Lebanon’s spot is ranked a hundred and seventieth in the world (CIA, 2014). It is smaller than the dimension of Connecticut, 1 of the smallest states in in The usa. Furthermore, Lebanon is one of the few democratic nations around the world in the Middle East area. Relating to its economy, Lebanon is a totally free industry economy and has a quite extended tradition of laissez-faire economics. In addition to its coastal place on the Jap Mediterranean coast, Lebanon is considered as the central ‘window’ of the Center East to Europe, North Africa, and the relaxation of the planet. Simply because of this, its economy has long gone through some really prosperous occasions and was even when called the ‘Paris’ of the Center East prior to the nation’s fifteen 12 months-long bloody civil war which ended in 1990.
Also, even though Lebanon is very small, it is also 1 of the most various nations in the globe. Christians, Muslims, Druze, and other minority sects are distribute all in excess of the tiny country and even Lebanon’s political program is based on sectarian power sharing.
Nonetheless, this diversity experienced performed a pivotal function in the nation’s problems. This variety was a needed problem of the country’s sectarian civil war and at the moment plays an critical function in its political paralysis, although other aspects (primarily overseas) are to blame as effectively. There is at the moment no performing President and the country’s rival political events maintain bickering and preventing relatively than facilitating the country’s growth.
Additionally, Lebanon’s proximity to Israel has produced it a overseas policy/proxy battleground for overseas nations, every using Lebanon for its own selfish ends.
The unhappy political realities of the country have drastically harm the country’s economy. Also, given that likeslive.com is a provider-based mostly financial system, this distinct sector has taken the premier strike.
Tourism performs a significant role in the nation’s financial system. In accordance to the Lebanese Ministry of Financial system & Trade (MOET), “Tourism has lengthy been 1 of Lebanon’s top financial sectors” (Financial Research Unit, 2010).
Moreover, The Planet Travel & Tourism Council believed that the vacation & tourism sector in Lebanon contributed over $four billion pounds in 2013 (Planet Travel & Tourism Council, 2014).
The vacation & tourism sector created up about ten% of the economic climate in 2012 but that share dropped to 9% in 2013 (ibid, p. fourteen). This is thanks to the political situation in the place as nicely as some other variables. Furthermore, the amount of tourist arrivals in the region stored reducing from 2011 to 2013.
Because the tourism industry has been considerably floundering in the past handful of many years, the place for mistake turns into really tiny for companies in this market. The political & economic conditions are squeezing tourist-relevant (TR) companies in Lebanon. This means that these businesses are compelled to do a lot more to make up for growing losses (or lowering profits) and with much less methods. There is no telling when the political & economic scenario in Lebanon will boost particularly because the civil war in neighboring Syria displays no signs of abating.
There are many approaches that Lebanese TR companies can adapt throughout these instances these kinds of as implementing downsizing procedures and cutting back on advertising and marketing & marketing budgets. When economic recessions and tough instances affect companies, the initial things to get eliminated are generally advertising budgets. But specifically since TR companies need to do much more advertising and marketing to make up for misplaced firms, this might not be a good thought.
A single answer to this dilemma is to get gain of Social Media Advertising and marketing strategies given that they cost small to no sources, ideal for the recent economic scenario in Lebanon. Social media advertising and marketing enables TR firms to get over obstructions of restricted budgets and diminished enterprise.
Throughout the previous handful of many years, the optimistic result of social media on organization has been really high (Kaplan et al., 2010 Stelzner, 2010 Treem & Leonardi, 2012, p. 143 Baker & Environmentally friendly, 2014).
Moreover, Facebook and Twitter fans of a specific brand name are significantly much more very likely to advise and purchase from these brands than non-fans (Cruz & Mendelsohn, 2011). But, we don’t need to have to make positive of social media’s affect on business through investigation scientific studies. For social media customers, which consist of above thirty% of the world, this simple fact is identified. A lot more and much more organizations are inserting Social Media advertising and marketing resources into their marketing and advertising strategies and, in some circumstances, have even grow to be an integral element of their general enterprise approach.
Naturally, a single would count on that Lebanese companies would rapidly adopt Social Media Marketing and advertising as a key position in their overall advertising strategies but this is not the case. When it arrives to the Middle East and especially Lebanon, the region is far guiding the West in social media utilization. Not only that, when it arrives to organizations concerned in the tourism sector, there is a lot room for growth. Tiny investment in engineering is keeping vacationer firms absent from maximizing marketing and advertising possibilities given by social media.
The Lebanese tourism industry is not taking advantage of social media advertising strategies even though the rewards of doing so are evident. This presents a fantastic difficulty particularly since the economic system is going by way of a very rough time.