The Influence of Nation Branding on Competitiveness of Nations a Review of Literature

Abstract

The world today is becoming nearly one market. The rapid advancement of globalization means that every country, every city and every region, must compete with others for its share of the world’s consumers, tourists, investors. The concept of Nation branding has also gained a lot of attention from many countries around the world as it can be seen that countries are committing resources to the development of their nation brand. The idea of Nation branding is a relatively new phenomenon but it has gained an important role in both domestic and external markets, as the countries have experienced global competition. The use of nation branding technique is growing from the diversification of branding that has steadily increased its scope from basic physical products to diverse nations. Nation branding is different from traditional product branding because of the complex, multidimensional nature, and multiple stakeholder groups that must be acknowledged by the nations. In this paper, the concepts of nation branding literature and the extent to which they can be applied to branding of nations for competitiveness is discussed.