Building Brand Equity in the Hospitality Industry

Abstract Generally, strike out law is regarded as monetary worth of the stain but brand equity is a broader term that allows some(prenominal) tangible and intangible assets as well as liabilities of a brand. There be certain brand assets and liabilities and brand equity is calculated by deducting brand assets from brand liabilities. stag assets include brand loyalty, product line extensions, emotional connection, and top executive to press price premiums while brand liabilities include equivocal practices, guest dissatisfaction, negative associations, and poor record on favorable 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 fond(p) brand equity: node loyalty, product line extensions by company, financial worth of the brand, and lastly high market wander and profits. Questionnaire surveys have been selected 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 impose its brand equity.

Strong brand equity was indicated by customer loyalty, product line extensions by company, financial worth of the brand, and last high market share and profits. It is recommended that hospitality corporations must beef on these marketing efforts to increase their b rand equity to work out a sustainable comp! etitive advantage in the marketplace. Chapter 1: Introduction Background A brand provoke 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 flyer that anything associated with a product...If you want to lounge around a adept essay, order it on our website: OrderCustomPaper.com

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