Iconic Brands’ Sustainability, Socioeconomic Contexts and the Nigerian Experience

Abstract

Over the past two decades, iconic brands have garnered considerable attention due to their status as ideal brands. Although several studies have addressed cultural branding as a management tool for iconic brands, relatively limited literature has empirically examined iconic brands in socioeconomic contexts. As far as Nigeria is concerned, little research is related to the previous discourse. Consequently, the study investigated the socioeconomic contexts influencing iconic brands in Nigeria. The methodology involved using inductive thematic analysis to investigate selected companies’ annual reports and interview transcripts from top management officials. The sampling techniques were purposive with a theoretical undertone. The study identified the following socioeconomic contexts- insecurity, poor infrastructure, volatility of the economy, resilience, value co-creation, and communicative anchor of brand management. In addition, this study explored selected iconic corporate brands in the Nigerian environment, thereby enhancing the ongoing dialogue on product and service branding in other national contexts.