Purpose
Brand purpose is the framework that guides business decisions and thought processes. Unlike a brand promise, a brand promise may give buyers an expectation of a product or service. But a brand purpose will give customers an emotional and spiritual connection to the brand. Similarly, brand purpose and social purpose are similar but different. (Don’t panic, 2022) The essence of a brand purpose is a higher reason for a brand to exist than making money, and the most direct way for customers to distinguish people from other brands. It is the source of a brand’s longevity, driving the progress and development of people and society in a positive way.
A brand philosophy is an expression of the values, codes of ethics and principles that define the overall climate and culture of an organization and shape the company’s business practices. It can effectively capture the trust of customers and establish cooperation. For example, there is a distinction between multiple companies in the same market and a company with an ethical and profitable brand philosophy that can occupy a high-level place in the psyche of the market and customers.(Bhasin,2019)The brand philosophy also integrates the employee’s workplace organization, as the employee’s sense of work is distributed along with the feeling. As a final note, many times, the employee can decide to break the key decision in the decision. Because if the individual builds and manages the ethical brand philosophy, they know more about the ability to handle, the situation of the company, they know the situation, they know the respect and ethics that build the brand and have won all the success and honor for the company.(Bhasin,2019)
The sharing economy, also known as the sharing economy, means that all technology products and services can be used, shared and even rented out by the public in the Internet era. It is an economic means of increasing the utilisation of resources and reducing the cost of use. For example, the sharing of bicycles in transport and the collaboration between Uber and Selfridge and rental platforms in fashion to start fashion rentals are all physical applications of the sharing economy. It improves the utilisation of resources and is conducive to long-term sustainable development.
According to the survey, more than half (53%) of the new generation selected a brand’s social media account, and 46% selected a brand’s website. At the same time, 39% said they would learn about brands through brand advertising. At the same time, it can be seen that the media promotion is currently the most popular kind of Generation Z.(King,2021)
reference
Don’t panic（2022）WHAT IS BRAND PURPOSE? 5 GREAT EXAMPLES.Available at:https://www.dontpaniclondon.com/what-is-brand-purpose/(Accessed in 30th Oct 2022)
Bhasin,h.(2019)What is the brand concept? The importance of having a brand idea. Available at:https://www.marketing91.com/brand-philosophy/ (Accessed 30th Oct 2022)
King,J.(2021)How brands can win the trust of Gen Z. Available at:https://www.askattest.com/blog/attest-investigates/how-brands-can-win-the-trust-of-gen-z. (Accessed 30th Oct 2022)