exploring branding options for a family-based luxury retailer 2010
DESCRIPTION
Family-businesses dominate the global economic landscape yet their life-spans are relatively short. The aim of this research is to explore whether or not long-term sustainability can be achieved in such businesses by using a branded long-term sustainable family-business model. The business advisor examining growth prospects for a family business can use such a model, to understand and enhance the family-business brand by building a stable and secure value adding business for future generations.TRANSCRIPT
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Exploring Branding Options for a Family-based Luxury Retailer.
Deemant Himmat Lodhia
Submitted in part fulfilment of the Degree of MBA in Retailing of
The University of Stirling, Scotland.
(October 2010)
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Acknowledgments
I am extremely grateful to my tutor, Marcus Thompson, who has always been quick
to respond, supportive and constructive with his guidance – thank you.
I would also like to thank my family for their love, support and understanding
throughout my MBA degree.
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Declaration
PRINT NAME: DEEMANT HIMMAT LODHIA
1. This work has not previously been accepted in substance for any degree and is not
being concurrently submitted for any other degree.
2. The dissertation is the result of my own independent work and investigation, except
where otherwise stated.
3. All verbatim extracts have been distinguished by quotation marks and the sources
of my information have been specifically acknowledged.
4. I am also submitting an electronic version of the dissertation and give my
permission for the Institute for Retail Studies to run this through a programme
which will check for plagiarism.
Signature: ……………Deemant H Lodhia…………………..
Date: …………………20th October 2010……………………..
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ABSTRACT
Family-businesses dominate the global economic landscape yet their life-spans are
relatively short. The aim of this research is to explore whether or not long-term
sustainability can be achieved in such businesses by using a branded long-term sustainable
family-business model. The model permeates through desk study and literature review,
and is confirmed to a certain extent by initial research amongst experienced luxury-based
retailers.
The distinctive features of marketing within a retail environment provide the necessary
background and highlight the central role of the brand in the exchange process as the
reservoir that holds the co-created value. The brand reflects everything the family-
business does into a single image but this is an external phenomena. The internal
processes that create this projection are discussed through a review of family-business
literature and the sustainable family business theoretical model (Danes SM, Loy JT and
Stafford K, 2008) emerges as the concept that encapsulates these internal processes.
This study presents a directional hypothesis stating an existence of a relationship between
branding and long-term sustainability of a family-business. The family-business-brand
identity leads to specific components of brand equity. The marketing of luxury-based
retailers gives focus to the study by providing the brand variables to examine. In order to
achieve the aim of this study, four research objectives were set and data was gathered via
in-depth interviews.
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The results principally confirm that branding contributes towards family-business
achievements, including functional integrity, human capital growth, financial soundness
and structural integrity. Branding stabilizes disruptions during times of change; it
enhances processes and transactions during times of stability leading to additional values.
The enhanced experiences may lead to more co-creation exchanges and a repeated value
cycle continuously adds to the brand leveraging the family-business to greater heights.
The business advisor examining growth prospects for a family business can use such a
model, to understand and enhance the family-business brand by building a stable and
secure value adding business for future generations.
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TABLE OF CONTENTS
Acknowledgements 2
Declaration 3
Abstract 4
Table of Contents 6
Chapter 1 : Introduction 9
1.1 Background 10
1.2 Research Objectives 12
1.3 Research Design 13
1.4 Research Structure 14
Chapter 2 : A Review of the Literature 15
2.1 Retail Marketing 16
2.1.1 Marketing a Family-Business 16
2.1.2 The Value Cycle 17
2.1.3 The Exchange Process 19
2.1.4 The Experience Environment 20
2.1.5 Brand Reflections 20
2.2 The Family-Business 21
2.2.1 Family-Business Studies 22
2.2.2 Family-Business Strategies 25
2.2.3 The Sustainable Family Business Theory 27
2.2.4 The Family-Business Brand 29
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2.3 The Brand 30
2.3.1 Brand Identity 32
2.3.2 Institutional Semiotics 34
2.3.3 Brand Equity 35
2.3.4 Luxury Branding 36
2.4 Leveraging the Family-Business Brand 37
2.5 The Branded Sustainable Family-Business Theory 39
2.6 Deriving the Research Objectives 40
Chapter 3 : Research Design and Methodology 42
3.1 Research Design 42
3.1.1 The Research Strategy 42
3.1.2 Defining Concepts and Variables 43
3.1.3 Measuring Concepts and Variables 44
3.2 Research Methodology 45
3.2.1 Background Context 45
3.2.2 In-Depth Interview Design 46
3.2.3 In-Depth Interview Procedures 51
3.2.4 Data Analysis 54
3.2.5 Limitations of the Research Methodology 55
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Chapter 4 : Results
4.1 Branding contributes towards family-business achievements 58
4.2 Branding stabilizes disruptions during times of change 59
4.3 Branding enhances processes during times of stability 60
4.4 Branding contributes to long-term family-business sustainability 61
4.5 Retail Marketing 63
4.6 Family-business 64
4.7 Leveraging the Brand 65
4.8 Luxury 66
4.9 Image 67
4.10 Other Comments 68
Chapter 5 : Conclusions 70
5.1 Summary of Key Findings 70
5.2 Comparison with Research Objectives and Literature 71
5.3 Implications for Academic Theory and Family-based Retailers 72
5.4 Future Research 74
5.5 Conclusion 75
Appendices
Appendix One – Pre-qualifying Letter 76
Appendix Two – Interview Details 77
Bibliography 84
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Chapter 1 : Introduction
Summary
The proposed dissertation will contribute to the study of family businesses to confirm
whether the family-business brand identity is an essential part of long-term family-business
sustainability.
The study examines retail marketing’s distinctive features in order to understand the
underlying rational exchange of value between the retailer and consumer. Retail marketing
helps communicate the presence, availability, nature and desirability of the values in the
retail environment. This over-arching and binding concept is reflected in the brand. The
branding framework is increasingly being used to understand how family businesses
market themselves and enable differentiation.
Family businesses have unique attributes that require an in-depth review of literature in
order to guide the alignment of the brand. The sustainable family business theoretical
model (Danes et al 2008) is applied to assist this study. The model is based on the general
theory of social systems and provides a structural overview of the various issues relating to
such firms. In order to accomplish family-business achievements and enable long-term
sustainability, the researcher proposes that the brand identity be linked with the sustainable
family business theoretical model thus enabling an investigation into the marketing
methods, marketing entry and marketing channels that will work for such businesses.
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1.1 Background
Retail family business and brands has been a long-term passionate subject of interest for
the researcher because of direct involvement in numerous family-activated ventures in
various retail and other non-retail businesses. Years of experience combined with the
primarily luxury-nature of the various enterprises sets the perfect premise for exploring
branding options for a family-based luxury retailer.
A holistic approach is needed in order to typify social situations with as much variable as possible including an examination of the historical conditions of development thus need to draw a path of past development considering all relevant variables to formulate prognoses on the future development within a specific corridor, thus a practically useful suggestion for the management of family firms for each situation (Kraus S, 2007).
More specifically, this study deals with cases of jewellery retail serving at the distribution
end, where small and unbranded companies predominate, with only a handful of branded
retailers (Macfarlane M et al 2003). This presents an expansion opportunity for the
unbranded or those retailers with limited branding.
Trading relations in such businesses remain very private and the management is
disconnected from wider public interests and consumer attitudes (ibid). The jewellery
industry tends to become polarised with intense competition within the ‘low-priced budget-
style’ retailers, while ‘upscale retailers’ distance themselves from this sector, by
emphasising quality, branding and service (Mintel 2001).
More intangible aspects of branding including provenance and guaranteed quality are
becoming more important as suppliers are increasingly driving retailers to collaborate in
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marketing initiatives (ibid). Jewellery marketing is not about pricing, it is more about
reputation, quality of stones and precious metals, workmanship, and the image, for
example, De Beers sells the ‘romance’ of diamonds (Westwood 2000).
The push for closer retailer-supplier relationships is clearer at the top-end of the market
where suppliers are placing more importance on branding, as more consumers are opting
for the prestige, design and image of branded goods in jewellery, for example, Cartier,
Gucci, Swarovski etcetera, (Mintel 2001). Branding tends to be linked to design,
innovation, quality and reputation (Macfarlane et al 2003). Reputation management has
become more complex but particularly for the upper-end of the markets, whilst the lower-
end such as the costume-jewellery sector appears to have significantly different dynamics
(Macfarlane et al 2003). A stable, transparent and communicative value relationship
between the retailer and customer is possible through a well-designed brand structure.
This research explores such a structure’s contribution to the success of a family-business
through specific objectives.
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1.2 Research Objectives
The research explores whether or not a family-based luxury retailer will benefit from
branding or some other degree of brand management. The study examines the links
between family-businesses, long-term sustainability and its brand identity. The research
objectives have been developed after thorough literature review, discussed in chapter two.
The research objectives are stated as;
Branding contributes towards family-business achievements;
Branding stabilizes disruptions during times of change;
Branding enhances processes and transactions during times of stability;
Branding contributes to long-term family-business sustainability.
It was useful to narrow the search specifically for variables of luxury brands without
compromising the more general branding variables. Luxury branding variables include
those identified by Keller (2006) as ten defining characteristics of luxury brands and the
six brand building feelings (Kahle LR, Poulos B and Sukhdial A, 1988). Other branding
variables are identified through the literature review and discussed in chapter three. These
are the presumed causes that presumably affect the dependent variables including financial,
structural, functional and other impacts primarily identified through the sustainable family-
business model. Contextual insight and conclusions will be drawn from the four objectives
stated above. Essentially a marketing strategy that contributes towards growth in a family-
owned luxury retail business emerges.
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1.3 Research Design
The research design is based on a strategy that seeks to understand the practical
complexities in retail business. Several methods were considered to capture data for
analysis; however given the specific nature of the research objectives and the relatively
under-researched studies linking branding to family-retail businesses, in-depth interviews
with experienced practitioners proved more informative. The research is primarily
descriptive in nature and endlessly seeks to answer why or why not the variables are
linked.
To guide my search in the answer to the question of why, a collection of assertions will be
developed to identify what variables are important for what reasons, how they are inter-
related and why, and identify the conditions under which they should be related or not
(Campbell, 1990). In order to test my assertions, theory must be matched with the
measures, measures with predictions, testing the theory based on its assumptions, and
grounding arguments based on those assumptions (Zahra & Sharma, 2004). Interpretive
analysis will help work out the meaning of what was said and implications for the
objectives of this research.
Methodologically, this research constitutes a qualitative and exploratory collated data
using desk research and semi-structured in-depth interviews. The literature review
provides the discussion framework for the interviews and encompasses various topics
discussed in relation to branding and family-business marketing strategies. The research
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will have value whatever the conclusions maybe. Further; the exploratory nature of the
study provides context and offers opportunity for future research.
