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Business: Tourism and Hospitality Marketing
Pages 11 (2761 words)
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…
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. ...
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