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MD
47,4 Uncovering the corporate brand’s
core values
Mats Urde
616 Lund University, Hoganas, Sweden

Abstract
Purpose – This paper aims to describe the uncovering of a corporate brand’s core values and
implications for strategic management of its track record.
Design/methodology/approach – The paper examines the specific track records of Volvo, IKEA,
IBM, and Scanpump, focusing on core values and how they evolve. Based on multiple sources of
evidence, the track records of the case companies emerge as patterns of values that are: perceived
externally by customers and non-customer stakeholders; and rooted internally within an organisation.
Findings – Four categories of core values emerge, termed true, aspirational, potential, and hollow.
Originality/value – The Core Value Grid is proposed as a managerially useful model on “how to
build true values and avoid hollow values”. In principle, a corporate brand cannot be stronger
externally than it is internally. Rooted core values with track records supporting a brand promise
represent the essence of a corporate brand, guiding internal and external corporate brand building and
management. The foundation of a corporate brand risks being undermined by hollow core values and
empty promises.
Keywords Corporate branding, Companies, Resources
Paper type Conceptual paper

Background
All established corporate brands have a track record, which may vary in length and
continuity. All established corporate brands have core values making up the backbone
of their brand track record – whether those values are defined or not. The core values
may also vary in number, and in the degree to which they are rooted internally and to
what extent they are perceived by the outside world. Uncovering a corporate brand’s
core values and track record is the key question in this paper. Knowing “what values
we stand for” and “what values customers over time have come to appreciate us for” is
vital for the management of brands. In principle, I believe that a corporate brand
cannot be stronger externally than it is internally. This is perhaps the strongest
argument as to why the uncovering and defining of a corporate brand’s track record
and core values is important. The values rooted in the organisation need to resonate
with the values perceived and appreciated by the customers over time, and vice versa.
“True” brand core values then become a solid foundation and stand for continuity in
the process of managing and building corporate brands. Conversely “hollow” values
become quite the opposite.

Management Decision
Vol. 47 No. 4, 2009
pp. 616-638
q Emerald Group Publishing Limited
0025-1747
DOI 10.1108/00251740910959459
This article is based on a keynote presentation delivered at the 11th International Corporate
Identity Group (ICIG) Conference held at Brighton, UK in March and November 2008: one of two
ICIG Symposia which celebrated the 10th “anniversary” of the ICIG Conference.
The author is grateful for the constructive comments given by two anonymous reviewers. In
addition the author appreciates the encouragement from two fellow researchers, from Professor
Leif Hem (Norway), and from individuals in the four case companies.
 The ability to create, develop and protect brands as strategic resources is a Corporate
competence and a mindset of the organisation. When the identity of the brand is a hub brand’s core
for the strategy process, the organisation becomes more highly brand oriented (Urde,
1997, 1999, 2003; Melin, 1997; Hankinson, 2002; Baumgarth, 2007; Wong and Merrilees, values
2008). Uncovering core values and understanding the dynamics of a track record are
steps towards achieving this mindset.
I first recognised the relationship between corporate brand core values and a track 617
record at Volvo (Urde, 1997, 2003). The three brand core values of Volvo – quality,
safety, and environment – guided the internal and external brand building efforts.
Another important source was our studies on monarchies as corporate brands (Balmer
et al., 2006; Balmer and Greyser, 2006; Greyser et al., 2006), which gave unexpected and
new perspectives concerning brand track records, as did our continued research on
brands with a heritage (Urde et al., 2007). Here, we sought to explore and define
heritage as part of a brand’s past, present, and future identity. We defined track record
and identified it as one of the key elements of the “Heritage Quotient”, intended to
distinguish a heritage brand: “By track record we mean demonstrated performance –
proof – that the company over time has lived up to its values and promises” (Urde et al.,
2007, p. 9).
Core values rooted in the value foundation of the organisation are beacons in the
management of a corporate brand. In contrast, having values that are bland, toothless,
or just plain dishonest is far from harmless – they may even be destructive (Lencioni,
2002). In corporate branding, the organisation is a source for differentiation and the
foundation of values and promises (Knox and Maklan, 1998; Balmer and Gray, 2003;
Urde, 2003). A declared set of values and promises (Ward et al., 1999; Knapp, 2000)
without commitment from the organisation runs the risk of making people
disillusioned (Senge, 1992; Collins and Porras, 1998). This in turn creates severe
problems for the leadership and for the credibility and legitimacy of the corporate
brand management (Ind, 2007; Sull and Spinosa, 2007) and corporate responsibility
(Kay, 2006). Promises given, but not lived up to, will undermine and harm the customer
relationship (Fournier, 1998; Veloutsou, 2007) and debase the reputation (Fombrun,
1996). The approach of this article takes into account both the external and the internal
perspectives with a focus on a corporate brand’s core values and track record.
In the nascent area of corporate marketing – integrating corporate identity,
corporate branding, corporate communications, and corporate reputation (Balmer and
Greyser, 2006) – the “value of values” is one of the fundamental philosophical
questions for academics and managers.

