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What's a good way for a couple of backpackers to enjoy a holiday around Marrakesh?
Morocco is a wonderful country -- you will enjoy it very much! Marrakech is very lively and a fascinating city that always has something going on! Anywhere you go, the breakfasts are phenomenal and the markets will be unlike anything you have experienced.
Before you go, do a lot of research on where you will be staying. I would suggest staying inside of the Medina near any of the mosques. Great restaurants and riads on every corner. If you are both females, simply use precaution at night, and make sure you don't get scammed by a taxi driver looking to make extra money off a tourist.
Anywhere in Marrakech, a taxi ride will cost you about $3-5USD. Ask how much before you get into the cab. :) Book a tour guide prior to your arrival through a reputable company (I would highly recommend Atlas Sahara Experience) as they can take you around Marrakech and to other parts of the country like the desert and Essaouria Beach via a private car. They can also take you through the Souk ensuring you don't get overcharged by any of the vendors. A great place for lunch and dinner is the Black Chich Cafe. The fresh pressed juices are amazing and they make the freshest smoothies! They also have some very rare traditional Moroccan dishes that you won't find anywhere else in Marrakech.
The people in Morocco are very kind and excited to share their culture with visitors. You will have a wonderful time!