Long-Term Growth in International Markets

Introduction

Brand Heritage is integral towards retaining the market position and growth of a brand in the competitive international markets. It was witnessed from the research of Pizzi and Scarpi (2019), that the heritage of a brand contributes towards the authenticity, credibility and reliability of the perceived value that is created by the brand in the minds of its customers. The long term sustenance and growth of a brand amongst the other international players is empowered through the identification of brand heritage. In this connection, it has been observed that brand heritage determines the value and goals of a brand while maintaining a standard of their own.

The current discussion would identify the manner in which the brand heritage is crucial in order to empower the sustenance of a brand in the global markets while determining its effect on the perception of the customers and the factors that influences a brand’s survival in the global economies. The research would also determine the relation between brand heritage and its sustenance in the global markets with the purpose of developing insights on the need or vitality that heritage provides to a brand.

Brand Heritage

Every brand holds a unique history of its growth and its operations while emphasizing on its values and culture that determines the nature of the activities. The heritage of a brand is defined as the exhibits on the longevity of operation, track records, the core values that guides the operations and certain symbols that contributes towards emphasizing on the authenticity, credibility and reliability of a brand (del Barrio-Garcia and Prados-Peña 2019). The efficiency of a brand in keeping a clean track record and sustainable operations that are guided towards meeting the customer orientations supports in improving the market position of a brand.

Sharma, Patro and Chaudhry (2021) stated that brands take the initiative of improving their image through sustainable operations with the purpose of influencing the trust and reliance related factors among the customers. On the other hand, Larsen et al. (2018) opined that the corporate goals and values that are adhered by a brand enables the same in winning over the trust and confidence of their target customers while retaining a clean heritage. Heritage of a brand is specifically the values, the culture and the orientations that are considered by a leader of a brand while making decisions and addressing the needs or priorities of the customers or the society at large. Therefore, it might be stated that the extensive set of ethical values and corporate culture supports a brand in improving their perceived image in the minds of the customers while influencing their sales volume in order to sustain intense competition.

On the other hand, it has been observed that a clear history and sustainable function related track record of a brand creates a sense of security, authenticity and reliability in the minds of the consumers which is essential towards developing a positive brand reputation in the markets. Moslehpour et al. (2019) observed in a research that the positive brand image of an organization contributes towards the growth and expansion of the same in the international markets. Therefore, it might be stated that the brand heritage is an essential factor that is considered by the brand owners.

The impact of Brand heritage on customer perception

Consumers specifically perceive a brand on the basis of its reputation and the track records of its operations. It has been observed that positive track records of a brand influence the growth of trust among the consumers. On the other hand, it has been observed that the customers are mostly inclined towards making purchases from reputed brands as they feel that the brand offerings would be reliable and authentic. Johansson et al. (2018) stated that track record of a brand is defined as the degree of operations and the values that are incorporated by a brand towards delivering a value to the customers. Track records extensively contribute towards empowering a brand reputation. For an instance, the money laundering and similar activities that were undertaken by the employees in the Commonwealth Bank has affected the track record of the bank while limiting the scope of the bank in creating trustworthy relations with its customers. In this connection, the past corrupted practices that were undertaken by some of the employees in the bank have affected the brand reputation or heritage. People are most likely to avoid transactions with the bank, or the brand, after researching on the past records that the brand held.

On the other hand, people are most likely to buy Apple iPhones, even in high cost offerings, based on the reliability and authenticity of the propositions that the business has been providing since its inception. The brand culture of continuous innovation and customer centric operations has enabled the brand in earning a better heritage over the other market players. From the research made by Lopez and Leenders (2019), the customers or the people in the societies have an inclination towards referring to the past incidents or the track records that a brand holds, before making transactions with the same. In this connection, the quality propositions and the customer oriented values of Apple Inc has assisted the business in gaining a competitive edge through winning over the trust and loyalty of the customers. According to Huaman-Ramirez et al. (2020), customers prioritize reliability and authenticity as the major factors while choosing a brand to make purchases. It has been witnessed in several situations that the brand preferences of the customers often has supported the brands in making more profits through offering high priced quality propositions. Heritage of a brand assists in creating a positive brand image. The clear history of a brand and sustainable propositions that a brand proposes for a long span of time influences the loyalty of the customers.

Wymer and Akbar (2017) stated that more than 67% of the customers of any brand, roughly, are driven by the brand image and the quality of propositions along with 32% of the people researching on a brand history before making purchases. Scandals affect the brand reputation in the different markets while creating a flawed brand image in the minds of the customers. Moussa and de Barnier (2020) observed that most of the brands lose their target customer base to other brands due to their incapability of empowering an efficient brand image in the minds of the people through sustainable propositions. For an instance, a brand that has developed a well cultured workforce and adhere certain values on the ethical grounds attracts the attention of the customers and retains the same for the long term. However, businesses face significant concerns in maintaining their profitability which might significantly tarnish their brand image in the markets while affecting the loyalty and trust of the customers. Preece, Kerrigan and O’reilly (2019) opined that every business focuses towards retaining the trust and commitment of their customers through sustainable operations, failing to do which the businesses might be threatened of their sustenance in the intensely competitive markets. Customer perceptions are guided by the reliability and authenticity of the propositions that are offered by a business.

The authenticity and reliability related aspects are influenced by the clean track records of the businesses. On the other hand, Wright (2019) opined that the customers of an organization is often influenced by the longevity of the brand in the markets. For an instance, the customers are moistly inclined towards a brand which has been operating in the markets for a longer period of time, without any scandals. The increased reliability on brands that has been operating for longer spans of time in the international markets drives the purchasing intents among the target customers. Moreover, customers are driven towards a brand through the enumeration of the core values that guides the operations of the same.

