Cman service fails to start with ''Node name resolves to localhost''

Issue

When trying to start the cman service, it fails with following error:

[root@Node1 ~]# service cman start
Starting cluster:
   Checking if cluster has been disabled at boot...        [  OK  ]
   Checking Network Manager...                             [  OK  ]
   Global setup...                                         [  OK  ]
   Loading kernel modules...                               [  OK  ]
   Mounting configfs...                                    [  OK  ]
   Starting cman... Node name resolves to localhost, please check /etc/hosts and assign this node a network IP address
Unable to get the configuration
Node name resolves to localhost, please check /etc/hosts and assign this node a network IP address
cman_tool: corosync daemon didn't start Check cluster logs for details