1.4 Research Structure
Chapter one has provided an introduction to this paper. Chapter two presents insights into
the literature covering the more general concepts of retail marketing and describes how the
brand reflects internal processes of a family business. The literature review then looks at
specific elements of the brand and how these can be fine-tuned to leverage the family-
business into a better position. The research objectives are derived towards the end of the
literature review followed by chapter three that outlines the design and method of research
in for the objectives. The fourth chapter presents the results and analysis thematically.
Chapter five concludes this research with a summary of key findings together with a
comparison of the literature and results, then highlighting implications for academic theory
and family-business practice.
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Chapter 2 : Literature Review
The purpose of this chapter is to explore and draw conclusions from the existing literature
regarding the stated research objectives. The literature study helps to identify factors that
can contribute to long-term sustainable growth in a family-owned luxury retail business.
Long-term sustainability is the result of achievements of family and business goals
including structural integrity, functional integrity, human development and financial
soundness (Danes et al 2008).
The chapter therefore examines retail marketing, family business and branding literature.
These are further split into detailed segments outlining the various studies that provide the
concepts and variables that explains and predicts phenomena occurring in retail business
practice. As a result of the literature review, a hypothesis is developed that essentially
links family-business brand identity with long-term sustainability of the family business.
Retail marketing binds together various activities within a retail business, the family-
business literature exhibit the unique characteristics and issues involved in family-owned
enterprises and branding helps devise a method for leveraging the family-business brand
for long-term sustainability. The remainder of this chapter discusses, thematically, the
various theoretical perspectives of previous authors.
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2.1 Retail Marketing
The distinctive features of marketing within a retail environment are discussed in this
section in order to discover the points where value creation can occur in the value network
in which the transaction takes place. Underlying every business transaction is a rational
exchange of value occurring between the business and its customer, and it is the role of the
marketer to manage this exchange (Calderwood E, 2009).
Rational customers seek to maximise satisfaction from using goods, service and maybe
other symbolic values, thus the exchange is psychological, social, intangible and physical
in nature. The business needs to understand the customer, their characteristics, needs,
wants, values and perceptions. Based on its understanding, the business develops a set of
values through products, services and other retail offerings that represent a rational
exchangeable value in the mind of the customer thus creating the enabling environment for
an effective exchange (Calderwood E, 2009). Retail marketing helps communicate the
presence, availability, nature and desirability of the values created.
2.1.1 Marketing a Family-Business
Marketing a family-owned business requires a total business approach. A family-owned
jewellery retail business is a speciality goods and services retailer with a limited market
that requires consumer special effort to purchase (Holton 1958). The other types of goods
are convenience and shopping goods, all of which account for the desire to secure the good
and services; perception of cost, time, effort and price; but this view is considered too
broad and simplistic (Burt S, Davies K and Pretious Mike, 2009).
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Other schemes combine concepts of involvement and perception (ibid at p.11).
Involvement depends on the degree of familiarity and perceived risk associated with the
purchase and perceived product differences relates to the degree of similarity between
options in the customer’s mind. From the perceived set of alternatives available, the
customer chooses the offering that meets his or her set of buying criteria, that is, the
customer’s values (ibid at p.13).
The customer’s values can include physical or economic criteria, such as, price; durability;
speed of delivery; ease of access to products; and socio-psychological criteria such as:
compatibility with self-image; compatibility with reference groups; contribution to desired
lifestyle; compatibility with attitudes and beliefs (ibid). A purchasing decision is made
rated against the criteria and the experience gained affects future buying decisions. The
value cycle and exchange process is discussed next, followed by the experience
environment and then how the values and experiences are reflected in the brand image over
the long term.
2.1.2 The Value Cycle
The value cycle provides a link between the concept of marketing and marketing in
practice (Calderwood E, 2009). It is a four-stage cyclical process to help understand,
create, communicate and deliver values (ibid). Understanding the customer, their
characteristics, needs, wants, values and perceptions provides the basis to develop a set of
values, through our resources that the customer will want. This step was considered for
further research but is better suited to a more elaborate marketing plan for specific case
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studies and seemed beyond the ambit of this paper. The focus of the present study is on
creating, communicating and delivery of the values through the exchange process using an
identifiable brand that aspires to reflect what the customer wants while aligning the
internal aspects of the family-business. The value cycle is depicted in figure 1 below.
Figure 1. The Value Cycle (Teller C, 2008)
Value is created at the second stage through variations in the extended marketing mix i.e.
product, price, place, promotion, people, processes (the way in which a service is
performed) and the physical setting in which a product or service is consumed (the seven
Ps). “The retail mix is the composite of all effort which was programmed by management
and which embodies the adjustment of the retail store to its market environment”
(Calderwood C, 2008). These are the tools that design, develop and deliver values for the
exchange process.
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Communication (third stage) aims to develop a common perception of the business and its
products. Values are communicated through the use of media and public relations,
highlighting the factors that we have planned to capitalise on (ibid). At the fourth stage,
the values are delivered through the retail store and its various tangible and non-tangible
components. This is the point of exchange and maintaining core values through training
and development of a culture consistently applied is critical for successful delivery of
values, i.e. “the right goods [and services] in the right place at the right time in the right
quantity and the right quality” (ibid). Customer service during the exchange process
influences the purchasing experience of the customer and only the staff can ensure that the
incident is positive rather than negative.
2.1.3 The Exchange Process
This exchange interface takes place in a specific time and given space with the elements
outlined. C K Prahalad and Venkat Ramaswamy (2000) introduced the concept of co-
creation whereby the emphasis is on generation and ongoing realisation of mutual firm-
customer value. Customers are active and business engage to share, combine and renew
each other's resources and capabilities to create value through new forms of interaction,
service and learning mechanisms. Co-created value arises in the form of personalised,
unique experiences for the customer (value-in-use) and ongoing revenue, learning and
enhanced market performance drivers for the firm (loyalty, relationships, customer word of
mouth). Value is co-created with customers if and when a customer is able to personalize
his or her experience using a firm's product-service proposition (Prahalad CK and
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Ramaswamy V, 2004). The key to create customer values is to focus on total customer
experience (Berry L, 2001) taking place in the experience environment.
2.1.4 The Experience Environment
Businesses are continuously transforming to accommodate the emerging realities of our
time. In order to gain a deeper understanding of issues and identification of drivers within
the value chain and the key actors, to enable a better frame for the research questions,
Hughes (2001) advocates replacing ‘chain’ with ‘network’ to more explicitly capture the
complexity of actors and multi-stranded exchange relationships.
A new structure based around the centrality of the individual continuously engaged with
the experience network that is designed to accommodate variation in experiences while
reducing variation in the quality of the supply processes that are activated to co-construct
those experiences (Prahalad CK and Ramaswamy V, 2004). The experiential space
comprises an enhanced network including personalisation, integration, and innovation to
provide competitive advantages therefore new ways of competing on experiences can
continuously evolve for businesses (ibid). The value that is co-created during the
experience through the exchange process is reflected in the brand image.
2.1.5 Brand Reflections
Ideally, brands create differentiation in the mind of the consumers; however,
differentiation alone is not sufficient to create value for the brand, consumers must have a
positive attitude towards the brand and these should translate into behaviours (e.g., buying,
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using or talking about the brand; Keller 1993). Attitudes can be positive or negative based
on consumer’s experiences with the brand over time and brand knowledge (i.e. what
resides in the mind of the consumer) are the basis of the brand equity (Jones 2005; Keller
KL, 2008).
Branding is explicitly discussed in chapter 2.3; however, an important multi-faceted
experiential node in the experience environment or a link in the value network lies in the
reflections that a brand exhibits. This is the point where the customer is interacting with
the processes designed by the retailer and the value of this brand equity is a business’s
most defining asset.
Before addressing the theories that predict how brand equity is built, which is ultimately an
external projection or reflection; it is important to understand the retailer’s internal aspects
so that the external projection can be aligned with internal orientations. The family-
business is discussed next to provide unique insights on how to achieve long-term
sustainability in such businesses.
2.2 The Family-Business
Family businesses dominate the economic landscape of most major economies in the world
(Shankar et al., 1996; Klein, 2000; Heck et al., 2001; IFERA, 2003). However the lifespan
of family businesses are relatively short, as only some survive into the second generation,
and hardly one-third into the third (Beckhard et al., 1983; Neubauer et al., 1998; Shankar et
al., 1996; Paisner, 1999). In fact, management studies have paid little attention to family
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business’ unique theoretical and practical problems and are described as a “missing
variable” in organisational research (Dyer Jr, 2003). There is a critical need to improve
understanding of family businesses and to ensure they are managed effectively (Ibrahim et
al 2008).
2.2.1 Family-Business Studies
Classical family-business literature looks at issues of definition, succession, agency
problems, conflict management etcetera, however, more recent literature dwells in the
specifics by exploring the uniqueness of family businesses based on internal characteristics
that are valuable, rare, difficult to imitate and difficult to substitute (Botero IC and
Blomback A, 2010). Reputational capital is a unique characteristic that family firms can
leverage to obtain competitive advantage and brand management is the tool (ibid). The
branding framework is increasingly being used to understand how family businesses
market themselves and enable differentiation (Blomback & Ramirez-Pasillas, 2009; Craig,
Dibrell, & Davies, 2008, Litchfielld, 2008, Botero & Blomback, 2010).
Defining the family-business has proven to be problematic for researchers as there is no
universal definition of what a ‘family-business’ is. Family-businesses can be defined
along numerous dimensions including ownership, management, business succession,
family influence, power, experience, culture but definition is an open discussion and
development of objective methods for definition are still in its infancy (Chrisman et al.,
2003b). For the purpose of the present study we can adopt Westhead’s definition (1997)
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that the classification should be left to the judgment of the person who manages the
business.
Succession is a reappearing theme across studies as this a naturally occurring disruptive
phenomena that may create tensions in relationships. The succession process has been
revealed to be a multistage phenomenon with trigger events distinguishing stages (Murray,
2003). A comprehensive conceptual framework to understand the succession process in
family businesses taking into account contextual variables within the family, industry and
society has been developed by Le Breton-Miller, Miller, and Steier (2004). Competitive
advantages across generations require the transfer of the tacit embedded knowledge
(Cabrera-Suarez et al., 2001), networks and social capital (Steier, 2001), passion
(Andersson et al 2002), and innovative spirit (Litz & Kleysen, 2001).
Agency theory also appears popular in family-business research. Adam Smith (1796),
Berle and Means (1932), and Max Weber (1947) conceived agency theory and was
popularised in organisational studies by Jensen and Meckling (1976) and is based on the
idea that separation of ownership and management leads to a principal-agent relationship
whereby the agent may not make decisions in the best interest of the principal. When
management and ownership are combined in family-business, individual family members
engage in altruistic behaviours for the collective good of the whole family thereby
alleviating the agency problems (Jensen & Meckling, 1976). Low free-rider agency costs
places the family business in an ideal position to generate resources required for long term
investments (Anderson and Reed, 2003).
