brand management.

Added on - 20 Sep 2019

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BRAND MANAGEMENT
Ritz Carlton & HyundaiIntroductionThe Ritz-Carlton is considered as a famous hotel organization which is the parent company tothe luxury hotel chain. It operates in more than 91 luxury resorts and hotels across the 30countries in the whole world. On the other hand, Hyundai is considered as a popular automobileorganization which specializes in manufacturing cars. In this paper, we will study about thebranding position of the Ritz Carlton & Hyundai in their different operating organizations.Generally, it is considered that powerful brand images in the customer's mind with reputationand brand image enhancing differentiation and thus having a positive effect on the buyingbehavior of customers (Dinnie, 2015). Branding enhances the financial performance and long-term competitive position in the organization. Thus, it can be said that branding plays asignificant role in the success of the organization.Question 1Brand Equity is considered as a common denominator that all brands of the organizations have.It mainly represents the added value endowed to a product as a result of past investments in themarketing activity of a particular brand. Keller’s model and Aaker’s model play an efficient rolein measuring brand equity.Keller’s model of Ritz CarltonIt contributes major role in identifying the brand equity of an organization (Keller, 2016). Ritz-Carlton brand equity can judge by using Keller's model in an efficient manner:1
Keller's customer-based brand equity model of Ritz CarltonThe Salience of the Ritz Carlton is clearly the Luxury hotel and Resorts. It is because the RitzCarlton consumers associate with the brand image of the luxury hotels and resorts of theorganization.The imaginary of the luxury hotel and resorts is personality and values because it is the imagewhich the management of the organization want to be associated by sponsoring lots of that kindof events.The main performance claimed by the luxury hotel, and resorts are the luxury rooms, attractiveand plunge pools. It is because the luxury hotel and resorts of the organization are full ofenjoyment and attractiveness (Gürhan-Canli, 2016).The feelings evoked in the mind of customers with that brand is freedom, fun, excitement, andenjoyment.The affective reaction of the consumers towards the brand is superiority because they providebest services to its customers by satisfying their needs and dreams.2
Finally, the resonance of the organization is composed by attachment, engagement, and loyalty.It is a strong brand and people are really a fan of the services offered by the organization.Aaker’s Model for Ritz CarltonDavid Aaker’s model of Brand Equity mainly determines the brand equity of an organization onthe basis of five components:Brand Loyalty: Brand loyalty of Ritz Carlton services creates loyalty in among customerswhich ultimately attract new customers and also reduce its different costs related to themarketing.Brand Awareness: It is an extent to which brand of Ritz-Carlton is known for theaudience which can be measured on the basis of familiarity and liking, and commitment(Aaker, 2013).3
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