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Published on : Friday, January 8, 2016
Brands are psychology and science brought together as a promise mark as opposed to a trademark. Branding is fundamental, basic, and essential. Building brands builds incredible value for companies and corporations. Brand building is no more just business strategy but also a cultural movement policy to achieve the kinetic growth of your company. Most importantly, with the value of branding, it outlives the product cycle and affect in long-term profitability.
A brand is the product or service of a particular supplier, which is differentiated by its name and presentation, such as Marriott or Hilton for a hotel company.
The hospitality industry has entered a new cycle of brand management in the 2000s with new breeds of concepts and products. The launch of W Hotels from Starwood as a luxury boutique hotel concept had a massive impact on current trends in lifestyle hotel brands. In addition, leading restaurant companies are initiating various branding strategies and introducing fast casual and ethnic cuisine concepts, which are broadly accepted among eating-out consumers. Brand management is one of the relative alignments of hospitality research and industry priorities.
Negative branding is more deleterious than no branding. So it is important to plan for the company’s budget that would fit in the hospitality branding strategy.
The performance measure indicators are:
In a highly competitive service industry such as international airlines, organisations wishing to be successful have to be aware of their competitors and the nature of competitive activities.
Airlines invest in building their brand with new liveries, aircraft interiors, in-flight services and technology, but, while following these trends, establishing a lifestyle brand strategy could benefit the airlines equally. The market is ripe for the rise of airlines as lifestyle brands. The response by airlines to customers’ demands for lower and lower fares has been to do exactly that, lower seat costs, but at the same time to strip more and more of what is included in the fare out of the price.
The multiple qualities represented through the branding process have thus become a marketing tool of considerable strength.