The Production and Consumption of Meaning at Work
Edited by Matthew J. Brannan, Elizabeth Parsons and Vincenza Priola
Chapter 2: Considering the ‘Bigger Picture’: Branding in Processes of Financialization and Market Capitalization
2. Considering the ‘bigger picture’: branding in processes of financialization and market capitalization1 Hugh Willmott Introduction … brand owning companies can earn huge returns on their capital and grow faster, unencumbered by factories and masses of manual workers. Those are the things that the stock market rewards with high price/earnings ratios. (Akasia, 2000: 30) Brands are financial assets and their importance in relation to the tangible assets of most businesses continues to grow. The management of brand value is simply another aspect of managing shareholder value. (Batchelor, 1998: 101) Branding has until recently been marginal to critical scholarship across business and manage ent studies (see Arvidsson, 2006; Holt, 2002; Kornberger, m 2010). Marketers, with few exceptions (e.g. Holt, 2002, 2004), have treated branding as a functional means of differentiating products or services, increasing product recognition and reputation and thereby securing or gaining market share.2 Other students of business regarded branding as external to their domain, the prin ipal exceptions being organization specialists interested in c corporate branding (e.g. Hatch and Schultz, 2005; Schultz et al., 2000, 2005) and accounting specialists interested in the issue of accounting for brands (e.g. Tollington, 2001). Attentiveness to branding among social scientists, whether mainstream or critical, has been muted, perhaps because it is considered too superficial to merit close or serious examination. For students of political economy, it seems that the ‘soft’ and intangible qualities of consumer behaviour make branding an unattractive topic. Lury’s (2004) Brands: The Logos of the Global Economy promises to balance the...
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