Rebranding in the Tertiary Sector – Successful Experiences in Gaining Competitive Advantages

Rodica Pamfilie () and Adina-Gabriela Croitoru ()
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Rodica Pamfilie: The Bucharest University of Economic Studies
Adina-Gabriela Croitoru: The Bucharest University of Economic Studies

PROCEEDINGS OF THE INTERNATIONAL CONFERENCE ON ECONOMICS AND SOCIAL SCIENCES, 2018, vol. 1, issue 1, 510-516

Abstract: In the current global economic context, brand has become an extremely important element, offering companies in all areas the opportunity to obtain important competitive advantages. According to studies conducted over time, consumers are usually willing to pay more for their favorite brand than for a competing brand, so the benefits of a strong brand can be economically measured. Branding is, at this time, one of the key factors in the marketing strategy, and building a strong brand is turning into an extremely important process, designed to strengthen the image of a company on the market and attract consumer sympathy. The branding effort does not, however, ever end, not even when it comes to the most well-known brands. In the context of a dynamic, ever-changing economy, where consumers are becoming more and more informed and demanding, it is essential that a brand is permanently aligned with the market trends existing at every moment. Thus, rebranding may perhaps turn into an even more important process than branding itself, with new and new ideas being permanently needed, both in form (for example, logo, naming etc.) and in substance (improved or new and innovative products and services). The hospitality industry is one of the areas where these things are extremely clear; hoteliers are aware of the necessity of rebranding and already apply it successfully, all the more so as it is an area in which everything relies on experiences, feelings and emotions, and the relationship with consumers can easily be managed through the brand.

Keywords: Branding strategy; competitive advantage; performance in the hospitality industry; rebranding (search for similar items in EconPapers)
Date: 2018
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