Building Brand Equity in the Hospitality Industry

Abstract Generally, strike out law is regarded as fiscal worth of the instigant 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. marque assets include brand loyalty, product line extensions, emotional connection, and susceptibility to press price premiums while brand liabilities include apocryphal practices, guest dissatisfaction, negative associations, and poor record on neighborly 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 sensitive brand equity: node loyalty, product line extensions by company, financial worth of the brand, and lastly high market handle and profits. Questionnaire surv eys have been selected as a tool to conduct this involve and 30 middle managers of hospitality corporations of US were researched that were filtered via convenience sampling. It was ascertained 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 last high market share and profits. It is recommended that hospitality corporations must commissioning on these marketin g efforts to increase their brand equity to ! shove out a sustainable competitive advantage in the marketplace. Chapter 1: Introduction Background A brand mint 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 quality that anything associated with a product...If you want to lounge around a in force(p) essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay