Trinidad and Tobago will discover after the Fifth Summit of the Americas that brand building is not cheap. Making a name stand out in the minds of people takes a lot of effort and a whole lot of cash. Citigroup is now maligned for its US$400 million investment to rename the Mets’ New York home Citi Field. Shea Stadium is no more and not everyone is opposed to the idea. Daniel Gross, writing in Slate Magazine (Three Strikes and You’re Bailed Out, www.slate.com) says there’s a reasonable case to be made for preserving the Citigroup spending, especially since marketing and advertising are essential for companies in highly competitive consumer markets.
The difficulty of course is that spending US$300 million over 20 or 30 years is far different from spending TT$500 or TT$600 million on a three day event, with the hope that the investment will keep tourists coming in the future. Many observers and experts believe it will take much more to build the Trinidad and Tobago name or place brand as a major contender- even regionally- in the business of tourism, conventions, conferences and events.
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