Brand Management Essay Example

  • Category:
    Marketing
  • Document type:
    Math Problem
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    418

BRAND MANAGEMENT 4

Brand Management

Brand Management

In today’s business world, building brand equity and enhancing customer loyalty have been deemed as the most sustainable means towards long-term profitability and competitiveness (Chernatory and McDonald, 2003).This essay shows how 8hotels use the marketing concepts of brand management in order to build and maintain gainful bonds between the customers and hotels by delivering better guest values.

8hotels have recognized that, weary guests are mainly interested in achieving greater relaxation at minimum costs. These hotels are aiming at delighting guests by providing them with excellent and dynamic services. 8hotels prefer to retain their already existing consumers than attracting new ones. According to Franzen and Moriarty (2008), customers usually are usually loyal to those organizations that provide them with value and satisfaction. To sustain a competitive advantage, 8hotels are going an extra mile to provide their guests with greater satisfaction like custom beds, pillow menu and a guaranteed sleep.

Innovation is the only way create new markets and develop existing ones. On their part, 8hotels have discovered the need to adopt an innovating culture in order to meet customer’s needs. For instance, the hotel owns a website that is branded with dark-rich colors. Ideally, having the hotel website enhance the visibility by potential clients.

Conclusion and Recommendations

Consumers will easily differentiate the product if the differentiating factor is desirable, favorable and has strong and unique brand characteristics (Chernatory and McDonald, 2003). As demonstrated, satisfied guests not only come back to the same hotel but also talk positively to their colleagues about their satisfaction. Therefore, hotel managers should understand that huge gains are as a result of good brand management. 8hotels have succeeded in affirming trustworthiness to their users thus making millions and millions of their consumers loyal to their brand.

While customer retention and satisfaction have become popular in modern business world, recent research shows that it does not enhance the profitability of a firm. Coalition for Brand Equity (1994), in their studies, stated that a firm does not generate much profit if the customers do not purchase a specific brand frequently. 8hotels can increase their share of customers by adopting various ways such as cross-selling and innovation in key product lines.

References

Chernatory, L & McDonald, M 2003. Creating Powerful Brands in Consumer, Service and Industrial markets. Ed: 3. Oxford: Elsevier/Butterworth-Heinemann.

Coalition for Brand Equity 1994, “Brand Loyalty Marketing”, Financial World, vol. 163, no. 24, p. 75-81.

Franzen, G & Moriarty, S 2008.The Science and Art of Branding. London: M.E. Sharpe.