Hungarian Country Equity

Abstract

This study tries to shed light upon the unfavourable Hungarian reputation in Europe and the value of Hungarian country brand. In doing so, it explains the components and the formation of country image, association, awareness, loyalty and equity as well. The study concludes with showing the measures with which even small countries can improve their rankings in Simon Anholt's global nation brand and good country index charts. These charts are based on the largest scale social big data study ever conducted and they exercise influence on the countries' economic prospects. The study also reveals the global regions where the Hungarian government should focus country marketing in order to achieve the most rapid economic benefits.

Country Equity: An Integrative Review, Conceptualization, and a Proposed Model

“…Nation brand, country reputation, country brand, country reputation and country image have been used interchangeably in much research when they should not be used. The exact meaning of these terms is still largely undetermined as there is no clear consensus for this concept (Hao et al, 2019), this conflict and indetermination extends to other equivalent terms: country brand equity, nation equity, country equity, or countryrelated assets (Chu, 2013;Maheswaran and Chen, 2006;Zeugner-Roth et al, 2008;Heslop, 2002,2003;Pappu and Quester, 2001;2010;(Vioscajr et el., 2006;Tózsa, 2018). Moreover, there is a shortage of a coherent and obvious theoretical base in this domain.…”

“…The first group uses the term "Country equity". According to Tózsa (2018), country equity is a complex parameter that is defined by the country brand designed by communication specialists, by the country association based on country image and by the country awareness arising from subjective knowledge and emotions, and the country loyalty (Nadeau et al, 2008;Jenes, 2014). The country equity disentangles the equity contained in a brand and refers to the emotional value resulting from consumers' association of a brand with a country (Shimp et al, 1993).…”

“…On the other hand, country brand equity defines "It works to applying branding and marketing communications techniques to promote a nation's image at international target audience of visitors, foreign investors, students, guest workers, patients, and the public, by developing a whole collage made into a hierarchical, associative network that contains data, emotional feelings, possibly through experimental results, and possibly even the official national brand. Where the country's whole image concerns to cover the economic, political, social, environmental, historical, and cultural aspects, to create a set of positive beliefs and impressions towards country and develop customer loyalty in the international market (Kotler and Gertner, 2002;Ahold, 2005;Fan, 2006;Fetscherin, 2010;Tózsa, 2018). Magnusson et al, (2022); The definitions of country image imply that it is a broad, all-inclusive concept that encompasses impressions of, for instance, economic progress, goods and brands, political climate, and people (e.g., Gotsi et al, 2011;Lin et al, 2020).…”