Methodology
This paper is primarily based on case study research (Yin, 1989,1993; Gummesson,
2005), applying a multi-method approach, common in qualitative research today
(Gummesson, 2005). The study has evolved through this process of continuous
interaction (Yin, 1989, 1993) between the empirical fieldwork observations (level one)
and the emerging theoretical concepts (level two).
Volvo (Volvo Car part of Ford Motor Company; and Volvo Group), IKEA, IBM, and
Scanpump (a business-to-business pump company), are the in-depth cases discussed in
this article. The case selection criterion was based on the richness in illustrating
MD different aspects of core values with a track record. Each case was also selected to
47,4 highlight dimensions and issues associated with the management of corporate brand
core values in different situations. The Volvo case is a “longitudinal multiple case
study” that the author has followed for more than a decade. Volvo is known for safety,
but one of their other core values, environment, has been questioned both internally
and externally. IKEA, as a case, is of special interest because it is the only not
618 stock-listed company in the study; and also, the founder, who wrote the core values, is
still active in the management of the group. The IBM case illustrates how radical
change in the business environment puts pressure on long-held basic beliefs, and how
new core values evolve. Finally, the case of Scanpump illustrates the uncovering of
core values based on an exploration of the external track record of the company. Here,
the corporate brand was actually stronger externally than it was perceived to be
internally. A particular value related to service, perceived and appreciated by the
customers, had previously been taken for granted by the company. This “uncovered
value” was part of the track record and an opportunity for communication supported
by internal reinforcement.
The review of the literature was conducted throughout the research process. The
study includes approximately 40 one-to-three hour in-depth interviews and more than
twenty internal meetings and workshops. Participating in these discussions were
senior executives, business area management, corporate brand management, human
resources, and other key people in the companies researched. The initial analysis in
each case study was to identify the values considered to be “core” by the case
company’s own organisation and by its customers and non-customer stakeholders.
This was followed by discussions about “the value of the values” from the
organisation’s perspective and from the customers’ and non-customers’ perspectives.
Multiple sources of data were used, such as archival records, company internal
documents on business strategy, positioning, brand strategy (e.g. brand platform and
“brand books”), culture (e.g. “Our way”-type documents), market research, customer
and employee surveys, and advertising (over time). Volvo, IKEA, and IBM have
extensive information on the external and internal perception of values, but not
necessarily linked or compared in the discussion of corporate core values. For example,
IKEA has for a long time followed the inside-out approach, with the employees as the
primary force in building the brand. The annual global measurement VOICE is
specially designed to track the internal understanding and commitment to the
company’s values and principles. It is also used as an “early warning system”
revealing gaps in the perceptions of the day-to-day behaviour of managers and/or staff
and the IKEA values. Volvo group have a world-wide tracking study called the “The
dash board”. In this article, an internal and external perspective on existing company
specific research data was used to complement the description of the track records.
In the case of Scanpump, the background material was less extensive. Drawing
from the emergent theory from the three other cases, the author took an active part in
the process of “uncovering” the corporate brand core values of Scanpump. Together
with the organisation, the company’s track record was mapped and core values
identified. The action research approach (Argyris, 1973; Perry and Gummesson, 2004)
gave insights into “fit, work and relevance” (Glaser and Strauss, 1967) of the emerging
theory.
Track record Corporate
The idea and notion of a track record is found in language and in scientific disciplines. brand’s core
The overview of a track record is related to performance, emerging patterns,
continuity, and contract as indicators of the overarching concept. values
Track record as performance: In Longman’s dictionary, track record is defined as:
“The best recorded performance in a particular track-and-field event at a particular
track. The past achievements or performance of a person, organisation, or product”. In 619
market research, brand-tracking studies are used to collect information on a routine
basis over time, typically through quantitative measures of brand performance (Keller,
2008). Examples of key dimensions in tracking studies are awareness, associations,
perceived quality, and loyalty (Reichheld, 2003), which all relate to the equity of brands
(Leone et al., 2006). Tracking studies are often used to provide consistent baseline
customer information in order to facilitate tactical decision-making. Core values and
track record are demonstrable support elements within the larger umbrella of corporate
reputation. In communications and reputation research, Fombrun (1996) defines
corporate reputation as:
. . . a perceptual representation of a company’s past actions and future prospects that
describes the firm’s overall appeal to all of its key constituents when compared with other
leading rivals (p. 72).
Track record as emerging patterns: In psychology, and more particularly in cognitive
research, it is known that the human brain searches for patterns. The human brain not
only receives information, but interprets it and patterns it. This ability and skill is
explored with the help of different tests, for example by asking a person to describe the
patterns coming out from a picture (Gärdenfors, 2007). Pattern recognition is a
fundamental skill used for the understanding and prediction of complex phenomena
(Slywotzky and Morrison, 2000). In strategy, one of the metaphors Quinn et al. (1988),
pp. 15-16) use to describe strategy is that of “. . . a pattern in a stream of actions”. The
idea is that gradually successful approaches merge into a pattern of action that
becomes the strategy of a firm. In the overview of eight various forms of strategies by
Quinn et al. (1988), from the rather deliberate to the mostly emergent, the notion of
some kind of pattern or path related to strategy is emphasised. History, reputation,
organisation, and the concept of path dependency (Arthur, 1989) are examples of
reasons why a resource may be difficult and/or costly to imitate (Rumelt et al., 1991;
Barney, 1996). Path dependence suggests that a firm may gain a competitive
advantage (Balmer and Gray, 2000) based on the acquisition or development of a
resource in earlier periods.
Track record as continuity: In the management of brands, continuity is described as
a key criterion. At Volvo, DuPont, Nestlé, Tetra Pak, and other brand-oriented
organisations (Urde, 1997, 2003), continuity is a defining element of their way of
managing their brands and business. In the literature, many researchers express the
importance of continuity in relation to different key brand management concepts, e.g.
Keller (2008) on customer brand equity, Kapferer (2008) on brand identity, De
Chernatony and Segal-Horn (2003) on service branding, Aaker (1991) on brand equity
and brand values, Aaker and Joachimstahler (2000) on brand leadership, Knox and
Bickerton (2003) on the business process of delivering value, Merrilees and Miller
MD (2008), on rebranding; Collins and Porras (1998) on purpose and visions, and Greyser
47,4 (1999) on reputation and crisis management. Continuity in the management of brands
must of course be balanced, or, as Collins and Porras (1998), eloquently phrase it:
“preserve core and stimulate progress” (p. 112). Innovation and activation are
paramount in the management of brands (Kapferer, 2008), but without continuity it is
hard to imagine long-term corporate brand building.
620 Track record as contract: In the management of brands, a well-positioned brand
stands for a promise that may also be described as an “unwritten contract”. Kapferer
(2001), p. 169) argues that, for a brand to be a “point of reference” and have a brand
identity, it must be based on the consistent maintenance of a contract with its
consumers/customers and other important stakeholder groups (Ind, 2007; Balmer and
Greyser, 2006).
A corporate brand track record consists of core values and promises rooted in the
organisation, which are also perceived and appreciated by customers and
non-customer stakeholders over time. It is an emerging pattern of proven values and
promises forming a contract between the organisation and the outside world. A track
record reflects continuity, influences the customers’ expectations, and is part of a
corporate brand’s identity.

