Purpose

Every brand that exists has its purpose – to make a positive change in people’s lives. A business purpose explains the motivation for the founding of a company. It outlines both the goals of the company and what makes it special. (Indeed Editorial Team, 2021)

Brand philosophy such as mission, vision, and value defines the organization’s general atmosphere and culture and creates the company’s business procedures. (Hitesh, 2019) It is important since it is an effective branding tool. It’s a huge competitive advantage when customers think a brand is distinctive and aligns with their personal beliefs. (Marilyn, 2022) Also, the philosophy can help assist the brands in making decisions as when the brands are familiar with the principles that guide the brand, they are in a far better position to handle challenging situations. (Hitesh, 2019) The philosophy can help brands form a community of people with the same value and avoid making mistakes.

When assets and services are shared among private individuals, an economic system is said to be in the “sharing economy.” (Simon, 2020) The ride-sharing, short-term rental, coworking, and grocery delivery industries are some notable examples of the sharing economy (The balance, 2021) such as Uber, Airbnb, cocoon Club, etc. The rise of the sharing economy has altered consumer behavior and introduced new methods of gaining access to resources.

To communicate brands’ purpose to Gen Z, knowing how to capture their attention is imperative. Since Gen Z, is the generation that has spent their whole lives using technology and the internet, social media is a good tool to catch their interest. Brands can make use of customizable news feeds which can obtain Gen Z’s attention more selectively according to their online accessing behavior. Brands can also utilize the power of celebrities to communicate with Gen Z as they have a significant and positive effect on consumers which benefits the brand (Mitterfellner, 2019) According to psychological studies (Amos, Holmes, and Strutton, 2008), this is because customers may desire to imitate the celebrity, they will trust the celebrity’s endorsement, they can remember the commercial much better when the celebrity is there, and they will associate the celebrity’s positive traits with the product. Another important aspect of communicating brands’ purpose to Get Z is to intentionally place the end user at the center of the conversation to satisfy their needs and promote well-being. (Hethorn, 2015, p.73) To conclude, to communicate to Gen Z effectively, capturing their attention with successful marketing campaigns and knowing what they need and satisfy them is essential.

References

Bhasin, H. (2019) What is Brand Philosophy? importance of having a brand philosophy, Marketing91. Available at: https://www.marketing91.com/brand-philosophy/ (Accessed: October 26, 2022). 

Hethorn, J., Ulasewicz, C. and McDonough, W. (2015) Sustainable fashion – what’s next?: A conversation exploring issues, practices, and possibilities. New York: Fairchild Books. 

Indeed career guide | indeed.com (no date). Available at: https://www.indeed.com/career-advice (Accessed: October 26, 2022). 

Lovick, S. (2022) What is the sharing economy?, BusinessBecause. BusinessBecause. Available at: https://www.businessbecause.com/news/insights/6736/what-is-the-sharing-economy (Accessed: October 27, 2022). 

MITTERFELLNER, O. L. G. A. (2019) Fashion Marketing and Communication: Theory and practice across the fashion industry. S.l.: ROUTLEDGE. 

What is the sharing economy? (2021) The Balance. The Balance. Available at: https://www.thebalancemoney.com/what-is-the-sharing-economy-5188892 (Accessed: October 27, 2022). 

Wilkinson, M. (no date) Experts discuss importance of Brand Value in 2022, Latana. Available at: https://latana.com/post/brand-value-worth/#:~:text=%22Brand%20value%20is%20the%20’perceived,a%20really%20powerful%20competitive%20advantage.%22 (Accessed: October 26, 2022). 

Image references:

Image reference

Chanel (2021) Jennie the face of the Chanel Coco Neige 2021/22 collection campaign, CHANEL. Available at: https://www.chanel.com/gb/fashion/news/2021/09/jennie-face-of-coco-neige-21-22-camp.html (Accessed: October 26, 2022). 

Security in the sharing economy (no date) Future Lab – ASSA ABLOY – Studying security trends. Available at: https://futurelab.assaabloy.com/en/security-in-the-sharing-economy/ (Accessed: October 26, 2022).