Territorial branding as a regional development tool

Abstract

A brief analytical overview of forming and developing territory branding as a management tool has been presented. The purpose of the study is to analyze the impact of territorial branding on the economic development in regions. The general issues of the emergence and step-by-step formation of territorial branding have been considered. The analysis of the creating a brand practice in Russian cities and its impact on the economic situation of the territory has been carried out. The study results prove that effective territorial branding contributes not only to increasing the investment attractiveness of the region, but also to improving the quality of life of its residents. It has been revealed that successful branding examples contribute to increasing the flow of tourists, developing local businesses, and attracting new staff. In addition, the study has shown that the active involvement of local communities in the process of creating and promoting the territory brand helps to streng then social ties and increase the level of trust between residents and the authorities. The presented recommendations can be used by regional and local authorities in territorial management strategies in order to increase the attractiveness and recognition of the territories, strengthen the competitiveness of the local economy. The prospects of the study are related to an in-depth analysis of consumer opinions and the psychology of their behavior.