Meaningfulness of Brand History Concept in Brand Management

contentfulness of home run History Concept in taint instructionGianluca Lucchin ID3615402A f in all guy has to have a explanation1. INTRODUCTIONIm yielding my arguments to strengthen that a denounce actually need a tale to be successful in nowadays dynamic scenario and to survive in the longsighted term.First Im going to give basic definitions to proceeding on, trying to regulate scratch history by a theoretical point of discern then Im going to analyze those theories implications in order to sustain my arguments last Im going to engage real-life cases in nowadays securities industry to give recommendations and seize on my conclusions.2. DEFINITIONS TO STARTTo determine whether or not a cross off postulate a history as an as wad, is grave to identify the key ingredients to work on.A definition of bell ringer is a wakeless starting point, since the intelligence itself could be referred to more dissimilar themes and meanings. This will surely help to clip the field of study.For Gardner and Levys (1955) A brand name is more than the label busy to differentiate among the manufacturers of a mathematical product It is a complex symbol that re positions a variety of ideas and attributes. It tells the consumers many thing, not only by the way it sounds (and the literal error meaning if it has one) but, more important, via the body of associations it has built up and acquired as a public object over a period of prison term. prehistoricime this logical system the brand could also be conceptualized as a bundle of tactual and intangible features which increase the attractiveness of a product beyond its running(a) grade (Farquhar, 1989 Park and Srinivasan, 1994).History in this case could play a crucial role in binding tangible and intangible features by using a continuous chronological record of important events(Oxford Dictionaries) allowing a brand or a company, to recall a complex set of meanings, rates and symbols connected to or igins, foregone performances and mythologized episodes.This process of recalling the non menstruum could be skilful for both firm perspective and consumer perspective and its connected to the concept of brand name hereditary pattern.3. set HISTORY AND BRAND inheritanceThe word hereditary pattern is principally associated with inheritance something transferred from one generation to another. As a concept, and then, it works as a carrier of historical nurses from the past (Nuryanti, 1996).On the shape up the difference between hereditary pattern and history may awaitm minor. However, if history may explore and explain a past that is far away, heritage clarifies and makes that same past relevant for contemporary contexts and purposes.In the present time characterized by exalted dynamics, un authoritativety, and massive consumer disorientation , guests tend to prefer brands with a heritage a brand infused with a heritage stands for authenticity, credibility, and trust, and evoke raise leverage for a brand, especially in global markets (Aaker 1996 George 2004).The brand heritage piss can therefore be defined as () a dimension of a brands identicalness found in its track record, longevity, loading values, use of symbols and particularly in an organisational belief that its history is important (Urde et al. 2007). base on the definition of brand heritage and its distinction from related constructs, it is usable to consider five major elements that indicate whether and to what extent heritage is present or potentially found in a brand (Urde, Greyser, and Balmer 2007, p. 9).The element track record is related to the established performance that the brand or the company has been connected with, such as certain values and prefigures over time (Urde 1997).The second element of brand heritage, longevity, is of special importance for lifesize multigenerational family-owned companies reflecting sustainability and consistency (Urde, Greyser, and B almer 2007, p. 9).Core values encompass the basic values the brand is associated with. Like a promise or covenant in immaterial communication, these values underline and help to define corporate strategy and atomic number 18 an integral part of the brand identity (Kapferer 2004 Lencioni 2002 Urde 1994).The use of symbols is related to give-and- allow in or inventions and illustrates the brands mall meaning and ideas (Urde, Greyser, and Balmer 2007, p. 10).The fifth component asks whether history is important to identity. Companies have to sense their own history as being crucially important to their identity. It is absolutely essential that they know who and what they atomic number 18. This understanding should also be a key part of communication, announce, and the marketing mix (Brown, Kozinets, and Sherry 2003b).3.1 TYPE OF inheritanceReferring to the work of the sociologist George Herbert Mead about the impact of past on individuals understanding of reality, and quest the research of Bradford T. Hudson and John M.T. Balmer (2013) its possible to distinct between four different forms of Heritage.Structural heritageThe nature of the present depends on the outcome of events that occurred in the past, which cannot be altered. Structural heritage involves a succession of causation from past to present.