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"The service industry is customer driven, and marketing thus focuses on the needs of the customer and involves finding out what the customer wants and expect first, before any attempt is made to give a product or a service to meet those needs. Marketing plays a significant role in attracting the attention of the consumer. It make sure that the right product gets to the right customer at the right place and price, using the right promotion
Getting marketing right is crucial to the success of service organizations. The consequences of getting marketing wrong would be disastrous. Thus detailed planning of the four components of the marketing mix - product, price, place, and promotion is very important."
(a) Why marketing mix is so important for small businesses as well as huge multinationals in the service industry?
(b) Price is a sensitive issue unless the market demand is very high for the service or product. Describe the key pricing strategies of marketing used in the travel and tourism industry.
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