Managing Cultural Equity: A Theoretical Framework for Building Iconic Brands in Globalized Markets

Abstract

Abstract Purpose To introduce the concept of cultural equity and provide a theoretical framework for managing cultural equity in multi-cultural markets. Methodology/approach Recent research on the social psychology of globalization, cross-cultural consumer behavior, consumer culture, and global branding is reviewed to develop a theoretical framework for building, leveraging, and protecting cultural equity. Findings Provides an actionable definition for a brand’s cultural equity, discusses consumer responses to brands that relate to cultural equity, identifies the building blocks of cultural equity, and develops a framework for managing cultural equity. Research limitations/implications Research conducted mainly in large cities in North and South America, Europe, the Middle East, and East Asia. Generalizations to less developed parts of the world might be limited. Practical implications A very useful theoretical framework for managers interested in building cultural equity into their brands and for leveraging this equity via new products and the development of new markets. Originality/value The paper integrates past findings across a variety of domains to develop a parsimonious framework for managing cultural equity in globalized markets.