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Several other areas of research into family businesses include performance (economic),
psychological ownership, business succession (Brockhaus, 2004), entrepreneurship or
innovation, culture, goals or strategy formulation, internationalisation, and
professionalization etcetera. Danes et al (2008) examine the effects of ethnicity and
culture in order to understand the complex and interdependent relationships between
family businesses and the community context in which the firm operates.
Family businesses are essentially group level phenomena because of their dependence on
group resources (Fratoe 1986), hence group values, such as, collectivism, duty and loyalty
influence operations (Enz et al 1990). The family is a conduit of culture and core cultural
values (Landau 2007). Another study has linked governance, long term orientations and
sustainable capability (Le Breton-Miller and Miller 2006) and argues that certain unique
governance conditions make some family businesses especially apt to invest for the long-
term thus helping create inimitable capabilities that sustain competitive advantage (Miller
2003). However, long-term investments risk becoming irrelevant in a rapidly changing
market place and by itself does not assure success (Henderson, Miller and Hambrick
2006).
Some important characteristics of the world’s oldest family businesses include relatively
small scale, stable niche markets evolved through well defined systems of governance that
regulate ownership and roles with the business and family (Blondel and Van der Haden
1999). These have an ability to renew and modernise their business and have achieved
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smooth and effective succession and have a sense of their own history and built up a
specialist family and traditions (Rosa 2006).
2.2.2 Family-Business Strategies
Family businesses have particular attributes that provide them certain competitive
advantages (Porter 1990). Studies have shown that good planning is a key to the success
of family businesses (Aram and Cowen 1990; Frishkoff 1994) and is a major contributor to
profitability (Knight 1993). Instinctive management methods must give way to the
business approach, “an approach based on planning and controlled growth through the use
of strategic management techniques” (Leach and Bogod 1999).
Competitive advantage can assume multiple forms (Craig et al 2008). Porter (1980)
articulated two primary forms emphasizing either low-cost or differentiation.
Differentiation rather than low-cost strategies are more applicable to small business
(Moores and Mula 2000). There are many points of differentiation that a business can
build on, including brand, customer service, product innovation etcetera (Pelham 2000) but
it is primarily through proprietary features (eg. customer service) that small firms generate
growth consistent with high margin potential (Kotey and Meredith 1997). An emphasis on
one or more differentiating sources of competitive advantage is a necessary and direct
antecedent of performance and is enhanced through appropriate orientation (Porter 1980).
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In deciding whether to emphasize between customer-centric or product centric strategies,
businesses must decide whether buyers are more responsive to intangible factors such as
reputation, image, and trust, or to tangible product attributes (Craig et al 2008).
A case study of a second generation family business involved in land development and
construction, adopt a strategy to embed the founder’s legacy and introduce professional
governance initiatives, thereby conducting a situation and needs analysis, establishment of
a family council, draft a family constitution through an intense review process thus
improving communication and harmony (Craig and Moores 2002, 2004). The study
revealed that some combination of direct (such as shifts in buyer’s attitudes and
preferences) and indirect effects (such as the family brand) affected firm performance.
The customer-relationship resource advantage requires the business to build a reputation in
the marketplace related to customers’ positive perception of the family and trust is often a
key value (Fukuyama 1996). Reputational attributes may play an important role over
functional attributes such as; size and market share, and the customer associates the brand
identity with virtuous qualities thereby contributing to loyalty (Miller and Le Breton-Miller
2003). The real long term benefit lies in the perception that the family is committed to
being customer-centric in its market orientation (Craig et al 2008). Effective
communication and transmission of values to customers directly affects their purchasing
behaviour (Craig et al 2008).
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2.2.3 The Sustainable Family Business Theory
The sustainable family business theoretical (SFBT) model is designed to assist studying
family business owners and making cross cultural comparisons (Danes et al 2008). It is
based on the general theory of social systems and provides a structural overview of the
numerous variables involved. Figure 2 is a visual summary;
Figure 2 : Sustainable family business theoretical model (Danes et al 2008).
Theory used to study family businesses need to be flexible, dynamic and be able to address
various issues relating to such firms (Danes et al 2008). The model allows diversity in
size, family stages and business cycles, mix of family and non-family employees,
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industries, legal structures and cultural contexts (Danes et al 2008). The central tenets of
the model include:
a. Family is a rational social system (Stafford et al 1999);
b. Family business sustainability is a function of both business
success and family functionality (Danes, Loy and Stafford 2008);
c. Resource and interpersonal processes differ during times of
stability and change (Danes 2006);
d. Family and business interact by exchanging resources across their
boundaries (Danes et al 2007);
e. Owning families rationally manage the family and business jointly
to optimise achievement of their objectives (Paul et al 2003);
f. Family or business can be destroyed if the boundaries are too
diffuse (Stafford et al 1999);
g. Conflicts arise when there is a mismatch between demands and
resources (Danes 2006);
h. A positive symbiosis between family, business and community is
productive for both the firm and the community (Niehm et al
2007);
i. During times of disruption, managers must reconstruct processes to
ensure sustainability (Danes et al 2005).
The model recognises that family business achievements are evaluated multidimensionally.
Objective and subjective indicators will lead to a complete outcome assessment thus an
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understanding of the entire context in which the business operates, although they may
measure different things (Cooper and Arts 1995; Cooper et al 1988). Business success is
multidimensional (Paige and Littrell 2002) and the model provides us with a multi-
dimensional tool for deeper analysis.
2.2.4 The Family-Business Brand
The family brand is a unique competitive advantage and not easy to imitate (Craig et al
2008). Considerable evidence suggests that family businesses generally outperform their
nonfamily counterparts (for example, Dibrell and Craig 2006; Munoz 2001). Craig,
Dibrell and Davis (2008) examined the role of family based brand identity as a leveraging
tool to facilitate performance outcomes through enhanced competitive behaviours. Family
brand identification is considered to be of utmost importance for the success of
entrepreneurial and small and medium-sized businesses (Gruber 2004; Morris,
Schindehutte, and Laforge 2002). The family-based brand identity is a contributing
resource and capability that provides a potential advantage by highlighting their distinctive
familiness (Craig, Dibrell and Davis 2008). Successful development of customer
relationships hinges on the ability to communicate this family-based brand identity (Craig
et al 2008).
Many studies have reported benefits from such an approach (Craig and Moores 2004) and
case studies , such as Post’s (1993) study of the family-owned and operated Boston Park
Plaza Hotel demonstrating how a family can “incorporate the values, interests, and needs
of the family into the mission, strategies and operations” of the business (ibid at p.146).
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Family-based brand identity allows the family business to attempt to persuade customers to
make purchasing decisions based on perceived attributes of the seller and does not affect
performance directly but rather via the firm’s competitive orientation, specifically via a
customer-centric orientation (Craig et al 2008). Long-term strategic outlook favour
orientations built around customer relationships over those built on product-centric
orientation (Miller and Le Breton-Miller 2003). Studies demonstrate that promoting
family ownership plays an important role in establishing a firm’s appeal to customers in a
manner unique to family businesses (Aldrich and Cliff 2003).
2.3 The Brand
Over the past 100 years, markets and marketing has evolved to keep pace with the
increasing number of products offered, competition for customers’ attention and money
and the range and availability of information due to technological progress (Kotler, Keller,
Brady, Goodman & Hansen, 2009) and generally the sophistication of consumption has
resulted in consumption increasingly dictated by the individual’s perceptions, thoughts,
and feelings rather than product attributes and user needs (Addis & Holbrook, 2001, p. 51).
In line with his development, the meaning and role of brand and brand management has
changed from a sign of identification to one of differentiation (de Chernatony &
McDonald, 1998). That is, brands are recognised as the means to obtain competitive
advantage and influence customers’ buying behaviour (Kotler et al, 2009).
A brand is a mixture of tangible and intangible attributes, symbolised in a trade mark which, if properly managed, creates, influences and generates value (Interbrand, 2005).
31
Brands protect, identify and differentiate (Calderwood E, 2008). Brands benefit
businesses, the consumer and other stakeholders in the value network. Family businesses
face the challenge of creating a coherent perception about who they are and the advantages
they offer to consumers (Einwiller and Will, 2002). Brand management is one way of
achieving this coherence (Hulberg, 2006).
Brands are valuable for the brand owner (de Chernatony & McWilliams, 1989) and
consumers (Keller 1993). The brand deals with the complexities of today’s savvy
customers on behalf of the owner thus benefiting in multiple ways, while customers
receive both functional benefits (e.g., help in selection of products, helps identifying
products that the customer trusts) and psychological benefits (e.g., the brand as a means to
buyer’s identity, or the brand as a way to maintain connections with important groups)
(Botero & Blomback, 2010 at 3). It is very easy for competition to copy brands because
they are very visible thus it is becoming more important to develop distinctive points of
difference (Burt S, 2008).
The value of the brand centres on the idea that brands help create sources of differentiation
thus add value to the consumer or brand owner (Botero & Blomback, 2010 at 4). The
brand value is inextricably linked to the meaning of the brand among consumers (Aaker &
Biel, 1992; Keller, 2008). Brand equity describes and computes the value of a brand and
can help clarify the inherent connection between consumer perceptions and how they
translate into benefits for the owner (Botero & Blomback, 2010 at 4). Customer loyalty to
an identifiable brand provides the basis for brand equity.
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2.3.1 Brand Identity
All retailers seek consumer attention and spending regardless of type of business. The
problem remains the same i.e. how to get consumers to notice and patronize the business
(Davies K, 2009). The starting point is the external identification of the shop for
consumers i.e. the name, fascia, color scheme etcetera (ibid). As consumers use the stores
they become aware of differences or distinctions related to the name or other identifying
characteristics. Modern retailing requires retailers to be pro-active and seek out
differences to build on, market and attract consumers; thus positioning away from the
competition and ‘stand for something’ in consumers perception (ibid).
[Consumers] decided which retailers to visit before they even start a shopping trip, based on pre-existing conceptions of style, product range, sizing, price, information, and customer service. All of these dimensions (and more) can be conjured up just through the recall of a retail brand (Davies K, 2009).
Retailers have an image or reputation to portray and uphold (ibid). Many tangible and
intangible factors contribute to this image but the problem is that consumer perceptions
vary in time and space, and is relative to existing competition in the market place (ibid).
An overview of the brand’s position in such dynamic retail marketing is depicted in figure
3 below.
33
Figure 3. Retail Marketing (Teller C, 2008).
