Development of Place Branding, Its Features

Abstract

Currently, the problem of studying and developing place branding is acute. It helps the territory become attractive in the eyes of investors, tourists, and entrepreneurs, which helps to increase local budget, develop the territory’s infrastructure and in general push the standard of living up. The practice of place branding is constantly changing and improving; there is no single recipe for its development, which gives a reason to a profound and more extensive study of it. The fragmentation of approaches to place branding as a process does not make it possible to come to a single definition. At the same time, relative unity is observed with regard to the purpose of branding. Most see it as attracting people, material and monetary resources, etc. to the territory. In order for the territory’s brand to develop successfully, to attract investors, to reduce the number of residents leaving, to increase the number of tourists and entrepreneurs, and to improve the overall infrastructure, it is necessary to work on it consistently.