Values of the corporate brand

A brand can be described as a “cluster of values” (De Chernatony, 2001, p. 33). The
meaning of brands is influenced by the organisation’s attempts to “manage meanings
and values” in a cultural context (McCracken, 1993). Values related to a brand can be
looked at from three viewpoints:
(1) Values related to the organisation.
(2) Values that summarise the brand.
(3) Values as they are perceived by customers.
Values related to the organisation. The arrangement of an organisation’s more or less
expressed common values, supporting ideas, positions, habits, and norms converge to
give a corporate culture its character (Urde, 2003). These often-deep underlying
internal values (Harmon, 1996; Aaker and Joachimstahler, 2000; Burmann and Zeplin,
2005; Ind, 2007) answer in principle the questions of who we are, how we work, and
what it is that makes us who we are as an organisation. These values are created in a
cultural context with multiple sources (McCracken, 2005) and may also be described
quite simply as “rules of life” of the organisation (Gad, 2001). Consequently these are
the values that are internally regarded as important within an organisation. However,
this may not be the case for the outside world (Berg and Gagliardi, 1985; Knox et al.,
2000). For example, this form of values can often be attributed to the organisation’s
origin and culture, founder(s), dramatic events, leader(s), or other prominent persons.
Values that sum up the brand are often referred to as brand-essence, originally a
term coined by the advertising agency Ted Bates. This is used primarily to focus and
guide the advertising and communication of (product) brands. The term brand essence
is used and expanded on by many authors (Macrea, 1996; Aaker and Joachimstahler,
2000); Upshaw (1995), p. 25) sees brand essence as an inner value: “. . . the core of the
core – the brand essence”. Keller (2008) uses the term brand mantras: “. . . are short
three to five word phrases that capture the irrefutable essence or spirit of the brand Corporate
positioning”. Randazzo likens in principle brand essence and core values, and elects to brand’s core
speak of the brand soul: “The brand’s soul is its spiritual center, the core value(s) that
defines the brand and permeates all other aspects of the brand” (Randazzo, 1993, p. 17). values
Kapferer (2008) uses kernel in his reasoning about the core of the brand. De Chernatony
(2001) develops and creates an interesting distinction between core values and
peripheral values. Other more or less analogous terms are for example brand code 621
(Gad, 2001), meta-value (Linn, 1990), value words (Ind, 2007), core desire (Mark and
Pearson, 2001), and themes (Schmitt and Simonson, 1997).
In this article, I use the term corporate brand core values and define them as
mindsets rooted within an organisation and the essential perceptions held by
customers and non-customer stakeholders defining the identity of a brand. These
values influence both the internal and external sides of the brand. The key question
answered by core values is “what the corporate brand stands for”. The core values are
overarching concepts rooted in and distilled from the organisational values and
resonating with the customers’ perceived values.
Values as perceived by customers. McCracken (1993, p. 125) states that: “Brands have
value, it turns out, because they add value”. Perceived customer values are often more
explicit (Kapferer, 2008) and should not be confused with core or organisational values.
The discussion in De Chernatony et al. (2000) about added value provides a good
overview and specifically demonstrates the lack of terminology consensus. JWT, the
advertising agency, argues that added values include value proposition and functional
and emotional discriminators. Customer value is the term that Knox and Maklan (1998)
use to express what the customer is prepared to exchange for a brand. Added value is
also used in other contexts: Itami and Roehl (1987) uses added value to explain durable
competitive advantages from a strategic perspective. When Jones and Morgan (1994)
speak of adding value, they are talking about the process of developing brands.

Uncovering the core values

Uncovering a brand’s track record is an exploration of values related to the different
identities of the corporation. A brand may also be described as a “cluster of identities”
(Balmer and Greyser, 2002; Stuart, 1999 for literature overviews). My framework (see
Figure 1) makes a distinction between different types of values and different types of
identities (Urde, 1997; 2003). It makes the point that corporate brand building is an
ongoing interaction and negotiation of meaning (McCracken, 2005) and values between
different identities: the identity of the organisation, the identity defining the corporate
brand, and the identity as perceived by the customers and other stakeholders (Urde,
1997, 2003). It builds on the idea that a corporate brand has a foundation that calls for
internal brand building with a focus on aligning behaviour (e.g. Balmer and Gray,
2003; Hatch and Schultz, 2003; Vallaster and de Chernatony, 2006), shared values (De
Chernatony and Segal-Horn, 2003), and commitment (e.g. Senge, 1992; Burmann and
Zeplin, 2005). The business idea, the mission (or purpose), and the vision are important
pillars of the organisation (Collins and Porras, 1998; Ind, 2007).
External corporate brand building (Knox and Bickerton, 2003) has a focus on
positioning. With the core values as themes, the corporate brand is positioned in the
marketplace vis-à-vis competitors (Hooley and Saunders, 1993; Grant, 1995; D’Aveni,
MD
47,4