The retailer’s image or identity is captured by Kapferer’s identity prism (1986)
which helps focus retailer’s attention on the link between the organisational brand
and the consumer’s decision. Identity comes from specifying meaning; intention;
aspirations and mission of the retail brand (ibid). Consumers have reasons for
their actions, some perceptual and attitudinal which go beyond behavioural
components (ibid). Retailers generally focus on the functional elements that are
readily copied parts of the retail offering because consumers are buying these
attributes, but consumers’ attitudinal components can be tapped through retail
marketing in a coherent, consistent and total manner (ibid). Once the retailer’s
identity is defined, we can introduce semiotics and build loyalty and equity.
34
2.3.2 Institutional Semiotics
Semiotics examines the generation of meaning from communication signs i.e. the ways
entities communicate with each other, consciously and subconsciously through language,
visual images, music etcetera (Lawes, 2002, at p.253). The retailer’s identity provides us
with the words, visuals, symbols and colors directed at achieving the objective of
differentiation (Kapferer, 1986). Semiotics plays a crucial role in persuasion and
reminding consumers of the retailer (Davies K, 2009). The image and brand is developed
and related to customer needs, demands and perceptions and an understanding of the
importance of economic and symbolic dimensions of activities (ibid). Image and market
position is very hard to earn and easily lost without the organisation’s full support of the
image and the brand in its entirety (ibid).
Van Tongeren (2003) suggests that retailers need to design something that reflects their
core values and open for business then wait to grow into your positioning based on how
customers react to what you have offered. The mechanisms for communicating and
delivering values through the brand include the seven P’s but some processes; more
specifically in-store communications, visual merchandising and store environment are
ideal medium for communicating the values of a retail brand with great precision (ibid).
The consumer can experience the environment. He or she has chosen to be there at that
moment and is therefore highly receptive to it (ibid). The strengths and uniqueness of
these brand associations are the dimensions of brand knowledge that play an important role
in determining the differential responses that enable the creation of brand equity (Keller,
1993).
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2.3.3 Brand Equity
Brand equity is a reputation-based resource that takes time and proactive management to
develop overtime. Reputation is a concept that aggregates the business’s associations and
images to deliver the final single brand (Botero and Blomback, 2010). The benefits of
associations depend on context and circumstances and may vary significantly across retail
settings. Measures are needed for brand strength, stature, imagery, feelings and
expectations (Keller 2006). According to the Brand Asset Valuator (BAV), a
comprehensive model of brand equity based on research involving over 500,000
consumers in 44 countries, there are five key components of brand equity (Gerzema and
LeBar 2008);
i. differentiation measures the degree to which a brand is different from others;
ii. energy measures the brand’s sense of momentum;
iii. relevance measures the breadth of a brand’s appeal;
iv. esteem measures how well the brand is regarded and respected;
v. knowledge measures how familiar and intimate consumers are with the brand.
The brand’s future value is determined through an energised brand strength measured by
the first three components while esteem and knowledge create brand stature (Keller 2009).
Marketers need to closely monitor these perceptions to ensure the brand maintains its
status (Keller 2009). Many kinds of intangibles can be linked to brand equity, for
example;
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i. User profiles of the person who uses the brand;
ii. Purchase and usage situations such as type of channel, ease of purchase and
associated rewards.
iii. Personality and values, that is how do people feel about the brand, its sincerity,
excitement, competence, sophistication etcetera (Aaker 1997).
iv. History, heritage and experiences can help the brand become iconic by creating a
myth that taps into enduring consumer hopes and dreams (Holt 2004).
Understanding exactly how different consumer segments see the brands along these lines is crucial [and] marketers must evaluate the strength, favourability and uniqueness of imagery associations both over market segments and over time to make sure those sources of equity stay strong. (Keller 2009 at 296).
The marketers guiding brands act in a rapidly changing marketing environment and
becoming a skilled marketer is becoming a “vital prerequisite for success” (ibid). Specific
measures for this research are identified in chapter three.
2.3.4 Luxury Branding
An important presumption that will be tested in the research is whether or not the retailer
fits within the luxury or high-end goods and services retail industry. This has implications
for the brand and its image and may hold key competitive advantages that create enormous
value and wealth for such organisations (Keller 2009). Keller identifies ten defining
characteristics of luxury brands and Kahle et al (1988) expands on the six important brand
building feelings behind luxury brands and may come in various forms and across varying
target market segments (Keller 2009, see appendices)
37
The first three types of feelings are experiential and immediate and the latter three are
private and enduring and can be either inner-directed or outer-directed feelings (Keller
2009). The value of the inner-directed or out-directed feelings may vary across
generations and segments but must be examined because have implications for marketing
programmes.
Another area to deal with is expectations because a strong brand is a ‘promise’ to
consumers and luxury brands are bigger promise thus higher expectations. Developing a
brand portfolio with distinct and un-related brands is the simplest way for marketers to
seek new sales at different price points with minimal chances of dilution (ibid). Each
brand should be positioned to maximise coverage and minimise overlap of the target
market and a migration path between different offerings will be advantageous.
Understanding the reactions of existing and potential customers to different branding
strategies is critical (ibid).
2.4 Leveraging the Family-Business Brand
The exploration of branding in family firms has primarily focused on two lines of research
(Botero and Blomback, 2010). Firstly, theories explore the perceptions that non-family
stakeholders have about family firms and their brands. Stakeholder perceptions examine
the effects of family-ownership on perceptions of customer service, quality and other
aspects (ibid). The general perception is that customers often have positive associations
with family owned brands and represent emblems of success and prestige which lends to
38
trust (Blomback, 2006, 2009; Craig et al, 2008; Frost, 2008). The other line of research
explores what family businesses do to manage their brand and the benefits this brings.
Litchfield (2008) explored whether ‘family-owned businesses’ in messages to consumers
could create strategic advantage for an organisation. Her results suggest that both positive
and negative perceptions exist, positive being higher quality product and service
association, and the negative was the association with internal conflict in such firms. In
general, perceptions about services offered by family-owned businesses were positive.
Another way that a positive image transfer is expected to occur is through secondary brand
associations that represent the links in the mind of the consumers through past experiences
with other businesses of similar characteristics thus providing a backdrop for recognising
and giving meaning to the brand in the stakeholder’s minds (Botero and Blomback, 2010).
Other recent studies have looked at how family businesses communicate their uniqueness
and use branding as a framework to explain how family firms differentiate. Blomback
(2006) and Blomback and Ramirez-Pasillas (2009) claim that explicit references of family
business ownership in communication can be interpreted as the promotion of a corporate
category brand i.e. the family business brand. This could be referenced in the name (e.g.
‘Henry & Sons’), description of time (60 years in family business), indication of
generation (e.g. 5th generation), or by saying that we are a family company. Such
referencing also helps the owners feel more identified with the business.
39
Craig JB, Dibrell C and Davis PS (2008) investigated how the promotion of family-based
brand identity influences competitive orientation (customer versus product) and
performance in family firms. Their research found that maintaining a family-based brand
identity (i.e. creating perceptions of trust and consistency in the minds of customers) can
render positive effects on financial performance i.e. promoting family-ownership to
stakeholders helps perform better than not promoting.
2.5 The Branded Sustainable Family-Business Theory
The myriad of concepts, variables, theories, frameworks outlined above can lead to
numerous hypotheses; however the researcher is bound by the norms of good science to
focus on events that are limited and specifically defined (Berger RM and Patcher MA,
1988). The SFBT model (paragraph 2.2.3 above) provides the essential framework to
bring focus to this study while Kapferer’s identity prism capture’s the essence of the
linkages between the consumer and business thereby providing an integrated and enhanced
perspective that result in benefits on multiple fronts to the family-based retailer.
Much of the discussion specifically relates to luxury goods and services because the cases
studied relate to luxury-based retailers but the scheme can be equally applied to other types
of goods and services through numerous categorisations or fragmentations that interests the
marketing practitioner. It is recognised that a study of the impact of branding linkages on
family-business processes in the SFBT model represents a gap in the literature which it
seeks to address.
40
The study thus far indicates that we can manage our value cycle for enhancing the
exchange process taking place in the experiential space between the retailer and consumer.
The co-created value is reflected in the brand i.e. the single image that the customer recalls
when making a purchase decision. The brand image has numerous variables that can be
tweaked to improve long term sustainability of a family-business. This paper stipulates
that the SFBT model (Danes et al, 2008) is reflected with a unique brand image.
A major cornerstone of retail marketing in recent years has been the development of the retailer’s name as a brand, rather than simply a name over the shop. We have now arrived at a situation where the names of major retailers are better known to consumers than any but the biggest of the manufacturer brand names (McGoldrick P, 2002, p.336).
Varying semiotic characteristics sharpen this image for the community and / or consumer
to identify in the growing haze of brands. Once the visual connection is established, values
begin to seamlessly transfer until repertoire builds sufficient value to justify further
interaction with what the brand reflects. Semiotics persuades and reminds consumers of
the retailer (Davies K, 2009).
2.6 Deriving Research Objectives
The branded SFBT model provides a framework to consider and incorporate family
businesses unique characteristics and ensure processes are directed at contributing
positively to values of the brand. Such an all-encompassing initiative must originate at the
highest strategic level in the business in order to leverage the brand to co-create higher
values towards the brand. Essentially, this research superimposes a branding framework
over the SFBT model to reflect the image that is created by the internal processes.
41
The image has to be closely monitored to ensure the brand maintains and improves its
status (Keller, 2009). We need to understand the sources of brand equity and find ways to
improve on them. Luxury branding contributes unique brand equity demands and these
provide the necessary variables to measure the impact and linkages to the internal SFBT
processes.
The objectives for this research are therefore stated as;
Branding contributes towards family-business achievements;
Branding stabilizes disruptions during times of change;
Branding enhances processes and transactions during times of stability;
Branding contributes to long-term family-business sustainability.
These objectives provide the framework for a qualitative fieldwork. The resulting
framework being developed and tested is identified as the Branded SFBT. The image
identify elements enhances the SFBT model and identifies growth scope and ways to
improve experience for customers thereby building trust and loyalty. Key elements have
been identified through the literature review and their relative importance is measured
through the narratives of executives in retail practice.
A limited and specific design and method of research is discussed based on these research
objectives in chapter three followed by an analysis of the results of the fieldwork in chapter
four.
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Chapter 3 : Research Design & Methodology
This section expands and refines the research design and methodology described in chapter
one. It describes the research strategy adopted, defines the concepts and variables as per
the research objectives and specifies the measurement methodology used before outlining
features of data collection and analysis.
3.1 Research Design
The literature in Chapter two has provided extensive insight into the family business and
branding, as well as its specific dimensions and variables, whilst the case study gives focus
to the research design by identifying benefits and shortcomings associated with various
approaches to branding the family-business. The research is designed to test the objectives
related to the branded SFBT model proposed by this paper. This chapter will provide an
outline to the analytical approaches and sources utilized, as well as highlighting the major
limitations of the study.
