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Brand Heritage: Definition and Connection with Brand Identity

Brand heritage is the dimension of brand identity, which is based on the longevity and history of the company. It is the result of a consolidated relationship with the market resulting from a process of sedimentation of the brand and the relationship with its users. Brand heritage represents a synthesis between the attributes of the brand, the intangible value associated with it and other long-term factors, such as longevity and brand reputation.

Brand identity refers to how you want the consumers to perceive your products. It corresponds to the intent behind the branding and the way a company does certain things, with the goal of cultivating a certain image in the minds of the consumers. This includes choosing its name, designing its logo, using colors, shape and other visual elements in its products and promotions, crafting the language in its advertisements, and training employees to interact with customers.

Heritage brand and brand with...

HERITAGE

A Heritage brand is a brand with a value proposition based and focused on its heritage, for example Ferragamo.

A Brand with heritage is related to brand communication, product design, customer relationship management, for example Bulgari.

CORPORATE BRAND HERITAGE

Corporate brand heritage refers to corporate goals, organizational culture and strategies enclosed in the heritage of the corporate brand, for example LVMH.

The corporate brand defines the firm that will deliver and stand behind the offering that the customer will buy and use. It represents the organization that stands behind its products, for example MSN by Microsoft. The elements of a corporate brand are: a rich heritage, assets and capabilities, people, values and priorities, a local or global frame of references, citizenship programs and a performance record.

BRAND STEWARDSHIP MODEL BY URDE AND THE TWO PROBLEMS

Brand stewardship summarizes the value of Heritage Quotient. It is the core competence in terms of developing, sustaining and

Protecting the brand heritage. Around the central concept of brand stewardship are positioned 5 dimensions, which are track record, history (important to identity), longevity, core value and the use of symbols which are the key elements of the heritage quotient.

A higher heritage quotient means a greater importance of the brand heritage internally and externally. The heritage improve the authenticity of the brand and increases the credibility. The concept of authenticity refers to the qualities of genuineness, truth and reality, while credibility is a personal quality defined according to two principle qualities: trustworthiness and expertise.

Trustworthiness refers to the condition that a person perceives a specific source, expecting specific behaviors or actions. Expertise instead represents the level of experience recognized at the source.

This model cannot be applied when: we cannot easier differentiate the 5 pillars, because many of this pillar are quite similar.

(notdescribing in e ective way the di erences in the value heritage identi cation).- This model doesn’t represent a measurement scale, it is just a theoretical framework createdwithout empirical resources.

URDE MODEL: TRACK RECORD

Track record is one of the 5 dimensions around the brand stewardship. It together the other 4dimensions, are the key elements of the Heritage Quotient, which is represented by the brandstewardship. Track record refers to values characterizing the history of the brand, in fact lookingat the past history of the brand we can observe some meaningful event.

FENOMENO NO LOGO

Millennials are a no logo generation because there is a grown up in an overabundance of logosand so they have developed a healthy resistance to the pressures of branding and prefer neutraland invisible brand, to be able to customize at their will. The logos are used in an ostentatiousway only in an ironic key, while the absence of the logo is a value. Luxury brands create a newstrategy for

The new designer, a change to rewrite the heritage of the house. The new strategy allows new designers to start over, the new logos also have very real commercial implication. They can also use the logo for many different applications and mediums like never before.

BRAND HERITAGE CHAIN

The aim of the study is to providing a seminal contribution to the understanding of the constitutive dimensions of the brand heritage domain. There are 5 themes that can be considered as the steps of a process underlying the emersion of the brand heritage, which are roots, product features, pioneerism, fascination and longevity. First you have to start with the roots, so name, tradition, heritage and family of the brand. Then you have the focus on the product features, so style, manufacture, creativity elegance and quality. Then you can be a sort of pioneerism, so you have to be the first, it means that the brand was the first to do something, you have to be a sort of pioneer. Then you can improve your fascination, so beauty,

aesthetic design, art, recognition and imagination. Finally you have the longevity, that refers to time, history and continuity, so the time prospective. The value of the Brand Heritage Chain model derives from the capability of better understanding those elements that shape the brand knowledge of the consumers.

For example, for Ferragamo "roots" is the most important compare to all dimensions. While for Gucci, "roots" is not so relevant, but the most important are "product features" and "fascination".

To successfully manage the brand heritage along with value-adding longevity, there are 3 key activities, which are: uncover the essential factors constituting the brand heritage chain, define and implement the most coherent heritage codes to be transferred into the heritage communication mix and guarantee consistency and authenticity between roots, innovation and fascination.