622

Figure 1.
Brand orientation
framework

2007), and in the hearts and minds of the customers (Ries and Trout, 1986). Customer
values (or extended values) are expressions of the core values, used to appeal more
directly to the target groups.
The core values are placed in the middle of the framework defining the corporate
brand’s identity, and supporting the brand promise. Their role is to guide both internal
and external brand-building efforts. They are like the melody of the brand that follows
through all of the product and service design, supporting behaviour from the
organisation, and communications. When viewed together, organisational values,
brand core values, and perceived values form the value foundation of a corporate
brand. Over time, an established corporate brand builds its track record.
With the previously mentioned overview of track record, values, and identities of
the corporate brand, the discussion now moves to the four company cases.
Uncovering core values: company cases Corporate
Volvo, IKEA, IBM, and Scanpump are established corporate brands. These companies brand’s core
represent different industries but they have a similar brand structure with a clear focus
on their corporate brands. The cases examined here are intended to illustrate and give values
insights into the relationship between and the uncovering of corporate brand core
values and track records. The companies have been studied over time in order to
capture the dynamics of core values forming a track record. 623
The analysis of the cases is based on the theories that an established brand has
functional, emotional, and symbolic dimensions (Levy, 1959; Solomon, 1996; Kapferer,
2008). In the discussion of perceived customer values, there is strong support for the
idea that a brand ideally needs to appeal to more than the functional dimension, and
ideally to all three dimensions. In the framework (see Figure 1), the core values are
described as themes for extended values speaking and appealing more directly to the
customers and non-customer stakeholders. The core values are also linked to the
organisational values with an internal significance and meaning. When uncovering a
corporate brand’s core values, the approach in this study is to find and define values
that cover these dimensions. The functional, emotional, and symbolic content of a
particular corporate brand varies, but in principle all dimensions need to be
represented in the core corporate brand identity.
An alternative, but maybe not so different, way to view the role of core values is
inspired by classical rhetoric (Urde, 2005). In an argumentation, the speaker is advised
first to present facts and evidence, then to build confidence and convince by character
and personality, and finally to select an argument that evokes a feeling (Corbett and
Connors, 1999). The speaker persuades (Hedlund and Johannesson, 1993) through the
use of logos (logical arguments), ethos (character and personality), and pathos (feelings).
In parallel, the core values and the promise (or covenant, see Balmer and Greyser, 2006)
of a corporate brand may be viewed as a set of arguments with an intention to evoke a
feeling or reaction among the audience(s). In the framework (see Figure 1), the core
values and the promise are placed in the centre, underlining their role to sum up the
identity of the brand and define the values the corporate brand stands for. Together,
the core values supporting the promise thus will cover the different key dimensions of
the corporate brand’s identity. Following this line of reasoning, a track record of a
corporate brand would have core values operating in parallel and covering these three
dimensions.

Volvo: the evolution of a corporate brand’s track record

For an established company, the quest to uncover its track record often becomes an
odyssey into the organisation’s history, heritage, and origins. This is clearly the case at
Volvo (Urde, 2003), where it was possible to go back to the thoughts of the founders –
Assar Gabrielsson and Gustaf Larsson – about safety in the so-called “Volvo sales
manual” from the early 1930s:
An automobile is made by and for people. The basic principle for all manufacturing is and
must remain: safety . . . on this point, we are proud to be conservative. And even in the future
this will remain our guiding light.
MD This excerpt from the sales manual can be seen as both an early expression of Volvo’s
47,4 mission – i.e. to develop safer cars and other vehicles – and as the embryo of a central
core value. In the same early publication, strict quality principles for the design,
production, and control of Volvo products were also stipulated. From the beginning
Volvo had quality as a theme for communication, and the primary perceived customer
value and image was solid, durable, quality products. With time, Volvo gained a
624 reputation and relationships based on this promise and brand core value.
In conjunction with an exhibition in 1976 in Washington, DC, Volvo displayed a
safety concept car that attracted considerable media attention. This occasion was a
breakthrough for Volvo’s positioning, and a defining moment for the brand promise
“safety”, now highly visible in product and communications. However, the prevailing
attitude in the car industry was that safety could not be used as an argument for selling
cars. As far as Volvo was concerned, this meant that the company – essentially
without any direct competition – could focus on safety, which in hindsight can be seen
as a first-mover advantage. Volvo proposed a new way of evaluating cars, thus
creating a new sub-category and position around the concept of safety (see Figure 2).
When safety became a theme for Volvo Car in the mid-1970s, the results of crash
tests, crash test dummies, and descriptions of the safety details of designs became
recurring elements of communication. The tag-line was: “Drive safely. Volvo”. The
arguments in favour of safety differed markedly in both form and content from
traditional car advertisements. “When did you last hear a car salesman speak about
safety?” was an example of a headline in a car advertisement by Volvo Car that
targeted the low interest in safety within the car industry. Volvo wanted to elevate
safety as an important aspect in the choice of a car in order to achieve a change in
attitudes. According to SvenÅke Ståhl, manager of Global Marketing at Volvo, the
introduction of the seat belt as a standard feature in the US car market was not a

