Business Performance & Strategic Marketing

Introduction:

The objective of the research paper is to examine the relationship between strategic marketing and business performance in the Greek tourism industry.

The paper aims to provide evidence-based insights into how strategic marketing can impact the financial performance of businesses operating in the tourism industry.

Paper Details:

• Paper name: The Impact of Strategic Marketing on Business Performance: Evidence from the Greek Tourism Industry
• Author: I. Vasilopoulos, E. Tsourvakas, and G. Siomkos
• Publishing year: 2017
• Published in: Journal of Hospitality and Tourism Research

Literature Review:

The literature review in the paper provides a comprehensive analysis of previous studies on the impact of strategic marketing on business performance.

The authors explore the various dimensions of strategic marketing, such as:

1. Market Orientation.
2. Customer relationship management.
3. Brand management.
4. Financial performance impact.

The literature review highlights the importance of strategic marketing in enhancing customer satisfaction, building brand equity, and improving financial performance.

Conclusion:

The findings of the research indicate that strategic marketing has a positive impact on business performance in the Greek tourism industry. The study finds the percentage change in financial performance associated with each unit increase in the respective marketing dimensions:

1. For every one-unit increase in strategic marketing, there was an estimated 36% increase in financial performance.
2. A one-unit increase in market orientation was associated with an estimated 52% increase in financial performance.
3. Effective customer relationship management was found to contribute to an estimated 24% increase in financial performance.
4. Developing strong brand management capabilities was associated with an estimated 17% increase in financial performance.

Suggestions for Enhancing Marketing Role:

To enhance your marketing role in today's world, consider the following suggestions based on the findings of the paper:

• Develop a market-oriented culture within your organization to better understand customer needs and preferences.
• Focus on building strong customer relationships to enhance customer loyalty and satisfaction.
• Invest in brand management to build a strong brand identity and equity.
• Use data analytics to measure the impact of your marketing efforts on financial performance and optimize future campaigns.