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Business: Tourism and Hospitality Marketing - Essay Example

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Business organizations have to face stiff competition in their related market and therefore need to develop new and essential strategy to remain in the market and provide stiff competition to its rivals. Marketing is the essence of any business and organizations use it effectively to be successful in their related market…
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Business: Tourism and Hospitality Marketing
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"Business: Tourism and Hospitality Marketing"

Download file to see previous pages The growth in international trade, opening of economies and global access to information have brought increasing competition in several industries, resulting in strong consolidation and reduction of margins which has introduced the marketing strategists to an era of strict budgetary control and coordination, demanding very careful decision making with respect to where and how to spend what resources were available. In response to the constraints imposed by the globalization of markets, which often have no conventional boundaries, firms and their marketing function have become more international, and recognized a growing need to focus on their core businesses, outsourcing activities and contractual relationships, so as to manage their inputs and distribute their outputs efficiently. Real networks are being developed, focusing on relationships, and continuous and sustainable development. According to Cravens and Piercy (1994) rapidly changing markets, a complex array of technologies, shortages of skills and resources and more demanding customers present service organizations with an unprecedenting set of challenges. Many business executives recognize that building relationships with other companies is essential to compete effectively in the turbulent and rapidly changing post-industrial era confronting developed world economies. According to Fyall and Garrod achieving organizational objectives by satisfying consumers is the main essence of marketing concept. The marketing perspective also asserts that the key to achieving organizational goals is for organizations to determine the needs and wants of target markets and to deliver the desired satisfactions more efficiently and effectively than competitors. However it is important to mention that collaborative marketing can enable marketers to initiate and manage collaborative relationships with customers to potentially obtain sustainable competitive advantages over competitors who do not rely on such an approach in the area of new product or service development (Dacko, 2008). Corsten and Kumar (2005) mention that marketing theory and practice has embraced the idea of relationship marketing making it necessary for the firms to develop collaborative partnerships and relational governance that adopts a long term perspective and include an ongoing process to lower acquisition and operating costs in contrast to typical adversarial transactions that involve bidding procedures in which multiple suppliers compete against one another in an effort to drive down prices. Cravens and Piercy (1994) mentions that building trust between two organizations encourages them to assume joint risks in an environment of high risk and to engage in recurrent business transactions wherein the businesses will enter into cooperative relationships, which are the key dimensions of relationship marketing, developing interdependent and cooperative relationships with suppliers, competitors, channel organizations, and consumer ...Download file to see next pagesRead More
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