Digital Media Marketing for Tourists: ANZ Bank, Tourism-Economy Link, and Internet Impact on Pricing Strategies

In this document we will discuss about Digital Media Marketing for Tourists and below are the summary points of this document:- ANZ Bank plays a significant role in New Zealand's tourism industry by offering banking services tailored to tourists. The link between tourism and economic growth in Europe is not consistent, varying depending on economic conditions and time. Internet has a substantial impact on pricing strategies in the tourism industry, affecting competitiveness and profitability.

Running head: DIGITAL MEDIA MARKETING FOR TOURISTS
Digital Media Marketing for Tourists
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1DIGITAL MEDIA MARKETING FOR TOURISTS
ANZ bank is the world’s largest banking group after the Commonwealth Bank and
Westpac Banking Corporation and it is the largest banking group in the New Zealand. ANZ
Bank is immensely concentrating on the banking business and they offers core banking services
such as internet banking, home loans, personal loans, credit cards and foreign exchange. In New
Zealand, the local economy is mostly dependent on the tourism sector of the country. In this
country, the agri-tourism is a one of the biggest contributor of the economy of the country. The
ANZ Bank’s data showed that tourism is one of the biggest earners in tourism in New Zealand.
Every year, largest number of tourists visited the country and China hold the second position. It
is observed that, an Australian spends almost $2000 while visiting New Zealand and they are far
behind the people of China ($4750/ person), US ($ 4550/person) ( ANZ Bank, 2019). So, it can
be said that, with the growing tourism, the foreign exchange will also be enhanced. The main
competitors of the ANZ bank are Westpac banking, Commonwealth Bank, HSBC, Suncorp and
UBS. The bank is also offering Cash exchange services, Travel card, facility of money transfer
and all these are related to the tourism industry (ANZ Bank, 2019). The role of a service
consultant at Northwest Mall, ANZ Bank, Auckland is to provide these services to the tourists
who use CASH PASSPORT facility of ANZ bank. Moreover, the consultant also provide
services to the abroad visitors who are visiting the branch of the Bank.
PART 2
Antonakakis, N., Dragouni, M., & Filis, G. (2015). How strong is the linkage between
tourism and economic growth in Europe?. Economic Modelling, 44, 142-155.
In this study, the authors examined relationship of between the economic growth and
growth of tourism industry by using the spillover index approach. In this study, the authors

2DIGITAL MEDIA MARKETING FOR TOURISTS
collected the monthly data of the 10 European countries between 2005-12. In their study
they found that the economic- tourism growth relationship is not consistent at all. They
concluded that the economic-driven tourism growth (EDTG) and the tourism-led economic
growth (TLEG) completely time dependent.
The collected data from the countries are also affected by the economic recession and the
economically stronger countries also contributed in the collected data in order to reduce the bias.
In many countries within Europe, it was observed that, the tourism industry is directly
contributing to the economy of the country (Antonakakis, Dragouni & Filis, 2013). In the
article by Chou (2013), authors have provided supportive argument that tourism based
developments has been noted to improve economy and establish economic growth of even the
transitioning countries. The large sample size that is almost the data base of 10 European
countries and longtime of the study are the strengths of this study.
In case of New Zealand as well, the scope of tourism based development is high, and as
the bank is directly associated with the tourism industry by offering banking services and cash
passports to the foreigners, this can be a prosperous window for economic growth.
Sahut, J. M., & Hikkerova, L. (2014). The impact of internet on pricing strategies in the
tourism industry. The Journal of Internet Banking and Commerce, 14(1), 1-8.
In this study of Sahut & Hikkerova ( 2014), the impact of internet on the pricing
strategy in the tourism industry was analyzed. In this study it was observed that, the internet
had an immense effect on the tourism. In the internet, it can be easily observed that most of
the companies related to the tourism industry are offering various attractive deals through the
internet as a part of their digital marketing strategy. Nowadays, with growing popularity of

