5.b why rebrand? Flashcards
What do players and stakeholders mean?
The terms players and stakeholders are used to summarize the whole range of people involved in, and affected by, a process such as rebranding
People and groups involved in the rebranding process:
- Governments
- Tourist board
- Planning department
- European regional development fund (ERDF)
- Banks
- Insurance companies
- Pension funds
- Development companies
- Architect companies
- Private businesses
- Not-for-profit organizations e.g national trust
- Local community groups such as residents’ associations
how do govt involved in rebranding?
directly funded organisations e.g tourist boards and planning departments play a significant role
how are european regional development fund assist place re-branding
give grants to assist projects e.g development of A55 along the N.wales coast
what do non for profit organisations involved in place rebranding?
involved by evoking change and groups affected by it
market led strategies strengths
- Have the money to be able to fund it so other businesses don’t have to be involved
- Positive multiplier → more recognisable, people go to area and spend money → other companies are likely to join the area
market led negatives
- Rebranding can cause gentrification → wealthy residents move into the area. Displacing earlier poorer residents → raising rent prices/ change the culture / demographics e.g ethnicity
- Increases prices restricting choices of those living there
- Profits of developments often go to TNCs that are not based in that place
negatives of rebranding
- Rebranding can cause gentrification → wealthy residents move into the area. Displacing earlier poorer residents → raising rent prices/ change the culture / demographics e.g ethnicity
- Locals unable to afford it → affects social and cultural make up of the place
- Rents for shops nearby increase → local independent shops turn into chain stores and more expensive outlets
- Also effects cultural places where leisure time is spent
events or themes strengths
- Promotes culture of an area
- Brings in investment and people spending money → used in the city
- Shift perception of the city → events can show a place to have a good social time ie in Liverpool → caused for govt to expand developments
legacy positives
Facilities used after → to support others ie sports villages (long term effect)
flagships strengths
- Multiplier effect for other businesses within the city as people come for events at these places