Figure 2.
The evolution of the Volvo
brand’s track record based
on the brand core values of
safety, quality, and
environment
customer-driven decision, but rather something that Volvo carried out based on its own Corporate
convictions. In conjunction with another innovation in the area of safety much later, brand’s core
Volvo referred back to the opposition to seat belts: “Volvo introduces daytime running
lights (people once laughed at seat belts too)”. Rational arguments are directed at the values
target group’s common sense, while at the same time there was an emotional
undertone. An advertisement with a car model from Volvo surrounded by crash test
dummies included the introductory text: “It takes a lot of dummies to make a car for 625
people who think”.
The brand core values can also be traced to the company’s physical products, i.e. the
product range, product development, and product design. Examples of Volvo’s safety
track record (Volvo Car, 2008) are: reinforced passenger compartment (1944), padded
dashboard (1956), seat belts for the front seats (1957), forward and rear collision zones
(1966), collapsible steering column (1966), seat belts for the back seats (1967), side
collision protection (1973), energy-absorbing bumpers (1974), side air bags (1994), air
bags for the side windows (1998), rollover protection (2002), a blind spot information
system (2004), and door mounted inflatable curtain (2005). Safety has been and remains
a way of thinking at Volvo: “How does this design affect safety?”.
The Volvo Corporation adopted its third brand core value, “environment”, in 1972.
This core value was disputed within Volvo from the outset, according to Hans-Olov
Olsson, former CEO of Volvo Cars, since the products that the company manufactures
and markets undeniably have a negative environmental impact. When Volvo adopted
environment as a core value it related to issues such as workplace environment,
emissions from factories, and the ban on asbestos in brake pads. The interpretation of
this core value within Volvo has evolved to “care for the environment” and “care for
man”. Following the general debate and growing concern for global warming,
environment has today become a salient argument. This brand core value had its track
record within the organisation and is now taking a more prominent place in the
external communication. An issue for Volvo Cars is to have environmentally safer
product lines in the future in order to live up to its core values (Volvo Cars and Volvo
Group share the Volvo brand name and its core values. The Volvo Group have
introduced several “firsts” strengthening the brand’s core value environment such as
hybrid engines for heavy-duty vehicles). Environment has importantly followed the
evolution of the core value of safety, i.e. from a latent internal core value to a theme for
communication and extended values. This situation illustrates how core values can be
an expression for an intention and a part of a desired future identity.

IKEA: the founder’s worries about the core values

The IKEA core values permeate the corporate culture. The case illustrates that no
matter how strong a track record a core value may have, it has to be lived up to
consistently in order not to lose its substance.
At IKEA, The Testament of a Furniture Dealer (IKEA, 1976) is an important
internal document that lays down the idea, principles, and core values of the
organisation. This booklet is written in the personal, down-to-earth, and
straightforward tone typical of the founder Ingvar Kamprad: “To be a successful
entrepreneur you must: Have a business idea, preferably a good one and stick to it”
(IKEA, 1976, p. 1). IKEA has a value-driven culture and Kamprad gives one of the
MD reasons why this is important: “The competitors can copy every part of your business,
47,4 but not the company spirit” (IKEA, 1976, p. 1).
The values in the IKEA Testament still guide the organisation and are also intended
to do so in the future. Ingvar Kamprad believes in “setting a good example”, and there
are numerous stories told and retold in the IKEA organisation about how the founder
himself lives and practises the values. Kamprad speaks of IKEA as “The family” and,
626 to ensure an ownership structure and long-term independence, the IKEA Group has,
since 1982, been owned by a foundation. The mission, written in typical IKEA
directness, is “To create a better life for the many people” (IKEA, 1999, p. 10), and the
business idea is, “. . . to offer a wide range of well-designed, functional home furnishing
products at such low prices that as many people as possible will be able to afford them
– and still have money left” (IKEA, 1976, p. 10). These are intended is to remain
unchanged. The three defining IKEA values: “common sense and simplicity”, “dare to
be different”, and “working together” are to support the mission of IKEA (see Figure 3).
Common sense and simplicity has been a part of the IKEA identity and culture from
the start in 1943. Kamprad explains the essence of this mindset: “Very often the
answers to many problems start with common sense and simplicity. This means
finding the right solution at the right costs” (IKEA, 1976, p. 1). In the Testament,
Kamprad warns against bureaucracy, indecisiveness, and excessive time spent on
planning. Simple habits, simple actions, and “a healthy aversion to status symbols” are
part of “The IKEA way”. The current CEO and other people holding leading positions
at IKEA have worked as assistants to Ingvar Kamprad as a way to infuse the values
and spirit of IKEA. Common sense and simplicity guide the operations, the product
design, the customer relations, and both internal and external communications.
Dare to be different is part of the company’s heritage and can be traced back to the
founding of IKEA. The business model and approach of IKEA has a track record of
revolutionary concepts and innovations that has influenced the home furnishing
industry. In the Testament, the importance of always asking the simple question

Figure 3.
The track record of the
IKEA core values
“why?” is underlined in order to encourage the organisation to stay dynamic and Corporate
forward thinking: “Challenging the accepted way is not just about tackling the big brand’s core
issues, it is also about finding new ways to solve small everyday problems that we face
in our daily life” (IKEA, 1976, p. 1). values
In an internal IKEA film (2005), Ingvar Kamprad expresses his worries that “daring
to be different” is not what it used to be and that the organisation needs to work harder
to live up to this value. IKEA is facing strong competition, and for this value to stay 627
true, the consumers must continue to perceive IKEA as different.
Working together became a third core value in 1956 when, for logistical reasons,
IKEA designed furniture for flat packs and self-assembly. The simple but powerful
idea is summed up: “You (the customer) do your part. We (IKEA) do our part. Together
we save money” (IKEA, 1999, p. 32). This core value captures the relationship IKEA
strives to have with its customers (and non-customer stakeholders). Working together
is also a guiding light for how people within the IKEA organisation are expected to
think and behave.