The alignment of the core values with that of the customer expectations support a brand in improving their overall performance while increasing their brand reputation in the markets. Customers rely on a brand with better accessibility and authenticity. The authenticity of a brand is established over time while creating an image in the minds of the customers. Rather, Tehseen and Parrey (2018) stated that customers rely on a brand which has been operating in the markets with a good repute over a long period of time. The customers disregard the cost of the propositions that are quoted by a brand if the brand is well established in the markets and holds a positive track record of operations. Therefore, the customer perceptions on a brand, whether positive or negative is based on the track record that is held by the same and the manner in which the organization operates towards providing quality propositions to their target audience.

The factors affecting brand survival

Brand survival in the competitive markets are reliant on the loyalty of the customers, the quality of the propositions, sales volume made by the brand and several other factors that determine the growth and development of a brand in the globalized economies. Centeno et al. (2019) stated that globalization has influenced the internationalization of the brands which in return intensified the market competition. It has been witnessed that several brands exist in a market, offering same quality propositions at same or variable prices. However, the efficiency of a brand in retaining the loyalty of the customers or the brand position in the markets is based on the brand heritage. The core values that drive the operations of the brand, the track record of the brand over the years, the quality of the propositions that are made by the brand and the sales volume of the same contribute towards the sustenance and growth of a brand in the international markets. For an instance, if a brand has been developing innovation based capabilities, however, fails to provide the customers with the demanded propositions or quality offerings, the brand fails to sustain in the markets. On the other hand, when a brand takes on the responsibility of considering the changing needs and requirements of their target customers while providing the same with quality propositions, the brand makes a huge impact on its sustenance and growth. In this connection, it might be observed that customer orientation is one of the several factors that contributes towards the sustenance and growth of a brand through increased sales.

Jun and Yi (2020) opined that businesses take the initiative of developing core values that are driven by ethical theories and concepts in order to maintain standards with the social responsibility requirements. Most companies and well reputed brands have taken the initiative of developing social responsibility based activities with the purpose of improving their track records while influencing the behavior of their target audience. Positive track records also supports a business or a brand in attracting the attention of the investors to make capital expenses on the development and growth which results to higher level of sustenance. Taheri et al. (2018) stated that transparency of communication, quality of propositions and the history of operations undertaken by the brands as per the core values and ethical standpoints empowers their sustenance and growth in the international markets. Transparency of communication and quality of propositions evoke credibility and reliability of the customers while empowering their loyalty towards a brand. For an instance, customers mostly rely on the propositions that are made by businesses for a longer span of time and are specifically referred by friends, relatives or in different online platforms.

The transparency of communication that is maintained by an organization encourages a customer in gathering all information on the type of propositions that are offered by the brand which influences the authenticity and reliability. The reviews contribute towards judging the credibility of the propositions that are offered by a brand. Therefore, it might be stated that the survival of a brand is specifically reliant on the brand’s performance correlating to the expectations of the customers and the clean track records. Brand survival is typically reliant on the increase in the sales volume of a brand in the international markets through maximized engagement of customers. Cowan and Guzman (2018) observed that the increased participation of the customers towards the propositions that are offered by a brand and the increase in sales volume assists a brand in diversifying the revenue streams and thereby ensure economic sustenance and growth. On the other hand, the beliefs and trust of the customer base is an important phenomenon that drives the sustenance and growth of a brand in the global economies. Grubor and Milovanov (2017) stated that more than 93% of the global businesses take the initiative of determining the interests of the customers and developing customer oriented policies and procedures with the purpose of retaining the trust and loyalty of the same.

The increased brand loyalty among the target audience fetches businesses returning customers which extensively contribute towards the improvement of the revenue streams and profitability. However, there are specific aspects that might be considered by the businesses in order to retain the customers in different markets like reliability, authenticity and credibility of the line of propositions. The increased competition in the global economies poses a greater threat on the sustenance and growth of brands. However, businesses retain the trust and loyalty of the customers and make dynamic expansions for retaining a positive brand profile.

The relation between brand heritage and brand survival

Brand heritage aims towards identifying the background of an organization by means of the track record, the core values that are adhered by the business, the corporate culture and the like while developing a sense of authenticity, reliability and credibility in the minds of the customers. Noh and Johnson (2019) stated that more than 69% of the customers remain anxious on the authenticity of the propositions that they bought or are willing to purchase of an organization. Moreover, Iglesias et al. (2019) opined that customers face significantly concerns in selecting the reliable brands before making purchases. In this connection, the aspect of Brand heritage is supportive towards making the customers aware of the core values the longevity of the organization, the track records and the like which supports in building loyalty and commitment in the minds of the customers.

Larsen et al. (2018) observed in a research study that loyalty and commitment of the customers towards a brand reflects the increased rate of returning customers to the business, while ensuring the increase in the revenue streams and profitability. The increase in the revenue streams, profitability and loyal customer base of a brand supports the same in devising a positive brand image in the competitive global markets while ensuring the brand sustenance. Therefore, it might be stated that brand heritage and brand sustenance are directly related to each other while improving the growth and sustenance based prospects of a brand.

Conclusion

Therefore, from the above discussion it might be concluded that brand heritage is an integral factor that influences the survival and growth of a brand in the international competitive markets. During the research discussion, it was witnessed that brand heritage influences the behavior of the customers through longevity of the brand, the core values and the track record while making the audience rely on the brand. The reliability, credibility and authenticity being driven by brand heritage, supports a brand in improving sales and profitability, contributing to their sustenance and expansion in the global markets.

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