GROWTH TROUGH CONCENTRATION

It means that you concentrate on your existing specialization.

There are 4 directions:

  • Market penetration —> is an aggressive strategy that targets current markets with existing product specialities. It requires strong execution of prices, promotion and distribution to increase market share. Ex: Under Armour
  • Market development —> is when you expanding into new markets. The goal is to reach new customer segments or new market areas, internationally (geographic expansion). Ex: Ikea
  • Market segmentation —> is when dividing existing markets. Is dividing a group into subgroups according to age, gender, interests, values… there is different motivations.fi fi ff fi ff ff ff fi ff fi fi fi
  • Product development —> is when modify existing products or create new products. It refers to the actions and methods used to place new products on the market or to modify existing products to create new activities. It start with an idea and ends with the sale of the product to customers.

STAGES OF PRODUCTS DEVELOPMENT

  1. Idea
  2. 1) Development —> it begins to pull out ideas through brainstorming for new product or to improve existing product.

    2) Editing and selection —> the best idea with the greatest potential are chosen.

    3) Prototype creation —> after selecting the best idea, the company must create a prototype of its products to see if it works as expected.

    4) Analysis —> the company does market analysis and evaluates possible problems with the products.

    5) Product creation —> the finished product is created.

    6) Market testing —> before making the product public to all, this is tried by a small group of consumers. It includes the analysis of customer feedback and the effectiveness of product marketing.

    7) Commercialization —> the product is put on the market.

    VERTICAL AND HORIZONTAL INTEGRATION

    They are two ways of growth through diversification, which means branching out into new areas but specifying which area.

    Horizontal integration is when expanding across the

    example, if a car manufacturer buys a tire company, it is a form of vertical integration because the tire company is a supplier to the car manufacturer. Similarly, if a clothing retailer buys a textile factory, it is also a form of vertical integration because the textile factory is a supplier to the retailer. The advantages of vertical integration include increased control over the supply chain, reduced dependency on external suppliers or retailers, and potential cost savings through economies of scale. By owning the entire supply chain, companies can ensure consistent quality, timely delivery, and better coordination between different stages of production. However, there are also disadvantages to vertical integration. It can be costly to acquire and integrate new companies, and there may be challenges in managing different business functions and cultures. Additionally, vertical integration can limit flexibility and innovation, as companies may become too focused on their own internal operations and less responsive to external market changes. In conclusion, both horizontal and vertical integration can be strategic moves for companies looking to expand and strengthen their market position. The choice between the two depends on the specific goals and circumstances of the company.example Ford buy a supplier. The advantages are that improve the coordination of my supply chain, I can control input and production of skill, I can benefit from profit margin and I define prices by myself so I can become more competitive in terms of prices reducing the strength of competitors. The disadvantages are that have higher cost due to low efficiency for the higher level of control, low flexibility due to new investments and developed new core competencies may compromise existing competencies. CONGLOMERATE AND CORRELATED DIVERSIFICATION They are two way of the growth through diversification, which means branching out into new areas but specifying which area. Conglomerate diversification is when a firm enters in a different market that has no synergy with the previous market in term of core business or technology. It is a pure diversification. For example Benetton brand buying the majority of Autogrill. This leads to the division of risks into different areas influenced by different factors and the

    The creation of value for shareholders can be achieved through better management of the assets in their portfolio. One way to achieve this is through correlated diversification, where a company expands its activities into new sectors that have technological or marketing similarities with its existing sectors. This allows for the exploration of synergies between the different sectors, leading to an increase in value for stakeholders. An example of correlated diversification is Armani Casa, which extends its brand into the home furnishings sector while maintaining its focus on luxury fashion.

    Another strategy for efficient diversification is through joint ventures. In a joint venture, a company expands into a new sector by collaborating with another company. This allows for the sharing of resources, expertise, and risks, leading to a more efficient diversification strategy. A joint venture involves the creation of a third entity, where the participating companies share capital and profits. An example of a joint venture is the partnership between Bulgari and Marriott, where they create a third company to operate in the hospitality sector.

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Dettagli
Publisher
A.A. 2022-2023
9 pagine
SSD Scienze economiche e statistiche SECS-P/08 Economia e gestione delle imprese

I contenuti di questa pagina costituiscono rielaborazioni personali del Publisher md.avanzo98 di informazioni apprese con la frequenza delle lezioni di Luxury and fashion management e studio autonomo di eventuali libri di riferimento in preparazione dell'esame finale o della tesi. Non devono intendersi come materiale ufficiale dell'università Università degli Studi Internazionali di Roma – UNINT o del prof Mainolfi Giada.