Why to rebrand -
•Name might not be doing justice to the overall experience. Making such a change is especially important when a hospitality property has lost effectiveness in serving its market. The previous brand might not be providing service so there can be misperception about the Marriott brand •Rebranding might help to reposition the hotel and properly brand it. * •Remove any doubt as to what the hotel offers (Marriott is a known brand + boost the brand value elsewhere for business and leisure travelers)
Why not to rebrand –
•Prospective guests might position that brand in some category say budget and rebranding might give all together a different perspective about the brand. * •Huge costs to rebrand since certain items (pens, paper, belonging to the brand have to change, in addition to scaling up the current hotel to the Ritz carlton standard. The costs of renovating to meet a new brand’s standards and training and marketing expenditures are obvious expenses of a change of brand or scale.
How to decide whether to rebrand or not?
•Identify areas with support for the existing brand, and to demarcate the lines between existing and prospective guests – using surveys. •Communication strategy is important.
•May be give out some kind of offers to the existing customers in case rebranding. •Give the non-recyclable materials to the needy.
Objectives of Rebranding –A company can rebrand for different reasons. Main purpose for a company to go in for process of Rebranding can be many. Some of them are as follows: - •To create a sound strategy supported by facts related to sales and profit. •To increase consumer loyalty
•To refresh consumers
•To enter new market trend and new product direction
•To increase share holder value
•To refresh design elements or slight naming alteration
•To attain competitive...