Best Practices For Collaborative Marketing

928 Words Jun 17th, 2015 4 Pages
Problem Statement
In order to gain competitive advantage in an industry, best practices for collaborative marketing must be utilized. For the travel, tourism, and hospitality industry, best practices for the collaborative marketing process must be adopted in each of three key marketing management functions: marketing planning, campaign management, and customer analytics. First, however, those best practices for collaborative marketing must be identified and evaluated through a balanced scorecard approach (Heisterberg & Verma, 2014). Once determined, they provide the bases for customer-centric principles, policies, and processes in collaborative commerce. Thus, success in customer retention is more readily achieved.
Challenges and Opportunities The travel, tourism, and hospitality industry faces an array of challenges when deciding on a marketing strategy that include the ups and down of seasonal travel, complexity for the customer in making arraignments for travel, lack of customer loyalty to return to the same destination, and economic conditions that may inhibit consumers traveling plans (Soteriades, 2012). Today, customers obtain near-perfect information about their purchasing selections and options (Shamma & Hassan, 2013). Therefore, customers gained sophistication and a more demanding attitude towards purchasing (Shamma & Hassan, 2013). Without a marketing plan that involves a strong online, mobile and social presence or the launch of successful marketing…
Open Document