3.1.1 The Research Strategy
Given the specific nature of the research objectives, as well as the fact that little research
has previously been carried out in this area; the research is primarily descriptive in nature,
and specifically takes the forms of open-ended questions and in-depth interviews with
experienced family-based retailers directing established brands in their respective market
segments. Such an approach gives insight into the linkages between branding and a
sustainable family-business, particularly a luxury retailer. The research is designed to gain
43
a deeper understanding of practitioner’s views and understand how they make decisions
regarding branding and their family-retail-businesses. The concepts and variables related
to branding and the SFBT model need to be specifically defined in order to develop
methods for measurement.
3.1.2 Defining Concepts and Variables
The literature review has identified a number of variables, in relation to the key drivers of
long-term sustainable family business models and luxury branding. Retailers need to
design something that reflects their core values and wait to grow into positioning based on
how consumers react to what is offered (Van Tongeren, 2003). The mechanisms include
the seven Ps but more specifically; in-store communications, visual merchandising and
store environment are the ideal medium for communicating brand values with great
precision and consumers can experience this environment in a highly receptive manner
thus co-create values towards the brand equity portfolio.
The six facets of Kapferer’s identity prism (1986) help this research’s focus on the link
between the brand and the consumer’s decision. Luxury branding directs the research
further towards the specific branding values applicable to a luxury goods and services
business as per the case study for this research. Keller’s ten defining characteristics of
luxury brands and the six important brand building feelings (Kahle et al, 1988, listed in the
appendices) provide the variables to explore and draw conclusions regarding their
contribution towards long-term sustainability of family-businesses.
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3.1.3 Measuring Concepts and Variables
A customer-focused survey followed by in-depth interviews and further research was
considered, however, such an approach will not provide much insight comparative to in-
depth interviews with family-business practitioners in retailing using some degree of
branding. These are therefore the pre-requisite for an in-depth interview.
Concepts of image and branding converge and are even more critical for retailers because
store image requires a heavy commitment and heavily relies on the branding. The final
image reflected helps successfully trade in the exchange process and contribute towards
long-term sustainability of the family-business. What is required is a measurement of
attitudes and opinions rather than more easily quantifiable factors (McGoldrick, 2002).
The choice of measurement technique and study focus must attempt to minimise factors
that seek to conform and distort measures (ibid).
Data capture from these practitioners will be through questions to gauge their perspective
of brand identity and by seeking suggestions for improvement in the brand image. Brand
qualities identified in the literature will guide in the construction of the questions,
including brand equity measures. The questions will be framed to determine whether or
not branding affects the various internal processes of the family-business. The following
discussion reveals the detailed methodology adopted for capturing raw data, which is then
analysed to confirm or reject the theoretical framework prescribed by this study and
presented as results in chapter four.
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3.2 Research Methodology
Methodologically, this research constitutes a qualitative and exploratory collated data
using desk research and semi-structured in-depth interviews. The subject is broad and
some research has been discussed in the literature review in chapter two. The resultant
research objectives from that review provide the essential discussion framework for the in-
depth interviews.
3.2.1 Background Context
My interest in the combination of the topics discussed in this study stems from practical
experiences in working with retailers, mostly in Fiji Islands and New Zealand. Many
retailers are family owned and operated businesses, and developing or maintaining a
sustainable family-retail-business is becoming an increasingly complex task. Considerable
differences also exist between geographically separated markets (Arnold et al, 1983)
making comparisons of external factors difficult. However, this research is specifically
looking at internal aspects that only a strategically placed practitioner can provide and may
help tap the vast reservoir of family businesses across separate markets.
A branded SFBT model may provide the single yet multifaceted tool required for
understanding and handling complexities. The best data source to provide insights on the
relations in this complex and specific field of study is an in-depth interview with
experienced and ‘weathered’ retailers running their family-retail-business using brands.
The twelve individuals selected have over thirty years of retail-business experience across
46
separate markets occupying varying roles. The essence of retailing is captured in the
narrative form to confirm or rebuff the stated objectives.
3.2.2 In-Depth Interview Design
Interviews were designed based on an initial basic survey amongst a family group of five
retail business owners. The survey gauged the topics of interest for discussion in relation
to a family-based retail business and determined many interconnections exist that can be
discussed under various topics.
An opening with retail marketing helps introduce and discuss broader aspects business,
while family-business adds a specific dimension that the practitioner deals with on a
regular basis, then the interview turns to how various mechanisms operating the brand’s
equity can leverage the brand to help establish long-term sustainable family-businesses. In
other words, ‘brand’ is the independent variable and the presumed cause having a
presumed effect on the dependent variable(s) derived from the SFBT model. More
specifically, the narrative will be used to analyse and confirm (or deny) the stated research
objectives.
This method will test the Branded SFBT model hypothesis and predict how varying
branding variables affects the family-business. The overall image is captured by brand
equity measures but criticisms suggest such measures fail to capture the full picture.
Nonetheless, in my opinion brand equity measures may capture the essence of the brand
through flexible narrative and imagery. The developing concepts of brand equity help to
47
move forward our understanding of the instrumental role of images for retailers
(McGoldrick, 2002). The variables that can help determine the value of a retailer’s brand
is listed in figure 4 below.
Figure 4. The Retailer’s Brand Equity (McGoldrick, 2002, at p.186)
48
The figure illustrates how the brand equity accumulated by retailers can generate value in a
number of ways, through improved loyalty, awareness, image, associations and other brand
assets(ibid, at p.187). Collectively, these benefits provide competitive advantages and add
value, both for the customer and the retailer. This list includes the components of brand
equity discussed in chapter 2 (Gerzema and LeBar, 2008, see paragraph 2.3.3). The logical
next step is to try to identify the components of images, accepting that these are not
confined to tangible attributes therefore affecting the choice of methods used to measure
images, ranging from highly structured scales to in-depth elicitation techniques
(McGoldrick, 2002). Part of the brand equity for the retailer is specifically the store image
and its elements are listed non-exhaustively in table 1 below.
The table lists 18 general areas and 90 more specific elements that have been identified in
previous studies of image and brand identity (McGoldrick, 2002). Almost all the elements
listed can have multiple interpretations and the importance of components varies
considerably across markets and segments (Arnold et al, 1983).
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Table 1. Elements of store image (McGoldrick, 2002 at p.188)
50
These two variable sets have been used as stimuli and loose framework for interview
discussions. A fundamental problem of attitudinal scales is that they involve forced-choice
measures that may not isolate critical image components as people respond to
characteristics that do not necessarily comprise the image they have of the store being
studied (Kunkel and Berry, 1968), therefore a psycholinguistic approach is adopted in
order to overcome some of these problems. This is an open-ended build-up of image
structures by noting the issues mentioned and the adjectives (dimensions) used to describe
them (Cardozo, 1974). This allows for some structure without rigid imposition upon
respondents.
A divergence exists between conceptualisations and the measurement of store images
because an ‘image that was believed to be a picture is measured with a list’ (McGoldrick,
2002 at p.195). Practical suggestions from researchers in brand equity (Aaker, 1991), on
how to elicit the more difficult elements of image have been adapted for this study
including;
i. Free association techniques including word association and sentence completion;
ii. Picture interpretation to elicit feelings associated with the brand and business;
iii. Store/ Brand’s personality, for example, lively or dull;
iv. Any stimuli to help respondent go beyond the obvious, mundane description;
v. Discussion of experiences and contexts;
vi. Follow decision making process regarding brand, image or other decisions;
vii. Discuss what consumers are like and how the business is directed at them;
viii. What distinguishes brands and stores, and the relative importance of various factors;
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ix. Means-end analysis to push respondents beyond attributes towards benefits and
values thus repeatedly ask ‘why’ (Reynolds and Gutman, 1984);
Discussions included variables from the concepts of luxury-branding (paragraph 2.3.4); the
central tenets of the SFBT model (paragraph 2.2.3); and the family-business brand
(paragraph 2.2.4). Accordingly, a list of suggested questions was prepared per concept and
this is available in the appendix. Many other techniques could have been deployed in this
context, however, the insights available through the presented approach has higher
qualitative values and addresses the objectives of this research efficiently, effectively and
within time, space and budgetary constraints.
3.2.3 In-Depth Interview Procedures
Depth interview is a qualitative research method based on open-ended interview methods
(Kent R, 2007) therefore the interviewer is not constrained by pre-coded questions or by a
fixed sequence of questions. It is more of a conversation on an agreed topic. Data is
captured in the form of a narrative rather than isolated statements. Interviews ranged from
half an hour to a few hours for some people.
The interviews were executive interviews concerning role; action; perception of that
individual (or group) or information about the way the organisation works. Twelve
individuals from seven family-luxury-based retail businesses agreed to share their relative
experiences through individual, couple and family interviews (as per circumstances of the
family business). The research attempts to go beyond face value, looking for frameworks
52
and patterns, and interpreting the meanings and implications of what is said. The structure
involved open-ended questions combined with use of projective techniques to tap hidden
emotions and with some guidance from a detailed interview guide (see appendices).
Various stimulus materials were kept on hand to assist in discussions and additional
materials accessed online, for example the figures used in this paper, materials from other
luxury-based retailers such as Michael Hill Jeweller, Pascoes, Prouds, Rolex, Swarovski
etcetera and various other brands that interviewees mentioned during discussions.
The location was mostly web-based with eight interviews where one family-business
owner travelled from Fiji to New Zealand and others were conducted within New Zealand
or on-line. Further an open-ended email channel for correspondence was used for
expression of thoughts and ideas relating to the subject-matter. Skype and other online
tools such as live webcam, chat programs and emails was used for best effect, while the
research was conducted in Hindi or Guajarati or English as necessary per the person being
interviewed with English translations and transcripts as necessary. The approach was
generally to introduce the broad subject area and clearly define the aims of the study and
the objectives of the data gathering process. Face-to-face discussions were needed for long
and complex commentaries. The answers provide qualitative evaluative data that highlight
various elements of successful family-business brands and the processes that lead to a
longer term sustainable business. It has proven very difficult to frame questions, knowing
the differences in perspectives of the interviewees.
53
The questions were designed utilizing many of these variables by incorporating them into a
combination of five point Likert scale format, with for example, responses to levels of
satisfaction, ranging from (1) “very unsatisfied” to (5) “very satisfied”, or yes / no / maybe,
or re-arranging elements by importance in a list form etcetera. The questions were a
mixture of fixed choice and open-ended formats, with follow up questions and elaborations
on specific points. The questions have been designed to capture specific information
relating to various aspects of the family business and branding strategies.
