FORMATION OF THE BRAND OF HOSPITALITY INDUSTRY

Abstract

The new development of market relations, which has now formed in Ukraine, has eradicated the monopoly in the field of hospitality. Before the start of the COVID-19 pandemic, the restaurant business was a very profitable area of investment capital. This area provided fairly quick, compared to other hospitality industries, turnover in relation to invested funds. The social functions performed by this business consisted in the fact that this sphere of activity served public interests. It was determined that the development of the hotel and restaurant business largely depends on the ways of its promotion to the service market, as well as the formation of the loyalty of consumers of the restaurant business of the best establishment. Focusing on the consumer but doing nothing to promote your establishment, given the pandemic, will not bring a sustainable rate of return. That is why it is important for each restaurant establishment to have something special that could distinguish it from other, similar establishments. For this purpose, the formation of a brand in the studied business area is relevant. The article describes the process of brand formation in hospitality industry establishments. It was determined that the development of the hotel and restaurant business largely depends on the ways of promotion of hotel and restaurant services to the market, as well as the formation of consumer loyalty. The main strategic directions of brand formation were analyzed and the main stages of conquering the market of hospitality industry establishments due to brand formation were considered. The main actions for rebranding in a higher segment are proposed, since rebranding should be different from competitors. It was noted that the professional implementation of a complex of marketing communications in the formation of a brand can protect enterprises from marketing attacks by competitors in the hotel and restaurant business, the opportunity to enter the new market of hospitality industry services with low costs, reduce the costs of promoting the establishment and improve the corporate culture of hospitality industry establishments.