IBM: core values and radical change

In the early 1990s, IBM experienced financial turmoil. The IBM situation illustrates
how radical change in technology and the business environment forces a company to
rethink its business model, strategies, operations, culture, and long-held values. IBM
found itself “. . . in one of those transition phases when old rules no longer apply and
the new ones haven’t fully emerged”, according to Samuel J. Palmisano, Chairman and
President (IBM, 2003, p. 1).
The Basic Beliefs of Thomas Watson Sr, IBM’s founder, had guided the company
through many decades. A popular saying, “nobody has ever been fired for buying
‘IBM’”, reflected the strength of the corporation’s reputation. IBM was also known to be
a value-based organisation. To become a true “IBMer”, one was expected to live up to
the highest moral and ethical standards, being a role model in both business and in
society, explains Jörg Winkelmann, VP Communications IBM. After 25 years within
the company, you were considered to be a “real blue-blooded IBM trooper”. Today, the
situation is very different: half of the workforce has been with the company for fewer
than five years. IBM’s value proposition has moved from products to solutions and
consulting.
The re-examination of the company’s core values started in 2003, “. . . not to revive
the spirit of our past century, but to get in shape for an entirely new one” (IBM, 2003, p.
1). Inspired by jazz music’s jam sessions – where musicians improvise, pick-up on
tunes, and find melodies together – IBM orchestrated a company-wide intranet session
on values. All the employees were invited to discuss what defined IBM and the
“IBMers” in forums. Examples of topics for these forums included: “What values are
essential to what IBM needs to become?”, “Is there something about our company that
makes a unique contribution to the world?”, and “When is IBM at its best and what
makes you proud to be an IBMer?”. The outcome in terms of proposals, ideas, and
values were structured and distilled and finally prioritised with the help of the
organisation. The bottom-up approach gave an understanding of what values were
considered to be core across the organisation.
MD The result was that the three original IBM Basic Beliefs “Excellence, customer
47,4 satisfaction, and respect for the individual” were replaced by other values (see
Figure 4).
Excellence had lost its credibility and meaning. It was no longer the way IBM
wanted to present itself. Some even felt it sounded almost arrogant. The new value
replacing the one considered to be obsolete was innovation. It is described as
628 “Innovation that matters – for our company and for the world”. Innovation is new as a
core value, but it has a solid track record supported by a long series of pioneering
inventions, recognised by Nobel prizes and resulting in groundbreaking solutions the
company brought to fundamental challenges in business and society. Samuel
J. Palmisano, CEO IBM, describes innovation as the “single, focused business model
the company is aligned around” (IBM, 2003, p. 34).
A comment from the jam session was: “The term ‘customer’ implies a product
relationship, while ‘client’ represents a professional relationship” (IBM, 2003, p. 21).
The value customer satisfaction has now evolved into “dedication to every client’s
success”. At IBM, “client” was considered to be a better way to describe the new
business relationship they are striving to build. Internally, this is viewed as more than
a subtle distinction of words. The business model of IBM today is based upon the
understanding that customer success is not just a function of product performance, or
short-term transactions, but rather of technology and business insight, which build
long-term relationships.
Finally, “respect” was replaced by the new core value “trust”. One reason why this
still important value was no longer considered to be core was that it was perceived as
somewhat reactive and internally focused. It had also accumulated negative
connotations after the turmoil within IBM during the 1990s when some employees
felt that this value had been compromised. Trust and personal responsibility in all
relationships is the more pro-active and externally focused description of the new core
value.

Figure 4.
“The evolution rather than
rebirth” of IBM’s corporate
brand core values
Working with core values the way IBM does is more open, modern, and, in a sense, Corporate
more democratic. The values are not written by the chairman, but emerge with input brand’s core
from the organisation. This makes an important difference in the acceptance and
commitment to the values. “It is not static but rather an ongoing process. It’s an values
evolution rather than a rebirth of IBM’s core values. We are working hard to close the
gaps between our aspirations and the realities and experiences as seen by our
customers” (Jörg Winkelmann, VP Communications IBM). 629

SCANPUMP: customer-based insights into core values

Scanpump, a well-established business-to-business company producing pumps for the
pulp and paper industry, wanted to revitalise its corporate brand. The uncovering of
the corporation’s track record revealed a potential core value seen and appreciated by
the customers. It became a “new” core value describing the relationship dimension of
the corporate brand.
The company undertook a process to examine those initiatives that their customers
and stakeholders have appreciated and valued over the years, and that have been
particularly successful in the marketplace. Examples of sources in the first step of the
process were internal documents such as existing market research, customer surveys,
and even customer complaints dating back in time. A number of key customers and
industry experts were interviewed. The primary purpose of uncovering perceived
values was to reveal patterns of values that could be traced back in order to provide a
basis for future consistency. The patterns turned out to be a blend of values that were
grouped as primarily relating to the product, service, or solutions, to the relationship,
or to symbolism.
The research showed that the company’s pumps were appreciated for their
durability: this was a core value in the company’s existing brand platform. The
analysis confirmed “durability” as a true core value in the sense that it had an
externally perceived and an internally rooted track record.
However, the examination also revealed that customers – knowing much about
pumps themselves – appreciated speaking with true pump specialists. During
workshops, the track record of Scanpump was discussed with input from sales
representatives, service technicians, marketing people, and top management. The
uncovering of the externally held corporate brand track record led to a second core
value defined as “specialists serving specialists”, encapsulating the relationship
dimension of the Scanpump brand. It was found to capture the reciprocal relationship
between the company’s specialists and the customers’ specialists.
The “new” core value helped to reposition Scanpump and move the business more
towards solutions and service in line with the business strategy. The company faced
increasing competitive pressure from low-cost producers. To differentiate and to stay
competitive, the management saw the need to find and build associations beyond the
actual, physical product with its functional values.
At Scanpump, a first action was to initiate a technical training programme for
service personnel. The focus was to ensure that day-to-day customer interaction and
technical discussion with the customers at the mills lived up to the high standards. The
revealing of “specialists serving specialists” also resulted in a review and alignment of
internal and external communication with this core value as a theme. For example, a
MD series of customer cases to use in advertisements in industry magazines was
47,4 developed, illustrating the Scanpump values (see Figure 5).
The third core value defining Scanpump’s corporate brand’s identity was the result
of a management decision. The company holds a second position in the business of
pulp and paper pumps, and the management wanted to signal their ambitions to
challenge their market leading archrival. “Challenger” is to be considered the desired
630 image the management wants to communicate and the position they aspire to have in
the international market. An analogue from decades past could be the Avis “We try
harder” advertising campaign supporting the company’s efforts vs Hertz.

