3. Brand Philosophy

This chapter explores brand values which are the guiding principles of a brand. They provide the strategic direction that staff must follow. This chapter will build on the brand ethics that were previously discussed and describe the concept of brand philosophy. The basic components of brand philosophy will also be discussed—core values, mission and vision statement of the brand, which serve as a promise and set the brand apart from others. We will look at who develops it, when it is developed and how it is developed. It is important to recognise as well that brand philosophy is industry-specific, and therefore, it should be interpreted in that context; however, there are basic features which all brand philosophies should have. These will be relevant for a brand manager working on a new brand or on an existing brand. Finally, we will look at the benefits and various examples of brand philosophy.