Inherit or innovation? Research on the brand revitalization of China Time-honored Brands

The sustainable development of time-honored brands in the new era is faced with the dilemma of inheritance or innovation. By selecting Wufangzhai company of Jiaxing city in China as the research object and conducting case study, it is found that the enterprise not only inherits the quality, ingenuity and culture of the time-honored brand, but also innovates in R&D, marketing, organizational structure and business strategy. The process of inheritance and innovation of time-honored brands is a blend of “DAO” and “SHU” in Chinese. “DAO” (principle) refers to the brand's concept rules and deep cores; “SHU” (skill) refers to the brand's methods and forms of display. Analysis from the perspective of levels constituted the brand, what is inherited are the real core internal elements and powers of the brand, which help to maintain the internal authenticity, consistency and continuity of the time-honored brand; what is innovated are the external levels of the brand, which helps to promote the external elements of the time-honored brand in fashion, novelty and flexibility. The ambidexterity equilibrium of brand management and revitalization in the “DAO” of inheritance and the “SHU” of innovation, reflects the dialectical logic of change and changeless: centering on improving the value of brand equity, adhering to the core of the brand on the one hand, breaking through the external form on the other hand, its essence is unified around better meet customer’s needs.