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the internet use, the internet has become very affordable to most of the people and they can
access various information related to the travelling in countries.
Moreover, people are now using internet for booking their hotels in foreign countries.
In this study, the authors also examined the use of Yield Management (YM) in the process of
price settings and revenue generation from the services like airlines seat booking, hotel
booking. In support, Moreno-Izquierdo, Ramón-Rodríguez and Ribes (2015) has stated that
the impact of internet is increasing rapidly in the airline booking and cancellation, which has
a huge impact on the tourism based economy. In order to understand the consumer’s
perception towards the pricing strategy, the onset of dynamic pricing strategies due to the
huge impact of internet based bookings is vital as well (Abrate & Viglia, 2016). From this
study, it was observed that, most of the respondents, researched for the room rents and
among them a significant number of people used internet for searching and booking purpose.
Although, telephone was still preferable for its easy use process.
The ANZ bank can collaborate with hotel chains and can provide attractive internet
booking deals to the tourists so that they are attracted to use their banking services while
travelling, in turn fuelling the economic growth and market presence.
Anz.co.nz. (2019). Multi-Currency Cash Passport | ANZ. [online] Available at:
https://anz.co.nz/personal/migrants-travel-foreign-exchange/travel-money/mastercard-multi-
currency/ [Accessed 17 Mar. 2019].
One of the greatest aspects associated with the economy of the ANZ bank is the cash
passport, a revolutionary trend in the global market. MasterCard is the multi- currency Cash

4DIGITAL MEDIA MARKETING FOR TOURISTS
passport which is marketed as a smart, convenient and cost effective manner to carry cash
while people are travelling. Elaborating more, the MasterCard® Multi-Currency Cash
Passport can be considered as the prepaid travel card which can be loaded with up to 9
currencies. After being loaded the cash passport can be used to get local currency and
making purchases anywhere in the world where master card is accepted. The website
mentions this cash passport format being accepted 35.9 million locations worldwide. The
bank markets the product as a easy and convenient way in which people can carry cash
without having to go through the hassle of currency conversion. Another marketing
phenomenon is the fact that it is protected by a PIN, and also having a chip incorporated
which provides extra layers of security to the clients. These factors are very important
contributors to changing the decision making in the clients in favor of the cash passport,
making it a very important aspect of the tourism and economic growth of exotic locations.
Ngoasong, M. Z., & Kimbu, A. N. (2016). Informal microfinance institutions and
development-led tourism entrepreneurship. Tourism Management, 52, 430-439.
In this study authors explored the method of support given to the development-led
tourism by informal microfinance institutions (IMFIs) entrepreneurship through providing
micro credits. Moreover, by using this method small tourism firms are also getting benefits
regarding their business.
The author argued about the impact of the collective action of the IMFIs on the
development led tourism industry. The study was conducted in the North-Western and
Western part of the Cameroon. In this study, a micro-ethnographic approach was used in the
form of informant interview, group discussion method and participant observation

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techniques. The data was collected in June and July, 2013. The researcher found that, there
are direct impact of the informal microfinance institutions (IMFIs) on the tourism industry of
the country and on the other hand the indirect effects are communitarian projects that are
engaged in promoting the tourism in the country of Cameroon. It was also concluded that, the
development-led tourism should be promoted in order to promote the overall tourism industry.
The large sample size of the study, is the strength of the study and on the other hand a very short
time for the study can be counted as a weakness of this study. In support, Kasemsap (2018) has
also stated that the impact of microfinance development is vital in not just tourism but also in
the overall economic growth of the nation. For instance, sustainable development based
women led entrepreneurships are also an excellent method to incorporate economic growth
in the nation, especially through tourism.
Hence, the ANZ bank in New Zealand can promote microfinance industry in tourism,
especially with culturally diverse women as microfinance start-ups, which can contribute in the
development of overall economy growth of the country.
Khanal, B. R., Gan, C., & Becken, S. (2014). Tourism Inter-Industry Linkages in the
Lao PDR Economy: An Input—Output Analysis. Tourism Economics, 20(1), 171-
194.
The study of Khanal, Gan & Becken ( 2014) analyzed the relation of Lao PDR
tourism and the other part of the economy. In this study, the authors examined the
expenditure of the international visitors and in order to analyze the economic data, the input-

