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Brand Equity for Hotels - Essay Example

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Brand Equity for Hotels

A brand represents the core of the customers' awareness of the hotel, its services and products. Keller (1997) explained that the positive or negative perceptions that are created and persuade a customer to avail or not to avail services at a certain hotel stand for the brand equity. A customer's excellent experience with a certain hotel brand creates a strong representation of that hotel brand, whereas an awful experience wears away that strong brand. A prospective customer does not require first-hand experience with a certain hotel brand to create an impression of that hotel brand. Brand equity makes use of the media or other marketing techniques to strengthen mass exposure of their hotel brands. This means that people are aware of which among the hotels are classified excellent and poor even if they haven't experienced being guests in those hotels. So, a strong need for hotel management is formed into creating the best and strong brand of hotel for business longevity as well as increase in profit.
Creating strong hotel brands is believed to be one of the key factors in considering the success of the business. Hotel managers therefore need to study what composes brand equity in the hotel industry and exhibit a technique for how do they effectively measure hotel brands offering a decision-making tool for them in order to take full advantage of the value of their brands.
The main rationale for building brand equity as the keystone for the success of the business is that it aids counterbalance competition by distinguishing their product, permitting hotel owners of a premium charge, and promoting customer loyalty. Aaker (1991) argued that defining precisely what composes a brand, nonetheless, is not as easy a job as stating what a brand should bring about. At some point, the concept of a brand is that a brand comprises a name, a symbol, a logo, and a trademark. However, pointing out brand in its complexity implies that a brand encompasses everything that the business stands for. Digging deeper into its complexity, the brand is considered a a guarantee to the buyer, a set of relationships or beliefs, an insight of the hotel's entirety, an image that generates an inclination on the part of customers to acquire the brand, or in other words the hallmark of quality so as to speak, hotel quality. With this the brand becomes a representation that unites the company with the customers in a distinct relationship and symbolizes the complete personality of the product as Leuthesser (1988) explained.
The strength of a hotel brand grows over the passing of time, and a strong brand is costly to build. Tauber (1988) argued that it is very important to manage brands well to make the most of shareholder value given the money and time necessary to build up a strong brand.
A few observers stated that administering brand equity is done in an ever more difficult manner due to rapid propagation of new brands, remarkable boosts in the cost of media, the more wide-ranging and forceful use of promotions by reputable firms, and the rate and complexity of gaining distribution (Aaker and Keller 1990).
A well-positioned brand can be a major hindrance to the opening of new brands. However, Dev, et al. (1995) opposed and argued that poorly managed brands are frequently targeted by entries of new brand. To preserve the competitive advantage of the hotel brand amidst the potential and ...Show more

Summary

Hotel Management encompasses wide range of concepts. All are considered vital for better management of hotel chains; however, in the view of stockholders and hotel owners or management itself; the most important concept in hotel management leads to the development of tools of determining factors that can contribute to the Hotel's progress…
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Brand Equity for Hotels essay example
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