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Nation Branding V by Joshua Smitth
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Nation Branding V |
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Business,Travel & Tourism
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What is Nation Branding? Nation Branding is essentially the coordinated marketing strategy of a country, and comprises all the processes of the maintenance of the country’s image with the end of ultimately improving it. How can you tell if a nation has improved its Brand, if the nationa branding strategy has worked? The idea of creating a Nation Branding strategy is to produce economic gains. Ultimately, you would like to see some numbers. Here are a few of the statistics that you could keep track of. First, tourism arrivals per year. When more tourists arrive in your nation, your economy wins. Receipts from a tourist’s spending is an important source of national income for many countries. The tourism industry creates many jobs, businesses, and stimulates the economy. At a time when nations are striving for some kind of growth, but are limited on investment due to high interest rates, scarcity of capital, and increased austerity measures, having more travelers spending more money in your country can really provide a boost. Tourism is one area, trade is another. Globalization is transforming the world into one big marketplace. Distance is playing less and less of a factor in economic choices every year. Countries who used to enjoy major advantages in certain economic sectors now find themselves competing against others, as systems and international barriers are broken down. Who ultimately ends up being involved in new commerce deals and who ultimately receives investment depends on the perceptions of the investors. Again, country’s who need capital from foreign investors will want to have in place an excellent Nation Branding strategy. Common misconceptions might actually exclude certain otherwise profitable locations from good investments. An investor might invest or do business in Country A over Country B simply because of familiarity, even if Country B could yield higher returns. This is because investors don’t like unknowns, uncertainty is risk. As such, poor brand management of a nation is a risk. Detriments to your nation’s image can result in detriments to your FDI inflows, seriously damaging economic output. It is stated then, that a well-planned, comprehensive branding strategy suddenly becomes paramount.
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Development of Countries, Nation Branding, City Brand,
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