Executive summary of “The Nobel Prize: the identity of a corporate heritage brand”
Article Type: Executive summary and implications for managers and executives From: Journal of Product & Brand Management, Volume 24, Issue 4
This summary has been provided to allow managers and executives a rapid appreciation of the content of this article. Those with a particular interest in the topic covered may then read the article in toto to take advantage of the more comprehensive description of the research undertaken and its results to get the full benefits of the material present.
The significance of heritage is widely recognized among business organizations. It functions as a key part of brand identity and is a vital to the successful development and communication of the brand. Another key aspect of heritage is history, the extent and depth of which will often vary across brands.
Different definitions of heritage have been forwarded, but most serve to capture such as values, beliefs and symbols, as reflected in the past, present and future of the brand. Brand heritage has been described as an “overarching concept” that is relevant to all types of brand. As well as product or service brands, this can include place brands, country brands and corporate brands. Its value is illustrated by the fact that many high-end fashion brands use heritage to signify the quality and authenticity of their offerings. Heritage also provides a safeguard against imitation.
In earlier work, a distinction was made between a heritage brand and “a brand with a heritage”. While the latter pays some homage to its history, it is likelier to be positioned in the present and will more than likely not encompass all components of heritage. It is suggested that SC Johnson and Company is a heritage brand, as being a “family firm” is core to its identity. On the other hand, Swiss watchmaker TAG Heuer refers to its history but indicates its primary focus is on the present through such as sponsorship of Formula 1 racing.
Integrating heritage within the identity of the corporate brand can pose a significant challenge for organizations. Whether to include heritage and which aspects should be used to position the brand and provide added value to the organization’s various stakeholders is a sizeable task to assume.
Corporate brand identity is intrinsically associated with strategy, as it delineates how leaders want the brand to be perceived inside and outside the firm. Managing a corporate brand is therefore critical, and it involves “managing the meaning” that incorporates its image and reputation. In the longer term, the aim is to attain a corporate identity which is clearly defined and consistent.
In the present study, the purpose of Urde & Greyser is to further the understanding of corporate heritage brands and how to manage them. A case study of the Nobel Prize is the chosen method of analysis. This in-depth study involves research, observation and interviews with laureates and key individuals currently or formerly associated with the awards.
The Nobel Prize provides a unique opportunity to examine the impact of heritage on identity. It actually includes five separate prizes to comply with the wishes indicated in the will of its founder Alfred Nobel, who died in 1896. Different institutes in Sweden and Norway are responsible for the prizes, the most renowned being the Nobel Peace Prize. Others relate to literature, medicine and sciences. Prizes recognize achievements which are seen to profit mankind and were first awarded in 1901. They are recognized for their “cultural value and prestige” acquired due to their international focus, ability to capture attention and prompt debate, thoroughness of selection processes for awards and their iconic status.
The involvement of the various institutions and committees prompts the authors to define the Nobel Prize as a “networked corporate heritage brand”. Each body in the network shares a common goal of ensuring the founder’s wishes are carried out. However, the institutions within the “federation” also function independently and have different identities, aims and communications.
According to the Heritage Quotient (HQ) framework, heritage is indicated through five distinct yet related elements which have “stewardship” at their core. This reflects a commitment toward developing and safeguarding a brand, and its quality and heritage. This means that proposals need to be fully evaluated on their potential impact upon “heritage, reputation, and future”. Being conservative is often deemed a superior virtue to change.
The importance of history is a key dimension and is embodied in the legacy of Alfred Nobel. Longevity and “track record” are both testimony to longer-term performance and are also significant. According to the HQ model, “use of symbols” is another element and in this case is overtly exhibited by the Nobel Prize medal. In contrast, “core values” are perceived to be implicit and defined by Urde & Greyser as “discovery”, “excellence” and “engagement for higher ideals”.
The last named closely links to the brand identity aspect of benefiting mankind, which is at the hub of the first of five themes the authors see as pertaining to identity. The themes include:
1. The international prestige of the award and how it defines the Nobel Prize: At the foundation is the founder’s will. The challenge is to stay true to his wishes and retain a core identity while evolving to meet the changing requirements of the world.
2. Distinctiveness of the network: Alfred Nobel’s will has been described as the “constitution” which binds the different entities. All institutions within the network have a “collective responsibility” while also benefiting the whole through their individual strengths and diversity
3. Track record: Revealed by such as consistently adhering to the comprehensive process by which potential award winners are selected. It also includes the nationally embraced “ceremonial aspect”, the symbols and the participants.
4. The awards as a cluster: This helps generate attention and spark discussion and debate, especially when controversial choices are made. Such responses are perceived as indicative of the prize’s stature and inevitable because of the subjectivity of the awarding process.
5. Stewardship: Which incorporates managing both the awards and the brand. Institutions have clearly defined responsibilities, and it is deemed imperative to elect the right people on to committees and to be sensitive toward the needs of other network bodies. The critical nature of such factors is compounded by the fact that the Nobel network has no conventional organizational hierarchy. It is equally important to focus on the network’s identity, reputation and communication activities as part of the management process.
In the view of Urde & Greyser, those within the network and other stakeholders function to preserve identity, reputation and heritage. This is achieved by adhering to the founder’s will and embracing a culture of shared values.
The authors define the brand identity of the Nobel Prize by combining HQ indications with relationships across what is labeled the Corporate Brand Identity Matrix (CBIM). Within the matrix are internal (mission & vision, culture and competencies) and external (value proposition, relationships and proposition) elements and those reflecting both (expression and personality). Each element relates to the core which includes the brand promise and the key values that uphold it. Analysis reveals how the various elements connect, their significance and what they indicate.
Combining the HQ and CBIM frameworks is unique and generates what the authors call the “Heritage Brand Identity Process”. One outcome is their classifying of the Nobel Prize as “a corporate heritage brand with high HQ”. They additionally feel that findings here could improve understanding and management of other corporate brands where alliances help create identity and heritage.
To read the full article enter 10.1108/JPBM-11-2014-0749 into your search engine.
(A précis of the article “The Nobel Prize: the identity of a corporate heritage brand”. Supplied by Marketing Consultants for Emerald.)
