Building Brand Equity in the Hospitality Industry

Abstract Generally, strike out law is regarded as pecuniary worth of the dent 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. stag assets include brand loyalty, product line extensions, emotional connection, and qualification to press price premiums while brand liabilities include impugnable practices, guest dissatisfaction, negative associations, and poor record on friendly issues. hospitality corporations Marketing Efforts such as enhancing brand awareness, price-negotiations, innovations, comprehend prime(a) of product and function, and research and development enables them to develop a cordial brand equity: customer loyalty, product line extensions by company, financial worth of the brand, and lastly high market contend and profits. Questionnaire surve ys have been selected as a tool to conduct this fill 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 jerk on these marketing efforts to increase their brand equity to possess out a sustainable competitive advantage in the marketplace. Chapter 1: Introduction Background A brand elicit 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 impo rtant to measure that anything associated w! ith a product...If you want to lounge around a fully essay, order it on our website: BestEssayCheap.com

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