*Brands that use structural heritage claim favourable po pution and specialization referring to a pedigree connecting the current company to the moment of origination and the people subservient in establishing the company. Practical role models of structural heritage abound within many industries and sectors. For instance, some companies refer to founding datesImplied heritageIf a company is spirited and respected in the present, then it must have existed and developed during the past in a manner that explains its current status. Heritage is explicit by displaying current attributes that imply historical antecedents, by demonstrating congruence between current attributes and historical attributes, or by describing patterns of accomplishment across time. This dimension may also be indicated by references to the age of a brand.*Claims of differentiation or superiority by the firm are validated through statements of longevity, or demonstrations of continuity between past and present.Reconstructed heritageThis dimension suggests that our alliance to the past is interpretive and our understanding of prior events is enhanced through contemplation.*Claims of differentiation or superiority by the firm are validated by the familiar or reminiscent character of the brand or its associated products. A popularly cited example of reconstructed heritage is the new Volkswagen Beetle, which was introduced in 1998 with design elements reminiscent of the original Beetle that became a cultural icon during the 1960s. mythic heritage fabulous heritage refers to pasts that are partly or tout ensemble fictitious, and which facilitate the projection or escape of consumers into imaginary initiations that relate to the brand. Mythical heritage is often expressed through fantasy or illusion, especially within communications narratives or the design of environments and products.*Claims of differentiation or superiority by the firm are validated by the archetypal, universal or quintessential nature of brand attributes.The reason companies with heritage should use it, is to take advantage of differentiation that is valuable for the customer/consumer and other stake expressers, typical for the brand, and herculean to imitate for the competitors. Heritage can provide a basis for blotto suit in positioning, which can generate private-enterprise(a) advantage, e.g. translating into higher prices and margins, and retaining customers to whom heritage is meaningful.3.2 BRAND HERITAGE AND EFFECTS ON CUSTOMER VALUEA brand with a heritage creates and confirms expectations about future behavior to stakeh overageder groups and makes a promise that the brand will continue to deliver on these commitments (e.g., Aaker 1996 George 2004 ). For this reason brand history along with brand heritage can add consumer comprehend value and can minimize consumers buying risk (Muehling and Sprott 2004 ).For the conceptualization of consumer value we refer to four major types of customer perceive value1) economical valueThe economic dimension of customer value addresses direct financial aspects such as price, resale price, discount, investment etc. It refers to the value of the product expressed in dollars and cents, to what is given up or sacrificed to obtain a product (e.g., Ahtola 1984 Chapman 1986 Mazumdar 1986 Monroe and Krishnan 1985 ).Functional valueThe functional dimension of customer value represents the core out benefit and basic utilities such as e.g. the quality, the uniqueness, the usability, the reliability, and durability of a certain product (Sheth et al. 1991 ).Affective valueThe affective dimension of custome r value refers to the experiences, feelings, and emotions a certain brand or product provides to the consumer in growth to its functional utility (Hirschman and Holbrook 1982 Sheth et al. 1991 , Westbrook and Oliver 1991 ).Social valueThe kindly dimension of customer value focuses a customers personal orientation towards a brand or product and addresses personal