A purposive sample of owners and key stakeholders of family businesses with established
retail outlets was chosen. A general study would not have been feasible due to the cost,
geographic spread and the difficulty in accessing appropriate personal within multiple
family businesses. Instead, sampling was judgmental sampling, a non-probability
sampling technique. Therefore key stakeholders are selected based on experience,
involvement, strategic value and power in the organisation.
The interviewees are responsible for strategic orientation including organisational, cultural
and marketing aspects of their respective family businesses. This study involves several
independent luxury (mostly jewellery) retail business owned and operated by individual
families with various roles played by the different family members. All participants were
sent a copy of the main points raised and agreed during interview to confirm accuracy and
credibility of findings. In addition a journal was used to document any significant
mannerisms and observations that occurred.
54
The study was initially conducted through broad inquiries followed by open-ended
interviews with various members under the family ‘umbrella’ and in-depth interviews with
the key figures identified. Three of the informants have made significant contributions to
small-retail-business development in the South Pacific region as leaders of various retailer,
business and charitable groups for more than thirty years thus adding qualitative values to
the results and conclusions.
3.2.4 Data Analysis
The literature review provided guidance in selecting specific measures for the theoretical
constructs to incorporate in the analyses. Efforts were directed to understanding the
problems faced by family business managers, with a clear distinction between superficial
symptoms and the underlying causes of problems (Zahra & Sharma, 2004), thus endeavour
to;
i. understand what problems family managers encounter
ii. determine the root causes underlying these problems
iii. develop a range of strategies to manage the identified problems and
iv. Understand what strategies are more or less effective under different conditions and
why.
More specifically, the qualitative data is analysed in light of the research objectives to
reach conclusions on the validity of propositions brought forward in this study. A future
study may pick a larger sample and conduct statistical analysis but was deemed unsuitable
for present purposes.
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3.2.5 Limitations of the Research Methodology
There is a risk of researcher bias and sampling errors within the research. A key
presumption of this research is that because we are dealing with a retailer of luxury goods
and services, luxury branding will be relevant. The entire process including research
design, sampling, conducting interviews, presenting and interpreting the data and drawing
conclusions was done by a single researcher therefore subject to potentially high levels of
bias and error.
Recording equipment was used to contain these risks, however; the researcher deemed it
unnecessary to record various online conversations except for the data relevant to this
study. The researcher has previous experience conducting in-depth, qualitative interviews
and leading questions were generally avoided. The fact that multiple languages are used
creates translation limitations and biases; however, English remained the central language.
Research proved to be difficult to begin with as topics involve highly confidential and
sensitive information regarding internal business processes. Overall the researcher’s
knowledge and understanding attempts to genuinely balance risks and limitations, and
focus on addressing the research objectives.
I found it necessary to communicate using very simple and basic words to make sense to
people. The use of charts proved unhelpful and unnecessary; while catalogues from other
luxury-family-retail-based brands, for example, Rolex, Patek Philippe and Swarovski,
helped communicate and ease the interview significantly as the interviewee had something
56
tangible to relate to. These brands presented new options to the interviewee to ponder on
as they realised how they have aspired to such brands over the years.
Several informants requested written questions to address and these were provided. They
mostly returned and requested multi-choice questions, suggesting a survey or questionnaire
format would be a more effective research method. However, these tended to be the more
traditional retailers with lower level of English education. Most interviewees were
indifferent as to how the interviews were conducted but the overall preference was to keep
it as simple as possible.
Phone interviews proved difficult as well, especially as the stimulus was designed to be
discussed in person. However, talking about other brands proved helpful in creating a
flowing conversation and gave the interviewee a background to relate to. Skype based
interviews using webcam and internet access opened a whole new dimension for the
interviews. This tended to be younger and more tech-savvy interviewees but the results
were much more useful as it provided a platform to ‘bounce’ the conversation with. For
example, during the conversation we were able to look at and compare certain retail brands
that an interviewee was competing with.
Despite certain advantages with the web-based interviews, most retailers interviewed
preferred the good old chat over a cup of tea or glass of scotch. This method proved most
pleasant and effective especially given the nature of the topics covered in the interviews.
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The sample is small. It includes a small proportion of respondents with experience in
family-business retailing and they provide insightful data but their contribution was
disproportionate and comparisons have been drawn which could distort the results.
However a reasonable number of interviews were conducted and recorded with individuals
in relevant positions across a variety of geographical markets within the given time and
budgetary constraints.
A comparison will be made between the different perspectives of the respondents about the
role of branding in a family-business’s long-term sustainability. Interviewee acts as both
respondent (i.e. gives personal information about their role) and informant (i.e. information
about organisation and the way it operates) and the interviews were either individual,
paired, triangular or family.
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Chapter 4 : Results
The results are arranged into broad topics that respondents and informants have
commented on. In spite of the plethora of research available to retailers, evidence
continues to emerge of major gaps between retailer and customer perceptions
(McGoldrick, 2002). The results confirm major gaps between perceptions. The
conversations conveyed some clear messages and mostly affirmed the research objectives,
albeit indirectly.
4.1 Branding contributes towards family-business achievements;
Interviews largely confirmed that branding contributes towards functional integrity, human
capital growth, financial soundness and structural integrity. However, there was
significant difference in opinions when determining the level of contribution. Generally,
having a single, identifiable brand was considered a small part and came under marketing
or advertising. The actual business processes, availability of skills and resources and
‘selling what people want’ were considered far more important in contributing to success.
Instead of using ‘branding’ or ‘image’, I introduced ‘reputation’ and the respondents
reacted differently to the same objectives. Reputation was considered most important for
longer-term success, as one interviewee puts it; “once you loose your reputation in
business – you loose your business”.
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This highlighted early during the interviews that different words carried different meanings
for different people. The word ‘brand’ externalised and separated the ‘image’ and feelings
the retailers were presumed to express during interviews, but the word ‘reputation’
internalised and related the image and brought out associated feelings thus made more
‘sense’ to interviewees and helped fulfil the purpose of this research.
4.2 Branding stabilizes disruptions during times of change;
Change from the norm causes disruption and branding stabilizes these to a certain extent.
Respondents commented that some disruption is inevitable during change. In family-
businesses, succession or change in management or leadership change causes most
disruption because the person being replaced was ‘irreplaceable’ to begin with. When a
‘reputed’ person is removed, his or her customers may not be willing to participate with the
replacement.
The advantage in family-business is that often the person replacing is related to and already
working under the ‘retiree’. This brings stability and stakeholders including customers
may find maintaining relations with family members easier. However, this does not
translate directly as ‘branding’ stabilising disruption. Interviewees felt having a single,
identifiable name did help, and this could be the name of the business or surname of the
family. Therefore it is deduced that branding brings some stability during disruption.
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4.3 Branding enhances processes (and transactions) during times of stability;
The most important factor was however personal touch with customers (and other
stakeholders) directly. ‘Knowing’ the customer and satisfying their request was an over-
arching objective of doing business. Talking to people and establishing networks of
‘friends’ ensured a ‘consistent customer supply’. “This generates sales and keeps the
business ticking over. If we have money – everything else falls in place auto-magically”.
The result was slightly different for a retailer who had experience in operating multiple
branches. Professionalism and standardisation of product and services were the keys for
success (in his case). Branding and image-management was part of the standardisation
process. Marketing a standardised business helped achieve transaction and process
stability. This affirms existing theory that repeating an image creates and continuously
reinforces the singular brand identity (see paragraph 2.3.2 above).
Having a brand was considered helpful but not as important as ‘doing the process and
transaction properly’, i.e. providing good service and a quality product. The brand
however makes it possible for the process and transaction to begin in the first place. The
element of ‘trust’ was expressed consistently amongst interviewees. If trust exists between
the customer and retailer, this makes the sale easier as the retailer (or salesperson) has one
less obstacle to deal with. Trust and loyalty are elements of the brand equity and therefore
it is deduced that branding may enhance processes and transactions during times of
stability.
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4.4 Branding contributes to long-term family-business sustainability.
The interviewees most clearly supported the contention that having a brand is important for
long-term family-business success. This stems from the realisation of the longer-term
implications of running a business. The passage of time is inevitable and having an
established brand name will assist in the long-term survival because ‘people will have to
change but the business is the same’. The brand or image captures this business process
and is imprinted in the consumers’ mind. Trust, loyalty and building relationships were
considered more important for a ‘specialist’ or luxury retailer. One retailer even quoted
Shakespeare “if a rose were to be called by another name, would it smell any less
sweeter”!
This type of comment highlights an important point, the customer or other stakeholder do
not necessarily share the same sense of ‘smell’ and the competition in the meanwhile are
providing better experiences. These can be charted with brand equity measures in order to
identify where the retailer is lacking and therefore identify the course necessary to improve
business performance. Comments suggest the focus of different interviewees depended on
their area of expertise, for example, a retailer making buying decisions was focused on
prices and margins. Branding did not matter because ‘you know who your supplier is and
he [or she] knows you’. Sometimes the relationship begins before a brand was even
formed for the business. A jewellery retailer interviewed explained how he sold jewellery
twenty years ago but from 1990-2000 he switched to the restaurant business. His current
business is again jewellery but under a new brand name, yet most of the relationships that
are sustaining the business pre-existed.
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What the retailers are not realising is that all their efforts and achievements culminate into
a single value proposition, i.e. brand. In family-based retail business this value can be held
with an individual, and from the interviews it seems that value is frequently attached to
individuals or personalities, and not necessarily attached to the brand. Bridging this gap is
an essential role for a family-business marketer. The value attached to certain characters
must be bridged to transfer to the brand so that the business does not have to rely on an
individual. With a specialist jewellery retailer, the problem was that he was also an expert
gold craftsman and had built a dedicated customer base that continuously supplied him
with business. The appearance and location of that retailer had changed over the years but
the name had remained the same because ‘otherwise it would be difficult for customers to
locate [him]’.
Comments suggest branding does help long-term identification but other elements of brand
equity fall in place more ‘naturally’. “You start with an idea to make money by selling a
good or service, and everything is based on that idea. Questions like where, what, why,
how and when create the plan of attack, then it’s the budget, finance and action!” Décor
and store atmosphere was recognised as a high upfront investment, and budget constraints
often prevent ‘going all out on looks’.
Skills and costs played important roles in decision making for family businesses. Often the
packaging, displays, advertising, range etcetera were determined on basis of costs and cash
outflow required. There is often some ‘image’ in the mind of the key architect about how
the retail store should look but choices have to be made to move forward in the plan.
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“When you start to think about all the different things that are needed to start one business
and ensure it carries on in the future, this is the point where you give up the idea because
there are too many small problems to solve to get to any result. And even then there is no
guarantee of reward, but there is almost a guarantee for failure. However, if you have
skills and experience in doing businesses then you have already made the choices before
and you know exactly what to do with what you have, what works, what doesn’t work”.
