The paper "Leadership Initiative of Expedia" is a worthy example of a case study on management. As an intermediary, Expedia has the power to spur demand, even when the travel industry suffers mainly due to its creative inputs and imaginative market strategies. Expedia strongly believes in a competitive strategy that promotes the innovation of ideas and creativity in its implementation. The travel and tourism industry is an important part of leisure and relaxation which people need in their current fast-paced lifestyle. The short or long vacations that relax and de-stress the mind and body have become an essential part of the contemporary lifestyle.
Indeed, the recessive trend has significantly impacted the industry and people are now looking for cheap travel products that would suit their shrinking income. Through new products that are unique and deliver a matchless experience, Expedia can spur demand. Yes, Expedia is taking the right approach to its branding and promotional strategies. In the current environment of cut-throat business where prices are constantly going down, Expedia’ s products are unique. They are not only competitively priced but also meet the myriad needs of their customers from a single-window market strategy.
Brands are critical elements that influence consumer decisions because of their credibility, quality, and exemplary customer service. Expedia has maintained its brand image in the current scenario of financial crunch and meets customers’ changing preferences with competitively priced products that offer value and satisfaction. Its promotional strategy targets customers with catchy slogans and promises delivery of the same with higher efficiency and value. The use of mixed market strategies that emphasize differentiation, value, and higher return vis-à -vis total travel experience are vital ingredients that have positively impacted its market.
Even if the economy does not recover very soon, Expedia would be able to maintain its good position. It is highly entrepreneurial in its approach and believes in identifying and exploiting new avenues of opportunities. Risk-taking is an important attribute of an entrepreneur that Expedia is not afraid to take, irrespective of economic downfall. It is aware that consumer behavior is mainly motivated by desired goals which may or may not be need-based. Thus, there are huge opportunities for creating needs that are based on changing lifestyles and thereby promoting new products to meet those demands.
In the case of a continuous recession, Expedia’ s leadership initiative would be a strong element of success. It would be able to explore and identify opportunities and judiciously use data, information, and knowledge to evolve new products. As seen from the current creative approach, it would continue to create new linkages to reach customers and provide them with products that can be customized to suit all their requirements. Cultural commodification is another important aspect of marketing that can be used during the recession.
It can develop products that are perceived to hold some intrinsic value to the target segment like a special religious package or cultural experience and thereby influence their purchase behavior. Indeed, Expedia promotes a flexible and customer-centric approach that hugely empowers consumers and help builds long term relationship that cuts across price war that might be initiated by rivals in the industry. Reference Resource as provided.