Conceptualizing brand purpose and considering its implications for consumer eudaimonic well‐being

Abstract

In 2018, BlackRock Chairman and CEO, Larry Fink, announced in his letter to CEOs that companies must have a purpose beyond profit or risk being ousted from BlackRock's influential investment portfolio. Arguing that society is increasingly turning to the private sector to address societal challenges, he suggested that without "a sense of purpose," which he defined as a long-term commitment toward positive contributions to society, no company could achieve its full potential (Fink, 2018). In his 2019 letter to CEOs, Fink expanded upon this, suggesting that purpose is the animating force for achieving corporate profits, as purpose "guides culture, provides a framework for consistent decisionmaking, and ultimately, helps sustain long-term financial returns for the shareholders" (Fink, 2019). Indeed, some studies (e.g., Hemerling et al., 2018) have identified a correlation between purpose and long-term financial performance. In his 2022 letter, Fink reiterated his commitment to purpose, suggesting "Customers want to see and hear what you stand for as they increasingly look to do business with companies that share their values" (Fink, 2022). A variety of industry reports (e.g., Edelman, 2021a, 2021b) have found that consumers around the globe, particularly younger generations, expect corporations and top management to take a lead on social issues and indicate that their own purchases are driven by perceived alignment between their beliefs and those espoused by brands. In response to such high-profile calls to action, and the apparent demand from consumers, brands in a wide variety of categories have sought to define, articulate, communicate, and act according to their purpose.

From Crisis to Advocacy: Tracing the Emergence and Evolution of the LGBTQIA+ Consumer Market

“…The proceeds of the campaign were donated to the civil rights organization Equality Florida to support LGBTQIA+ individuals affected by discrimination (Parsons 2022). Contemporary marketing research is mapping these types of campaigns under the umbrella of brand activism (Vredenburg et al 2020) and brand purpose (Williams, Escalas, and Morningstar 2022). However, the effects of marketers advocating for responses to discriminatory public policies remain largely unexplored.…”

Local consumer well‐being in a multicultural marketplace: From conflict to engagement

“…The hedonic orientation to well-being is widely spread in the western world (Peterson et al, 2005) and is mainly based on the premise of maximizing pleasure and minimizing pain for people (Ryan & Deci, 2001). For example, consumers with a hedonic orientation are more likely to focus on pleasure by maximizing the benefits of a brand like status (Williams et al, 2022). However the eudaimonic orientation is mainly based on the premise of pursuing purpose in life, and that a life without purpose is a life without meaning (Ryff & Singer, 2006).…”

Plant power: SEEDing our future with plant‐based eating

“…Values are “enduring beliefs about what is fundamentally important and are frequently divided into two types: personal and social.” (Ahuvia & Wong, 2002, p. 389; Mueller & Wornhoff, 1990). An individual's values serve not only to guide decisions (Schwartz, 1994) but also affect their sense of purpose when they commit to “act consistently with one's values” (Williams et al, 2022, p. 702). Research on food choices has examined when and why goals and values align with consumers' decisions and behavior (Herman & Polivy, 2014).…”

“…Consider, for example, recent research by Chernev and Blair (2021) documenting that portraying pro‐environmental attributes as organization‐ or company‐level values rather than qualities related to an individual product can eliminate and even reverse negative perceptions of environmentally friendly products. Furthermore, connecting a company's or brand's ethos to sustainability‐related values may better connect with consumer and their values (Williams et al, 2022). Further research needs to examine sustainability values and the potential sustainability liability as it pertains to the consumption of plant‐based foods.…”

“…These goals further manifest into behavioral intentions and ultimately actions that lead to environmentally sustainable food consumption (Vermeir et al, 2020). By connecting goals to commitments, consumers close the gap between attitude and behavior to make choices that are more consistent with their values (Williams et al, 2022).…”