Overall there was agreement that having a good brand name will help long-term-business
sustainability but this was a small part of a much more complex game. Building a good
image and reputation is very important, but the most important thing in the store is ‘making
the sale’. Without revenue to fund the expenses, the business dies. This affirms the
cyclical nature of the value cycle (see paragraph 2.1.2). One commentator described it as a
‘chicken and egg problem – without one you cannot have the other’.
4.5 Retail Marketing
Most interviewees did not know much about marketing or branding specifically.
Individual retailers seemed to be marketing on a relationship basis engaged with a network
of customers, friends and other businesses. The tough business conditions were primarily
blamed on the current global financial crisis and recessions in most markets. None
reported business-as-usual but just ‘ticking’ along and hardly anyone interviewed thought
something was wrong in their business or their advertising or marketing. “People are just
not buying [luxury] items because cost for everything else has gone so high”. Most
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interviewees believed things will get better and then spending on marketing and
advertising will increase again generating more business.
No one interviewed thought marketing was an overarching idea that covered the whole
business process. Marketing was considered just another part of doing business but the
more experienced interviewees realised the importance of marketing. No one claimed any
expertise in relation to marketing, but advertising was often copied or adjusted from a
previous version or suggested copies. Only the multi-branched retailers had dedicated
marketing personal to carry out various functions including buying, merchandising,
preparing advertisements, organising specials and sales. But the ‘main boss’ always
maintained over-riding authority and frequently directed most of the details themselves.
4.6 Family-Business
The family was extremely important but separate and distinct from business, and the
preference is to keep it separate. Only two of the retailers examined expressly included a
‘family-business’ element in their logo, for example, established since 1949. Upon further
inquiry it was revealed that the decision was based on a sale held in 1999 celebrating the
50th anniversary of the business. There was no express decision to highlight the family-
business element but it was rather a by-product of an advertising campaign eleven years
ago. Even now it is not a fixed element but appears in some ads and some letterheads.
“Business brings a lot of stress into family-life so it is best to avoid this stress”. However,
the very definition of a family-business requires engagement of both these concepts and
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even the retailer who made this comment realised that his business has always been a
family business. In fact all interviewees commented on how family-members can be relied
on when you need them, whether for business or other issues. Five husband and wife
teams were interviewed, and despite a flood of complaints against one another, both were
generally reliant on one another to perform routine and mundane tasks that you would
otherwise need to hire someone to do. This was important for the smaller retailers,
whereas the bigger and more established retailers had employees for most tasks, except
signing cheques and purchasing.
Having family members present at the business premise is a source of assurance and
interviewees felt ‘safe’ when someone was keeping an eye on things on their behalf. There
were often points of contradiction revealed during interviews that could not be explained
by interviewees. On the one hand they wanted to keep the family and business separated,
yet they frequently relied on mixing them together to keep going. As usual, money was
found to be the “root of all evil”. If there was enough money, then life would be easier.
4.7 Leveraging the Brand
Towards the end of interviews, everyone interviewed thought that branding and marketing
will improve their business in some way. Some interviewees hinted at further meetings to
discuss about their brand’s future but the researcher had to clarify that any such
examination will need to look at a whole range of factors beyond the scope of the present
study.
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Most commentators expressed an unwillingness to change the status quo as they had
settled into their current positions after an uphill struggle and had captured a niche market
that kept business rolling over. A good example that recently appeared was the logo
change for Gap and the resulting consumer community outcry. The marketers tried to fix
something that was not broken and this danger exists for family-businesses as well. “If a
business is working and growing, then there is no need to try and fix it” but there may be
an opportunity to enhance and improve performance to maximise on the elements that the
business is good at.
4.8 Luxury
Most did not consider luxury to be a central issue, yes their products were luxury-oriented
but if the retailer appears too luxurious, then customers will pre-determine the store to be
too pricey and therefore not patronise. A certain degree of appeal was important to be an
inviting experience for customers with a clear pathway. But the ten defining
characteristics of luxury brands did not necessarily reflect the retailers’ perspectives, nor
was there any explicit attempt to create brand building feelings but good products and
services were essential.
A wide range of fashionable products, at good prices with good salespeople to sell and provide services. Cleanliness, neatness, tidiness, respect, good manners, clear language; these are some qualities that are naturally expected and must be provided. Luxury is going beyond and providing something extra … but we don’t really know about these things … and we try to give our best for the customer with what we have.
Such statements highlight the importance of getting the basics right, every time in
business. What the interviewees did not realise was that the performance of these basic
services invoked the brand building feelings for different customers in different ways, and
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mostly sub-consciously or indirectly, thereby affecting their family-business brand’s
equity. Positive reinforcements boost feelings to a level requiring action thus a shopping
trip to their physical outlet. It is suggested for retailers to focus on such brand building
feelings as a source for differentiation to suit their personalities and respective consumer
communities and conduct business accordingly. Family-businesses have significant
advantages over corporate enterprises when it comes down to brand building feelings and
these can be used to leverage the brand for better results.
4.9 Image
Thinking about the brand as an image or snapshot of the entire business helps to fill in the
colors and clearly see the design the retailer has created. Concepts of branding and image
converged and were referred earlier to as ‘reputation’ during interviews. Too much
complexity was avoided in fixing definitions or addressing contradictions.
The brand image for the retailers interviewed often started as a semi-planned business
venture because “everything often does not go according to plan” in competitive markets.
Bounded rationality limits knowledge and information; in-complete plans are integral to
entrepreneurial activities and so an incomplete picture emerges. This is in-line with Van
Tongeren’s (2003) suggestion to wait and grow into positioning based on how customers
react to what you have offered. Tangible aspects of the business such as location, store
format, store environment, logo, etcetera was easier to discuss and decide, while intangible
aspects, for example brand associations or perceived qualities were largely ignored and did
not form part of considerations that initiated the venture. The end result is an image that is
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purposely left incomplete but sufficiently designed to engage the consumer in co-painting a
more complete picture for everyone’s benefit.
4.10 Other Comments
Almost every interviewee had a different way of framing and talking about the issues they
deal with in the course of their involvement in the family-business. The classic problems
of succession and agency issues were present but were considered less important than
generating steady sales revenue. For most cases, the branding or image was a by-product
and of secondary importance compared to other factors. Branding was mostly considered
as ‘advertising’ and more relevant for ‘bigger names’ i.e. brands we are already familiar
with.
Competitive pressure was also highlighted as a major recurring problem. The more
specialised retailers interviewed were less concerned about large competition because they
had a well established niche, and the competition “did their own thing”. The retailers
interviewed wished and aspired to become like the examples provided to them, such as
Rolex or Pascoes, but had no clue where to begin. The first obstacle is usually available
resources and almost every idea dies at this stage. Most were positive that a lot more could
be done and business can be booming a lot more.
The best quality data was collected from the more experienced interviewees with more
successful business achievements as they talked about ‘struggles’ and ‘the walls crumbling
down’ around them in the worst of times, yet they survived. One commentator insisted
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that it is the family that brings success to the brand or image, hence business success. This
is in-line with the existing research suggesting that the family is advantageous for the
brand (see paragraph 2.2.4 above).
Comments also hinted that perhaps some retailers interviewed had not reached the stage
where they feel completely comfortable with leaving the business and the brand to operate
on its own, insisting on a family member being present especially at the points where cash
and stock is being handled. We can deduce from this behaviour that the family members
ensured functional and structural integrity, while minimising disruptions in transactions
and processes.
There was no prima facie link expressed for the second and third objectives, i.e. branding
was not directly linked to stabilizing disruption during times of change nor does it enhance
processes and transactions during times of stability. This aspect required detailed
discussion, use of examples and further explanation about how a link may exist. After
some thought on the matter, the respondents agreed that a link exists. This highlights one
of the features of this research; family-based retailers are different to the mainstream
retailers as they may not have reached the threshold of becoming a ‘known brand’. Their
success and on-going operations is primarily due to their ability to balance a whole range
of other factors.
The brand identity is an important leverage tool that family-owned businesses can utilise
but in practice the design and focus of attention are other aspects. Starting a brand and
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developing it to a sustainable state is a very high-risk gamble that not every small family-
business can handle. The more experienced and bigger retailers interviewed supported the
research objectives. The overall conclusion was that branding contributes to long-term
family-business sustainability.
Chapter 5 : Conclusions
This chapter concludes this research with a summary of key findings together with a
comparison of the literature and results, thus highlighting implications for academic
theory, family-based retailers and future researchers alike.
5.1 Summary of Key Findings
The key findings confirm major gaps between perceptions of the various actors involved in
the co-creation of values for the exchange process. Branding and marketing is seen by
family-business retailers as being a small part of the exchange process, rather than an over-
arching framework to guide the business towards success. Understandably there is a lack
of retail marketing knowledge amongst family-business retailers except for the basic
advertising required to get the business going and to keep it going.
By talking about the whole image, reputation, brand identity or brand equity helped the
interviewees relate to and talk about their involvement in designing successful businesses
that have provided their families and business with multiple mutual benefits. The branded
sustainable family-business theoretical model presented by this paper is useful practically
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to help align the resources and structure in light of the specific constraints that enable the
processes and transactions leading to desired achievements and therefore long-term family-
business sustainability.
A recurring contradiction was the issue of separation of family and business. Most
interviewees expressed a need for clear separation but in practice these are intermingled
thus bringing out the unique attributes that provide the family-business with strategic
advantages and maybe some disadvantages. Related issues were succession and agency.
Family and close friends were easily trusted and often relied on during times of
disruptions, such as shifting premises or being available to lend a hand during sales.
5.2 Comparison with Research Objectives and Literature
Underlying the results discussed in chapter four was a general agreement that branding
contributes towards long-term family-business sustainability and generally supportive of
the other research objectives. Detailed comparative commentary is included with the
results in chapter four; however some key points are mentioned again.
The issue of ‘luxury’ was a debated topic. Luxury can be defined in a variety of ways but
if accept a broad perspective then it includes a luxury experience that can be created in a
number of inexpensive ways by redirecting efforts on the experience of the shopper, for
example, maybe use heritage to create the iconic storyline needed that the shopper can
experience via visualisations, such as, photos, pamphlets, displays, booklets, web etcetera.
Many mediums are available and can be used for different points of experience but it must
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be same story to reinforce single brand image and be a positive reflection on the family-
business. Such a way would be ideal in creating better feelings and experiences.
Reputation brought out feelings and emotions in the retailer that was not so obvious when
talking about brand or brand equity. It was revealed that the retailer could relate easily to
his or her reputation in the business but the brand was less relevant. This reputational
capital was often developed through arduous social interactions spanning decades for some
retailers interviewed. The main problem during succession (or other disruptions) is
detaching this very important reputational capital from person(s) and leaving it attached to
the family-business brand for long-term sustainability. Family-businesses are again in an
advantageous position over other business formats as family members may be readily
available or have been groomed for the take-over already.
