Nation branding: Opportunities for business in Russia

Abstract

The article presents the author’s position on the nation brand integration in the activities of companies functioning in the country. The main approaches to the definition of nation branding are analyzed. Primary opportunities created by the nation brand for business are revealed in the context of different dominant ideas, including territorial branding, economic approach, political science, communications, focus on one industry, and copying foreign practices. The correlation between the concepts of propaganda and nation branding is established. The main advantages that the nation brand creates for various activities implemented in the country are identified. Acquisition of the desired position; formation of uniqueness and reputation management; strengthening of competitiveness are identified as the three foremost functions of nation branding; the functions are analyzed according to the benefits that nation brand creates for companies. To realize the opportunities that nation brand creates for business, the principles of implementing nation brand into the activities of companies in modern conditions are proposed.