Building Brand Equity in the Hospitality Industry

Abstract Generally, strike out law is regarded as pecuniary worth of the shuffling but brand equity is a broader term that allows some(prenominal) tangible and intangible assets as well as liabilities of a brand. There atomic number 18 certain brand assets and liabilities and brand equity is calculated by deducting brand assets from brand liabilities. stain assets include brand loyalty, product line extensions, emotional connection, and powerfulness to press price premiums while brand liabilities include dubitable practices, guest dissatisfaction, negative associations, and poor record on societal issues. hospitality corporations Marketing Efforts such as enhancing brand awareness, price-negotiations, innovations, perceived prime(a) of product and function, and research and development enables them to develop a sociable brand equity: client loyalty, product line extensions by company, financial worth of the brand, and lastly high market fail and profits. Question naire surveys have been selected as a tool to conduct this arrogate and 30 middle managers of hospitality corporations of US were researched that were filtered via convenience sampling. It was find that a firms marketing efforts such as enhancing brand awareness, price-negotiations, innovations, perceived quality of product and services, and research impose its brand equity.

Strong brand equity was indicated by customer loyalty, product line extensions by company, financial worth of the brand, and ultimately high market share and profits. It is recommended that hospitality corporations must charge on these ma rketing efforts to increase their brand equi! ty to retain out a sustainable competitive advantage in the marketplace. Chapter 1: Introduction Background A brand tin be described as a symbol, mark, and identity that are used to differentiate a product/service in the marketplace relative to its competing products and services (Etzel, Walker, & Stanton, 2007). It is important to refer that anything associated with a product...If you want to lounge around a panoptic essay, order it on our website: BestEssayCheap.com

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