Building Brand Equity in the Hospitality Industry

Abstract Generally, strike out law is regarded as monetary worth of the rat but brand equity is a broader term that allows some(prenominal) tangible and intangible assets as well as liabilities of a brand. There ar certain brand assets and liabilities and brand equity is calculated by deducting brand assets from brand liabilities. mark off assets include brand loyalty, product line extensions, emotional connection, and dexterity to press price premiums while brand liabilities include suspect practices, guest dissatisfaction, negative associations, and poor record on kindly 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 ardent brand equity: node loyalty, product line extensions by company, financial worth of the brand, and lastly high market shit and profits. Questionnaire surveys have been sele cted as a tool to conduct this engage and 30 middle managers of hospitality corporations of US were researched that were filtered via convenience sampling. It was notice that a firms marketing efforts such as enhancing brand awareness, price-negotiations, innovations, perceived quality of product and services, and research bill its brand equity.

Strong brand equity was indicated by customer loyalty, product line extensions by company, financial worth of the brand, and finally high market share and profits. It is recommended that hospitality corporations must censure on these marketing efforts to increase thei r brand equity to shake out a sustainable ! competitive advantage in the marketplace. Chapter 1: Introduction Background A brand bed 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 bank note that anything associated with a product...If you want to lounge around a serious essay, order it on our website: BestEssayCheap.com

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