5.3 Implications for Academic Theory and Family-based Retailers
Non-business nature and activities of families impinge and enhance the business
organisation and its processes. Identifying a future path that increases the chances of
survival of a family business into the next generation has important consequences for
societal wealth creation. By developing on the branding strategy whereby knowledge from
the past is permanently embedded into the business structure, hence ‘immortalising’ past
and present generations for the benefit of future generations through their legacies.
Supportive relationships with mutual respect enables the smooth transition of knowledge,
social capital, and networks across generations (Steier, 2001). There is a need to
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understand the contextual factors that impede or enhance transfer of knowledge across
generations (Sharma, 2004). Lubatkin et al (2003) acknowledges non-family employees’
perception that decisions made to gratify immediate needs of family members as opposed
to promoting long-term value for the family firm, will lead to dissatisfaction and reduce
performance and tenures.
Leaders of family businesses are stewards of their families and their businesses, and family identity and reputation become a sustainable legacy that is passed on to subsequent generations (Craig et al 2008).
It is possible that such an approach may have limited applicability to families where
culture, tradition and heritage have played a central role in their upbringing. But most
cultures have embedded stewardship principles and may go towards enhancing such a
strategy. The study provides valuable insights into the largely neglected domain of family
businesses and the results may not be generalisable to the entire population of family or
small businesses.
Elements of luxury branding mixed with the family-brand for a luxury goods and services
retail business will enhance the experience environment for the customers and make them
feel associated with ‘luxury’ that is, achieve an improvement in mental state to what they
would have experienced otherwise. The research results challenged luxury branding to a
certain degree. In practice the retailer is not necessarily attempting to create higher levels
of feelings, but rather focuses on more tangible attributes such as providing an inviting and
appealing atmosphere for shoppers.
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5.4 Future Research
As a starting point for family business research we need to think about what business
owners and managers talk about and deal with on a daily basis. Family businesses remain
key drivers for innovation and entrepreneurship, however, the low rate of family-business
survival highlights the problems attached with such businesses. Entrepreneurship can be
viewed as a natural outcome of the family-business because if there is a desire to survive
then either the present or the future generation need to create and evolve but not
necessarily bound by the predecessor’s past. The entrepreneurial spirit determines whether
the current use of resources suits the environmental conditions in any given time and
space.
The research has broader applications depending on the local variable scope. Definition of
a “long-term sustainable luxury-family-brand” model is fluid in nature as to precise
meaning but given the nature of a traditionally acknowledged luxury good and service
provides opportunity for growth, as enhanced luxurious experiences create more satisfied
and loyal customers.
Due to very different resource and capital dynamics, large and powerful retailers are able
to devote significant efforts to project a coherent and consistent brand image to customers
and other stakeholders. The result is higher failure rates for family-businesses which are
often smaller and unable to compete against giants of retail across any market or segment.
This research provides some ideas to help family-businesses compete.
The optimal integration of the family and the business means comprehensively modelling all relevant subsystems relative to the family firm and recognising the interrelationships and overlaps amongst all subsystems (Heck et al, 2008).
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It is a strategic-level study for a family business. External customer and market analysis
will be part of further actions across various sectors but researchers must recognise that
only if there is strategic initiative, then the resources can be redirected and participation of
others is possible to start and complete such a strategic manoeuvre.
5.5 Conclusion
This research reminds marketing practitioners of the difficulties thwarting family-
business’s long-term success. Guiding such businesses towards long-term sustainability
bears a heavy burden involving understanding the complexities inherent in practice.
Focusing on and building a valuable brand image is central to long-term family-business
sustainability. The brand markets the retailer and features in the consumer’s decision-
making processes. If the image is congruent with the experience the consumer is seeking,
then the engagement of a co-creation exchange process is more likely. In other words the
customer is going to come into the retail store and the business can make more money.
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APPENDICES
Appendix One – Pre-Qualifying Letter (example to a family-business retailer)
Dear (name)
I am completing the final year of my MBA in Retailing and as part of this exercise;
my dissertation will be based on marketing of a family-business retailer, more
specifically a luxury-oriented retailer, such as your respectful business. My research
is aimed at identifying what specific elements of branding are considered important
for long-term family-business success. I have prepared an interview session
covering various topics consisting of the relevant information. As part of the
process, I intend to interview several retailers to gain their insights and reflections of
experiences over the years in the various aspects of retail marketing.
The areas we will be talking about include retail marketing, branding (specifically
luxury-oriented) and how these affect long-term family-business sustainability.
Some of the presumptions I have made include that the brand image and luxury
branding are more relevant than other factors. The interview is designed to capture
retail practice and how it compares with theories. More detailed information is
attached including a list of topics and examples of questions I will be asking during
interviews. I look forward to an interview at a time and place most convenient.
Yours sincerely
Deeman
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Appendix Two - Interview Details
Interview opening;
My MBA dissertation is generally about retail marketing; more specifically it is
about family-businesses and branding. Your family-business provides an ideal case
study to explore branding options available for such a retailer. In addition, your
experiences as an entrepreneur and business leader will provide invaluable insights.
Generally a jewellery retailer competes with many small and unbranded companies
and only some are branded retailers. Intense competition exists among low-priced
budget style retailers whereas up-scale retailers distance themselves from this sector
by emphasising quality, branding and services.
Developing and managing a brand that ensures long-term family and business
success is a complex task. Research shows that a retailer usually has a very
different image of the brand compared to the image held by the customer.
Hopefully this research will assist in your family-business growth. Please answer as
openly and is as much detail citing examples from experiences when you can.
[Interviewer Note;
Concepts include re branding; image; brand equity; luxury-branding, brand building
feelings, family-business branding (independent variables); these are the presumed
cause having a presumed effect on the;
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Dependant variables including concepts of family-business achievements –
financial, functional, structural, human-capital, transactional and procedural
improvements
The narrative will be used to analyse and confirm (or deny) that;
Branding contributes towards family-business achievements;
Branding stabilizes disruptions during times of change;
Branding enhances processes and transactions during times of stability;
Branding contributes to long-term family-business sustainability.
This method will test the Branded SFBT model hypothesis and predict how varying
branding variables affects the family-business.]
Interview Topics
i. Retail Marketing
ii. Family-Business
iii. Branding
iv. Leveraging the Brand to add values
i. Retail Marketing
[stimuli – the retail marketing process figure]
General overview –– many issues that have no right or wrong answers.
Talk about retail business marketing practice generally and specifically for a
luxury-based family-business-brand using Rolex or other retail examples that
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you are familiar with, in New Zealand examples are Pascoes and Michael
Hill etc.
ii. Family-Business
General business – past – present - future
[use SFBT as visual stimuli- maybe talk about it]
Achievements;
Functional integrity
Human capital growth
Financial soundness
Structural integrity
Long-term sustainability
Community/ family/ business links
Stabilise disruptions during change
Enhance processes and transactions during times of stability
iii. Branding
General;
Role of brand
Identity of brand
Brand equity – [stimuli brand equity chart]
Luxury brand
Brand building feelings
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Family-business brand
Specifics for retail store image - [stimuli – list of store image variables]
Implications of branding on family-business achievements (above).
Brand Image and Equity
What does the retailer believe the brand image / reflection of the business is?
Why, examples of past doing things differently? Now changed? Why?
Does Luxury-Branding apply? – 10 characteristics Yes/ No/ Maybe + Why?
Keller identifies the ten defining characteristics of luxury brands as;
i. Maintaining and controlling a premium image is a priority;
ii. Involves the creation of many intangible brand associations and an
aspirational image;
iii. All aspects of the marketing program must be aligned to ensure quality
products, services and pleasurable purchase and consumption experiences;
iv. Brand elements besides the name, such as logos, symbols, packaging,
signage etcetera, can be important drivers of brand equity;
v. Secondary associations from linked personalities, events, countries and other
entities can be important drivers of brand equity for luxury brands;
vi. Must control distribution via a selective channel strategy;
vii. Must employ a premium pricing strategy with strong quality cues and few
discounts and mark downs;
viii. Brand architecture must be managed very carefully;
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ix. Competition must be defined broadly because often competing with other
luxury brands from other categories for discretionary consumer dollars;
x. Must legally protect trademarks and combat counterfeits.
Brand-building feelings are critical to luxury brands and may come in various forms and
across varying target market segments (Keller 2009). Six important brand building
feelings are (Kahle et al 1988);
i. Warmth; soothing, sense of calm or peacefulness feelings making the consumer feel
sentimental or affectionate towards the brand, for example Hallmark.
ii. Fun; joyous and cheerful feelings, for example Disney.
iii. Excitement; makes consumers feel they are experiencing something special and
makes them feel ‘alive’, for example MTV.
iv. Security; comfort and self-assurance, for example AIG insurance.
v. Social approval; consumers experience positive feelings about reactions of others, for
example Mercedes.
vi. Self-respect; consumer feels better about themselves, for example tide laundry
detergent.
What expectation or promise does your (family-business) image create & if
luxury then bigger promises?
What sort of family input/ involvement in maintaining or building image; what
is role and how significant? Why?
82
What are some specific elements that can enhance your family business
brand?
Examples of types of Questions asked during interview
Does the retailer consider itself a luxury-based-family-retail business and or
brand?
Which elements are more important?
Other elements considered vital for such business?
Will adding luxury brands to portfolio add value to the family business?
Will history, heritage and experiences help the brand by creating a myth that
taps into enduring consumer hopes and dreams (Holt 2004)?
What can you tell me about your brands?
Is it what you had always wanted?
Could it be better?
How? How long did it take to achieve?
Why?
What aspects do you consider important/ have relied on in past to achieve
brand/ business goal?
Was your branding considered an integral element or just another part of the
general business – are there other more important aspects?
What is the problem in the business/ organisation?
Is it branding/ marketing related?
To what extent is branding a concern? What are other important concerns?
83
How do you see your brand?
Using examples of familiar brands – what brands would your business aspire
to? Why?
How do your customers see the brand?
How do your suppliers see the brand?
Most jewellers started as small family business before becoming ‘big brands’
eg. Michael Hill, Pascoes etc. Would you aspire to grow to such level of
recognition?
Has branding/ marketing created a sustainable/ recurring revenue stream
from regular customer base?
Or is the overall approach more product-oriented (tangible) vs service/ other
intangible elements or cognitive feelings toward a brand.
Decision making re price, place, product, range of brands & brand
extensions.
iv. Leveraging the Brand to Add Value
Understanding and satisfying customers (retail marketing);
Who are our customers? Who are not? Can we identify any changes?
Can we identify distinct groups of customers? Do they want different things
or have different needs?
How do they like to shop and what is important in making their buying
decisions?
84
Where do they prefer to shop and what factors determine where they choose
to shop?
What differentiates your business from the competition?
What does all of this mean for the business?
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