Microsoft Word 2007 ichrie conference Proceedings Final-Final 06-06-07. doc

 
2007 Annual International CHRIE Conference & Exposition 
128
MARKETING OUTLAYS: IMPORTANT INTANGIBLE ASSETS IN THE HOTEL INDUSTRY? 
Nan Hua 
Pennsylvania State University 
University Park, PA, U.S.A 
Basak Denizci 
University of South Carolina 
Columbia, SC, U.S.A 
Anna Mattila 
Pennsylvania State University 
University Park, PA, U.S.A 
and 
Arun Upneja 
Pennsylvania State University 
University Park, PA, U.S.A 
ABSTRACT 
 
The purpose of this study is to examine the effect of marketing expenditures (outlays) on hotel firms’ value. 
We argue that marketing expenditures are important intangible assets that are related to service innovation, customer 
satisfaction, customer loyalty and organizational practices which in turn influence future profitability and value of 
the firm. Findings suggest that marketing outlays constitute an important intangible asset in the hotel industry and 
that such expenses behave differently from other expenses and more importantly, they are able to generate future 
benefits.
Key Words:
Marketing expenditures, hotel industry, firm value.