Question

2) As an important service sector, why maritime transportation plays a key role for the global economy today? How can a firm successfully increase its brand value (and market share) in the maritime transportation sector? Discuss.

Answer 1

As the world's population continues to grow, particularly in developing countries, low-cost and efficient maritime transport has an essential role to play in growth and sustainable development. Shipping helps ensure that the benefits of trade and commerce are more evenly spread.

Maritime transport plays a key role becuase of the following reasons :-

1) No country is entirely self-sufficient, and every country relies on maritime trade to sell what it has and buy what it needs.

2) The jobs and livelihoods of billions of people in the developing world, and standards of living in the industrialized and developed world, depend on ships and shipping.

3) The shipping industry has played an important part in the dramatic improvements in global living standards that have taken millions of people out of acute poverty in recent years.

A brand can successfully increase its brand value by focusing on following points which are :-

a) A good understanding of the target customer.

b) A unique identity to stand out from the rest.

c) Consistency :- If you work in the shipping industry, you know very well that consistency is key to success.

d) Expertise:- You need to show your customers that you have in-depth expertise in the dynamics of the global trade as well as a good understanding of specific overseas markets.

e) Digital marketing is important for shipping businesses, and failing to do it means leaving a lot of money on the table. If you make your content relevant and useful for your target audience, good things can happen.