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Brand Decisions • A brand is a name, term, sign, symbol, design, or a combination of these elements that is intended to identify the goods or services of a seller and differentiate them from competitors ©2006 Pearson Education, Inc. Upper Saddle River, NJ 07458 Marketing Marketing for Hospitality for Hospitality and Tourism, and Tourism, 4th edition 4th edition Kotler, Kotler,Bowen, Bowen,and andMakens Makens Brand • Brands are among a company’s most valuable assets • A Brand represents what the company is and what it stands for • A Brand implies trust , consistency, and a defined set of expectations • The strongest brands own a place in the customer’s mind (Scott Davis, Brand Asset Management) ©2006 Pearson Education, Inc. Upper Saddle River, NJ 07458 Marketing Marketing for Hospitality for Hospitality and Tourism, and Tourism, 4th edition 4th edition Kotler, Kotler,Bowen, Bowen,and andMakens Makens Branding Consistency Quality & Value Attributes Advantages of Brand Names Identification High Brand Loyalty Brand Equity Strong Brand Association Name Awareness ©2006 Pearson Education, Inc. Upper Saddle River, NJ 07458 Perceived Quality Marketing Marketing for Hospitality for Hospitality and Tourism, and Tourism, 4th edition 4th edition Kotler, Kotler,Bowen, Bowen,and andMakens Makens Conditions that Support Branding • The product is easy to identify by brand or trademark • The product is perceived as the best value for the price • Quality and standards are easy to maintain ©2006 Pearson Education, Inc. Upper Saddle River, NJ 07458 Marketing Marketing for Hospitality for Hospitality and Tourism, and Tourism, 4th edition 4th edition Kotler, Kotler,Bowen, Bowen,and andMakens Makens Conditions that Support Branding • The demand for the general product class is large enough to support a regional, national, or international chain • There are economies of scale ©2006 Pearson Education, Inc. Upper Saddle River, NJ 07458 Marketing Marketing for Hospitality for Hospitality and Tourism, and Tourism, 4th edition 4th edition Kotler, Kotler,Bowen, Bowen,and andMakens Makens Leveraging Brand Equity • Cobranding • Partnerships ©2006 Pearson Education, Inc. Upper Saddle River, NJ 07458 Marketing Marketing for Hospitality for Hospitality and Tourism, and Tourism, 4th edition 4th edition Kotler, Kotler,Bowen, Bowen,and andMakens Makens