Lessons from the cases

The four cases as a group illustrate and reinforce the importance of dedication,
perseverance, and stewardship in the building of internal commitment to the corporate
brand values. Matching the internal perspective with the customers’ perceptions of
“values delivered and promises kept” is an occasion on which one is reminded of the
state of thinking in the real world. In my view, it is never possible for an organisation to
own a core value – only to respect, believe, and adhere to it. If one would talk about
ownership of values, it is a shared ownership with the customers, employees, and other
key stakeholders, such as partners and dealers. Core values are mindsets that over time
weld the organisation together with its brand and customers. Values of this stature
stand for continuity and shape the corporation’s reputation. The time element is
notable: as illustrated by the cases, values may stretch over decades or even centuries
(in our study of monarchies, we noted values stretching over a millennium). The
process of uncovering and defining the core values of a corporate brand is about
identity and there will be strong emotions involved. An ongoing critical discussion is
probably necessary to develop and maintain their relevance and guiding role. In
principle, values that do not evoke feelings might indicate that they also lack meaning.

Figure 5.
The core values track
record of Scanpump
 Here are five insights into core values illustrated and reinforced by the company Corporate
cases: brand’s core
(1) Core values evolve. True core values are essential to, and even inherent in, the values
corporation. Sometimes values are literally carved in stone – such as the Johnson
& Johnson (Greyser, 1982) well-known credo at the headquarters’ entrance.
However, core values are dynamic and their meanings (McCracken, 2005) evolve
over time. In the management of a corporate brand, it is vital to monitor and follow 631
closely the evolution of the core values and what they stand for. The evolution will
take place, and when it occurs in small steps it may be particularly difficult to
observe. To avoid discovering that the meaning of a core value has deteriorated,
become diluted, faded away, or just lost its substance and credibility, management
needs to give constant attention to the meaning of core values.
(2) Core values are rooted. True core values are mindsets and part of the corporate
culture. A value-driven corporate brand finds its strength, source, and
foundation in the organisation. When it comes to the level of commitment
(Burmann and Zeplin, 2005) and passion for core values and what they stand
for, there will never be a fully dedicated total workforce that just “wants it and
will make it happen” (Senge, 1992, p. 219). Commitment is a state of mind that
leaders need to encourage by their own authenticity in living, acting, and
speaking about the core values (Ind, 2007).
(3) Core values are built brick by brick. Every time the customers’ expectations are
met, the track record of a core value is reinforced and grows stronger. The same
is true when the organisation and its management stand up to the core values,
especially in difficult times. A systematic approach documenting and
communicating milestones related to a brand’s track record adds to
credibility, such as the Volvo lists of safety innovations. This helps to set the
priorities and challenges the organisation to live up to the brand core values.
(4) Core values are challenged. Core values are broader concepts that summarise the
most important dimensions of a corporate brand. They differ from customer
values or extended values, i.e. values and benefits that are used to speak more
directly to the customer with the purpose of differentiation. Even the strongest
core values will be challenged internally for “not driving sales” or “not being on
the top of the customers’ list of expectations” (Bengt Köhlin, Multi Brand
Director, Volvo Group). What is probably happening is that extended values are
being confused with core values. Management must be prepared to support and
protect the core values by explaining the overarching role of core values in the
identity and track record of the brand.
(5) Core values support the promise. Together, the core values appeal to reason and
to emotions, build a relationship, and evoke feelings. Carefully chosen and true
core values support the promise of the corporate brand. “Respect, Integrity, and
Excellence” were three core values stated in Enron’s 2000 annual report. These
values proved to be hollow when put to the test in conjunction with the
company’s crisis and fall (Lencioni, 2002). The strength of a brand is determined
by the promise made and the promises kept. Management must align the core
values with the promises and vice versa.
MD True, aspirational, potential, or hollow core values?
47,4 The uncovering of core values is a process of looking back in time, reflecting on the
present situation, and planning for the future. Based on the experiences from Volvo,
IKEA, IBM, and Scanpump, it is clear that not all values are core. Values vary to the
degree in which they are rooted in the organisation and are perceived and appreciated
by the customers and non-customer stakeholders. These two dimensions (“Internally
632 rooted” and “Externally perceived and appreciated”) are used here to draw a matrix
from which four types of core values emerge – which I term true, aspirational,
potential, and hollow (Figure 6):
(1) True core values are internally rooted in the organisation and are perceived and
appreciated by the customers over time. A true value is ingrained in the
organisation’s culture (Burmann and Zeplin, 2005; Ind, 2007) and proven by an
internal track record. It is a value and mindset that is lived by the organisation
and that has acquired a meaning internally (Mitchell, 2002). The customers find
these values to be credible and defining for the corporation and its brand. The
Volvo core value “safety” may be defined as true in the sense that it has a solid
track record within the organisation, it is proven by product design, expressed
and communicated both internally and externally, and is found to be both
credible and relevant to many customers (and even non-customers) in the target
groups. A true core value must never be taken for granted. It must be nurtured,
protected, and proven over and over again, as illustrated by the IKEA value
“dare to be different”.
(2) Aspirational core values have a meaning internally and are rooted in the
organisation, but are not perceived by the customers (Lencioni, 2002). They are
part of the value foundation of the corporate brand, but for different reasons

