the management is accountable to the board and to
the shareholders for any decisions they make. The Board is chaired by Non-
Executive Chairman, Frank Meysman. In addition to the Chairman, the Board
currently includes two Executive Directors and fve Non-Executive Directors and
the CEO is Peter Fankhauser.
Documentation for business set-up
The documents Thomas Cook needed to set up the business were a certifcate of
incorporation which involves registering the business as a company with the
Companies House and once it is accepted the company is ofcially a limited
company. They also needed a memorandum of association which gives the name
and location of the company and how the shares are divided. Finally, they also
needed the article of association which is a document that explains how the
company will be run and what rights the shareholders and company directors
have.
Liability
The liability is limited therefore not only one
person is responsible for the whole company in
case they go bankrupt etc. They are only
responsible for their share of the business e.g.
10%.
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