matters such as consumers self-concepts, self-worth or self-identity value (e.g., Vigneron and Johnson 2004 Hirschman and Holbrook 1982 ).Following the study and the complex empirical research of Thomas Wuestefeld et al(2012) in the word The impact of brand heritage on customer perceived value we can say that brand heritage construct (as a moderate of different factors like history, prestige, longevity, myth and credibility) overall affects Consumer comprehend Value (CPV), therefore could be a crucial asset to consider.4.EXAMPLES OF BRAND USING HERITAGE AS A COMPETITIVE ADVANTAGETangible examples of a tight-laced us e of brand history and brand heritage could be seen in both luxury market and mass market.4.1 KRAFT/CADBURYS ACQUISITION suit of clothes STUDYA sophisticated understanding of the past is one of the nigh powerful tools we have for shaping the future.An actual execution of brand history and brand heritage concepts could be seen in how kraft Foods managed its 2010 integration of the British confectioner Cadbury. Cadburys management and its employees had somehow mounted resistance to the acquisition, fearing the loss of core values and a products quality. To help smooth the process, senior executives turned to Krafts long-established archives. accompany archivists launched an intranet site, titled Coming Together, that honored the parallel paths Kraft and Cadbury had taken. Poring over historical materials, they had found much evidence of shared values, and the presentation reinforced those common themes. In addition to the founders stories, the intranet site included interactive t ime lines, iconic advertising images, brief documentary videos, and dozens of detailed histories of owned mark products all designed to show how leading Kraft and Cadbury brands had come to sit side by side on grocers shelves. The same narrative took hold in other communications, from CEO speeches to press releases, and in employee training sessions. Kraft ended up integrating Cadbury more smoothly than any of its precedent acquisitions. The history of the enterprise can instill a sense of identity and purpose and suggest the goals that will resonate (George Smith,Your Companys History as a Leadership Tool).4.2 COCA-COLA is really proud of its historyThe Coca-Cola story is a good one, even if we do say so ourselvesCoca-Cola, one of the most notable and iconic brand in the world definitely recurs to an implementation of brand heritage tools by referring to the company glorious longevity and past performances in a nostalgic means. An example of this commitment to history could def initely be found on Coca-Cola website with many pages dedicated to the evolution of the brand itself. A pdf for the 125 years anniversary of Coca-Cola has been released, with lot of documents and pictures of logos, packaging and successful advertising during the ages. A relevant proof of appliance of brand heritage construct in Coca-Cola marketing mix, could be found in the smart use of symbols (the iconic bottle and the famous Coca-Cola font) and the reiteration of the affective value(being on the market for such a long time it bears nostalgic potential for every adult consumer).4.3 LOUIS VUITTON-The iconic travel luggageLouis Vuitton is a well cognize apparel luxury brand. It puts capital emphasys on tradition as seen in the brand website rich in contents like old pictures and all sort of informations on the origins of the company itself. The starting point, the making of the iconic Louis Vuitton traveling luggage is used as tool of reference to the glorious past of the company itself and could be read as a give notice example of reconstructed heritage. And plus, the promise of value connected to the purchase of those bags implies an increase of social perceived value for consumers as a form of self-actualization and distinction.4.4 BURBERRY-The invention of dust coat and the myth of the trench coatBurberry is another famous luxury fashion brand which use history, tradition and heritage as crucial assets in its marketing mix .Its main fashion house focuses on outerwear, fashion accessories, fragrances, sunglasses, and cosmetics.Established in 1856 by Thomas Burberry and originally focusing on the development of outdoor attire, the fashion house has moved on to the high fashion market developing pattern-based scarves, trench coats, and other fashion accessories. Its distinctive check pattern has become one of its most widely copied trademarks. The brand itself can count on the innovative invention of gabardine, a breathable and waterproofed fabric which somehow revolutionized rainwear. Burberry is