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How Brands Become Icons: The Principles of Cultural Branding by D. B. Holt

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CHAPTER 3

Targeting Myth Markets

IDENTITY BRANDS COMPETE in myth markets, not product markets. For managers, as well as economists, this concept is hard to grasp. Markets usually form around concrete, material product characteristics. Economists think of markets in terms of substitutability: A market consists of those products that consumers view as substitutes based on their functionality. A television competes with other televisions based on its ability to deliver a sharp picture, its reliability, its features, and so on.

Identity brands are different. They compete with other cultural products to perform myths that resolve cultural contradictions. Identity brands participate in myth markets, competing and collaborating with films, music, television, ...

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