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output models were used. Primarily it was found that, there is an immense relationship with
the economic growth of the country and the tourism industry of the country.
From the data it was found that, the in 2010 almost US$313 million was contributed
as revenue from the tourist’s recipients to the Lao PDR. The tourism exports of Lao PDR
was almost 15.5% and it was estimated that 11.5% was contributed to the GDP of Lao PDR
by the tourism industry. Almost 417 visitors were surveyed in the month of November to
December, 2009. The result data showed that, the average length of stay in the Lao PDR was
almost 6.8days /trip and US$ 246/trip was spent by the visitors. The study also found that
30% of total expenditure was spent for the accommodation and 4% was spent for the
banking. The tourism sector of Lao PDR almost contributed 7.5% of the total GDP of the
country. The multiple parameter and a big sample size can be a strengths of this study. On
the other hand a small time for the execution of this process can be a weakness of the study.
Although, as mentioned by Forsyth et al. (2014) has stated that the impact of departure tax is
very delimiting on the tourism growth and economic development. As mentioned by Brida,
Deidda and Pulina (2014), in the remote locations, due to high tourism tax and difficult
resource availability, become economically insufficient.
By analyzing this data, ANZ Bank can enter the tourism sector of Lao PDR by
offering accommodation facilities in collaboration with hotel chain of that area and they may
offer special offer to frequent visitors of Lao PDR. Similarly, providing assistance in
reducing the tourism tax related constraint and providing additional offers and benefits in
remote locations can help in improving tourism.

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Bibliography
Abrate, G., & Viglia, G. (2016). Strategic and tactical price decisions in hotel revenue
management. Tourism Management, 55, 123-132.
Antonakakis, N., Dragouni, M., & Filis, G. (2013). Time-varying interdependencies of
tourism and economic growth: Evidence from European countries.
Antonakakis, N., Dragouni, M., & Filis, G. (2015). How strong is the linkage between
tourism and economic growth in Europe?. Economic Modelling, 44, 142-155.
ANZ Bank. (2019). Currency Converter. Retrieved from :
https://www.anz.com.au/personal/travel-international/currency-converter/ [ Accessed on
12th March, 2019]\
ANZ Bank. (2019). New Zealand’s tourist industry has growing pains - is agritourism the
answer?. Retrieved from https://comms.anz.co.nz/businsights/article/editorial-
detail.html?id=23828&name=International%20Business [ Accessed on 12th March, 2019]
Anz.co.nz. (2019). Multi-Currency Cash Passport | ANZ. [online] Available at:
https://anz.co.nz/personal/migrants-travel-foreign-exchange/travel-money/mastercard-
multi-currency/ [Accessed 17 Mar. 2019].
Brida, J. G., Deidda, M., & Pulina, M. (2014). Tourism and transport systems in mountain
environments: analysis of the economic efficiency of cableways in South
Tyrol. Journal of Transport Geography, 36, 1-11.
Chou, M. C. (2013). Does tourism development promote economic growth in transition
countries? A panel data analysis. Economic Modelling, 33, 226-232.

8DIGITAL MEDIA MARKETING FOR TOURISTS
Forsyth, P., Dwyer, L., Spurr, R., & Pham, T. (2014). The impacts of Australia's departure
tax: Tourism versus the economy?. Tourism Management, 40, 126-136.
Kasemsap, K. (2018). Exploring the Role of Microfinance in Emerging Nations.
In Financial Entrepreneurship for Economic Growth in Emerging Nations (pp. 174-
193). IGI Global.
Khanal, B. R., Gan, C., & Becken, S. (2014). Tourism Inter-Industry Linkages in the Lao
PDR Economy: An Input—Output Analysis. Tourism Economics, 20(1), 171-194.
Kimbu, A. N., Ngoasong, M. Z., Adeola, O., & Afenyo-Agbe, E. (2018). Collaborative
Networks for Sustainable Human Capital Management in Women’s Tourism
Entrepreneurship: The role of tourism policy. Tourism Planning & Development, 1-
18.
Moreno-Izquierdo, L., Ramón-Rodríguez, A., & Ribes, J. P. (2015). The impact of the
internet on the pricing strategies of the European low cost airlines. European Journal
of Operational Research, 246(2), 651-660.
Ngoasong, M. Z., & Kimbu, A. N. (2016). Informal microfinance institutions and
development-led tourism entrepreneurship. Tourism Management, 52, 430-439
Sahut, J. M., & Hikkerova, L. (2014). The impact of internet on pricing strategies in the
tourism industry. The Journal of Internet Banking and Commerce, 14(1), 1-8.
Travel & Tourism Economic Impact 2017. (2019). Travel & Tourism Economic Impact 2017
World. Retrieved from https://www.wttc.org/-/media/files/reports/economic-impact-
research/regions-2017/world2017.pdf

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