most famous for its trench coat. Its coats were worn in the trenches of World War I by British soldiers, and for decades thereafter Burberry became so much a part of British culture that Queen Elizabeth II and the Prince of Wales have granted the company Royal Warrants.Thus, Burberry is the perfect example of a Heritage brand based on the implied heritage category the reputability and the glorious status showed in the present is the result of a great and honorable past (invention of gabardine + fact that trench coats were used during world war)5. CONCLUSION If lots of nowadays most successful brands are connected to the ever-innovating technology sector (think of Google, Apple, Amazon, Facebook etc) and dont rely too much on a long or mythicized history, long-standing brands combining both heritage and longevity are still able to deliver real value attaining strong competitive positions.If we observe the 2016 Global Best Brands report by Interbrand, we can see that 10 brands in the top15 are more than 50 years old and some of them are way older than that. Even if someone could fight that the success of a brand has little to do with a brands age, we can still say that having long-term traditions and experiences in the business could help to collar relevant and competitive.The level of sophistication needed for a brand to harbour its competitive advantages is of course not to be underestimated, newness and innovation plays a strong role. But even if a brand needs to evolve ceaselessly to stay relevant, it also needs a center of gravity, a clear vision and a commitment to stay true to the core of its deoxyribonucleic acid (Rebecca Robins 2015)In conclusion we can say thatConsumers prefer brands with a history in order to be reassured and to fight purchasing suspenseBrand History is a key element in the implementation of Brand Heritage construct Brand Heritage boost the Consumer Perceived ValueA connection to the past is often required by a company to be successful and coherent in the present and to grow in the futureA brand (definitely) has to have a historyREFERENCESArticles and PapersChun-Tuan Chang Minh-Hsuan Tung (2016) Intergenerational appeal in advertising impacts of brand-gender quotation and brand history, in International Journal of Advertising, 352, 345-361Vanisha Narsey Cristel Antonia Russell (2014). Behind the Revealed Brand Exploring the Brand Backstory Experience inConsumer Culture Theory. Published online 20 Aug 2014 297-323.Bradford T. Hudson John M.T. Balmer, (2013),Corporate heritage brands Meads theory of the past, in Corporate Communications An International Journal, Vol. 18 Iss 3 pp. 347 361Thomas Wuestefeld Nadine Hennigs Steffen Schmidt Klaus-Peter Wiedmann (2012) The impact of brand heritage on customer perceived value, in Der markt. International Journal of merchandisingJohn T. Seaman younger and George David Smith,(2012) Your Companys History as a Leadershi p Tool, in Harvard Business Review, celestial latitude 2012Upendra Kumar Maurya* P. Mishra.(2012) What is a brand? A Perspective on Brand Meaning in European Journal of Business and Management. Vol 4, No.3, 2012Klaus-Peter Wiedmann , Nadine Hennigs , Steffen Schmidt Thomas Wuestefeld (2011) Drivers and Outcomes of Brand Heritage Consumers Perception of Heritage Brands in the Automotive Industry, in Journal of Marketing Theory and Practice, 192, 205-220Ulla Hakala Sonja Ltti Birgitta Sandberg, (2011),Operationalising brand heritage and cultural heritage, in Journal of ware Brand Management, Vol. 20 Iss 6 pp. 447 456Pozzi Daniele, The Invisible H does History has a place in Heritage? A proposal, in https//www.Researchgate.netUrde M, Greyser SA, Balmer JMT (2007) Corporate brands with a heritage. J Brand Manage 15(1)4-19BooksKeller L.K, (2013) Strategic Brand Management. Building, Measuring and Managing Brand Equity, published by PearsonBaker M., Hart S. (2007) Product Strategy Ma nagement, Prentice hall, LondonWebsiteshttp//interbrand.com/views/legacy-brands-keeping-long-standing-brands-relevant-in-the-digital-age/http//www.theguardian.com/media-network/2015/oct/09/brands-relevant-digital-agehttp//interbrand.com/best-brands/best-global-brands/2016/ranking/https//uk.burberry.com/our-history/http//www.burberryplc.com/about_burberry/company-historyhttp//it.louisvuitton.com/ita-it/la-maison/una-storia-leggendariahow-it-all-beganhttp//www.worldofcoca-cola.com/about-us/coca-cola-history/https//www.oxforddictionaries.com/http//www.coca-cola.co.uk/stories/from-1886-to-the-present-daythis-is-the-story-of-coca-colahttp//www.stern.nyu.edu/experience-stern/faculty-research/georgesmith-history-leadership