Figure 6.
The core value grid
 have not yet established a track record in the minds and hearts of the customers. Corporate
The new IBM core values are aspirational, since they are rooted in and reflect brand’s core
what the organisation wants its brand to stand for in the future. The task for
IBM is to communicate these values to its customers and to build a track record values
that is based on both performance and perception.
(3) Potential core values are recognised and appreciated by the customers, but are
not part of the corporate brand identity as defined and/or understood by the 633
organisation. Scanpump’s customers had for a long time appreciated technical
discussions with the company’s experts and service people. At Scanpump, the
significance placed by the customers on these formal and informal discussions
was not fully understood, nor were they related to efforts at brand building. The
definition of the core value “specialists serving specialists” was
customer-driven, but resonated with the Scanpump way of working. The
implication for management was to communicate this “new” value internally,
making it rooted, and to follow up with external communication.
(4) Hollow core values lack both the internal foundation in the organisation and the
appreciation and credibility as perceived by the customers. These values are
termed “hollow” because they have no real substance, such as the ill-fated
Enron values. Within this category of core values, some are just politically
correct or smooth words that have found their way into the lexicon of a
company’s corporate communication. These values float around, actually
obstructing the communication effort. There might also be values that simply
are not core, but rather reflect a “minimum behavioral standard” or “a
permission-to-play” type of value (Lencioni, 2002, p. 114). Hollow values of this
kind not only put the credibility and authenticity of the corporation’s reputation
at stake; they also risk debasing and disillusioning the organisation’s
commitment (Senge, 1992; Sull and Spinosa, 2007). However, some values that
fall into the hollow category may be desired by the management with a serious
intention to make them become true.
For a company, introducing a new core value is a demanding task, but may be
necessary in a changing market environment or competitive situation. This is
illustrated in the Scanpump case by the choice of “challenger” as part of the company’s
desired position, and a changed business model (Knox and Maklan, 1998) model
moving more toward solutions and service.

How to avoid hollow values: implications for academics and managers

In this article, I have focused upon uncovering the corporate brand’s core values.
Looking at a corporate brand’s track record urges us to think about the values
companies and organisations stand for and what they promise. We need to compare
these insights with the values customers and non-customer stakeholders associate
with the corporate brand and expect from it over time.
From an academic perspective, the study is intended to deepen the understanding
and knowledge of corporate core values. The fieldwork cases illustrate the dynamics
and evolutions of core values leading up to a structured discussion of how to identify
different types of core values. Unlike traditional tracking studies focusing on
MD (consumer) perceptions of key (product) benefits, this study is about corporate brands
47,4 with a focus on the core values. The perspective is both internal and external, over
time, and with a strategic long-term view on the corporate brand and its value
foundation. A direction for future research could concentrate on methods of
measurement and quantification of the corporate core brand values.
From a managerial perspective, building true (and avoiding hollow) corporate core
634 values is a challenge for the leadership and the whole organisation. I put forward the
core value grid and its implications as a contribution intended to aid those who are
responsible for the management of a corporate brand. Having categorised different
types of values, the task is to build true corporate core values. Here are some
concluding suggestions for management actions of what to stop, continue, and start
doing:
Stop: Hollow values lacking substance and significance both internally and
externally should be the first ones to be weeded out. No decision relating to core values
should be taken lightly, since there is always a risk of terminating a valid one. In the
category of hollow values (Kapferer, 2008), there might also be the desired ones, but
currently only “desired” by the management. That is to say, values that currently lack
resonance in the organisation (Balmer and Greyser, 2002 on “desired identity”). The
intentions and possible future role of these values need to be examined closely. If they
are in fact found to lack serious backing, they too should be abandoned.
Continue: A process of uncovering the corporate brand’s track record may confirm
true core values; nevertheless, they must not be taken for granted. On the contrary,
additional resources should probably be invested in the internal and external
brand-building process to fortify them. Aspirational values are rooted internally, but
not perceived by the customers as core. Not all aspirational values do (or will) resonate
with the customers. In this situation, the aspirational values should continue fulfilling
their role as internal values important to the organisation. However, if such a value also
rings true with the customers, this constitutes an opportunity for communication and
consequent stronger strategic utility for the value.
Start: A value perceived and appreciated by the customers but neglected or taken
for granted, or not perceived, by the organisation raises questions. If these potential
values are considered to be core to the corporate brand, management needs to
commence a process of working with them as such. This is also the case with desired or
aspirational values that are considered to define the corporate brand in the future.
My experience, and belief, is that a corporate brand cannot be stronger externally
than it is internally rooted in the organisation. Hollow, un-rooted brand core values
chosen without seriousness risk undermining the foundation of the corporate brand.
The corporate brand promise then becomes nothing but a slogan.

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About the author

Mats Urde is an assistant professor and Head of the Brand Management Research Program at
Lund University, Sweden. As a strategic brand adviser he has worked with Ericsson,
Scandinavian Airlines, Volvo and The Swedish National Symphony Orchestra. For ten
consecutive years he as been on the jury for the Electrolux Brand Award and is the founder of a
think-tank on business-to-business corporate branding. His research interest is on linking
business strategy and brand strategy with a focus on values, structure and internal branding. He
is the author of Brand Orientation (1997). Mats Urde can be contacted at: Mats.urde@
brandorientation.se

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