National brands inthe global economy: a comparative analysis

Abstract

Background. The current trend has shown a marked improvement in the positions of developing countries in the ratings of national brands. Their success is explained by increased attractiveness in specific areas, but the assessment of other criteria remains significantly lower than in developed countries. It requires a thorough analysis of the factors which contribute to the strengthening of the international image of countries in the world economy and the identification of key ones that affect the value and sustainability of the national brand.
Analysis of recent research and publications has shown that, despite the high level of existing theoretical developments, the further study needs to determine the factors contributing to the increase in the cost and stability of national brands in the global economy, against the backdrop of increasing global competition.
The aim of the article is to form an author’s concept of the creation and functioning of an effective national brand management, based on the identification of key factors affecting the cost and stability of the national brand.
Materials and methods. The theoretical and methodological background for writing the article was the reports of leading global organizations in the field of national branding –Brand Finance, Anholt-GfK, Bloom Consulting, Future Brand, PWC, as well as the works of domestic and foreign scholars on this topic. The study was conducted using the methods of theoretical generalization, comparative analysis, analysis and synthesis.
Results. To determine the competitive advantages of countries in the world economic space, in the article their world rankings are analyzed, which form the leading world organizations, in particular Brand Finance (Nation Brands), Future Brand (Country Brand Index), GfK Roper Public Affairs & Media (The Anholt-GfK Nation Brand Index), Bloom Consulting (Country Brand Ranking) and the factors, which determine the place of the country in the world economy are identified: development of the investment segment, which includes domestic investment, analysis of opportunities for the development of domestic investment, as well as the analysis of the risk level; development of export potential of the country and reduction of imports; development of human capital as a part of improving innovative production; development of international tourism as a factor in formation of a positive image of the country. The stable interdependence of the presence of strong corporate brands with high positions in the national brand has been proved.
Conclusion. The author’s concept of creation and functioning of effective national brand management includes key factors of influence on national brand in context of macroeconomic, social, corporate and organizational components, which will ensure the creation of a positive perception of country in the world and contribute to the growth of the country’s global competitiveness (improving the place in the global competitiveness rate, growth of foreign trade and volumes of direct investments).