Lebanon’s spot is ranked a hundred and seventieth in the planet (CIA, 2014). It is smaller than the measurement of Connecticut, one particular of the smallest states in in The usa. Furthermore, Lebanon is a single of the number of democratic international locations in the Center East location. Relating to its financial system, Lebanon is a free market financial system and has a really lengthy tradition of laissez-faire economics. In addition to its coastal area on the Eastern Mediterranean coast, Lebanon is regarded as as the central ‘window’ of the Center East to Europe, North Africa, and the rest of the globe. Simply because of this, its financial system has absent by way of some quite prosperous occasions and was even once known as the ‘Paris’ of the Middle East ahead of the nation’s fifteen 12 months-prolonged bloody civil war which ended in 1990.
Also, although top reseller panel is little, it is also a single of the most diverse nations in the world. Christians, Muslims, Druze, and other minority sects are unfold all above the little nation and even Lebanon’s political program is based on sectarian electricity sharing.
Nonetheless, this variety had played a pivotal part in the nation’s troubles. This range was a essential situation of the country’s sectarian civil war and at present plays an critical function in its political paralysis, although other factors (mainly overseas) are to blame as effectively. There is at present no acting President and the country’s rival political events keep bickering and protecting against relatively than facilitating the country’s growth.
In addition, Lebanon’s proximity to Israel has produced it a international plan/proxy battleground for international nations, each and every employing Lebanon for its very own egocentric ends.
The sad political realities of the region have drastically hurt the country’s economy. Also, since Lebanon is a service-based economy, this specific sector has taken the largest strike.
Tourism plays a considerable role in the nation’s economy. According to the Lebanese Ministry of Economy & Trade (MOET), “Tourism has long been one particular of Lebanon’s major financial sectors” (Financial Study Unit, 2010).
Additionally, The Planet Travel & Tourism Council believed that the vacation & tourism sector in Lebanon contributed in excess of $4 billion bucks in 2013 (Entire world Travel & Tourism Council, 2014).
The travel & tourism sector created up about ten% of the economy in 2012 but that share dropped to nine% in 2013 (ibid, p. fourteen). This is thanks to the political circumstance in the place as well as some other aspects. Moreover, the amount of vacationer arrivals in the country kept reducing from 2011 to 2013.
Given that the tourism industry has been considerably floundering in the previous few a long time, the room for error turns into quite small for companies in this industry. The political & economic circumstances are squeezing tourist-connected (TR) firms in Lebanon. This signifies that these firms are forced to do a lot more to make up for rising losses (or lowering earnings) and with fewer sources. There is no telling when the political & financial predicament in Lebanon will improve specifically considering that the civil war in neighboring Syria exhibits no signs of abating.
There are many methods that Lebanese TR businesses can adapt throughout these moments this sort of as applying downsizing procedures and cutting again on advertising and marketing & marketing budgets. When economic recessions and challenging times influence firms, the first issues to get eliminated are normally advertising budgets. But specially because TR companies need to have to do a lot more marketing to make up for missing companies, this may possibly not be a good thought.
One answer to this issue is to just take edge of Social Media Advertising and marketing methods given that they cost minor to no methods, best for the present financial predicament in Lebanon. Social media advertising and marketing permits TR firms to get over hurdles of constrained budgets and reduced organization.
Issue Statement
Throughout the past handful of many years, the constructive effect of social media on business has been really high (Kaplan et al., 2010 Stelzner, 2010 Treem & Leonardi, 2012, p. 143 Baker & Inexperienced, 2014).
Moreover, Facebook and Twitter fans of a certain brand name are a lot much more very likely to advocate and acquire from these brands than non-enthusiasts (Cruz & Mendelsohn, 2011). But, we will not need to have to make confident of social media’s influence on enterprise by means of research reports. For social media users, which include more than thirty% of the globe, this simple fact is identified. Far more and a lot more organizations are inserting Social Media marketing tools into their advertising and marketing techniques and, in some situations, have even turn out to be an integral element of their all round company strategy.
Normally, one particular would expect that Lebanese companies would speedily undertake Social Media Marketing and advertising as a important role in their overall advertising approaches but this is not the scenario. When it arrives to the Middle East and especially Lebanon, the location is much powering the West in social media utilization. Not only that, when it comes to businesses associated in the tourism business, there is much place for progress. Minor expense in technology is retaining tourist organizations absent from maximizing advertising possibilities provided by social media.
The Lebanese tourism industry is not getting edge of social media advertising and marketing techniques even even though the rewards of undertaking so are apparent. This presents a fantastic difficulty especially because the economy is likely by means of a extremely tough time.