Brand Valuation: Viewpoint of Customer and Company

Abstract

The article consists of five parts, where the first part formulates the problem, aim and research methodology. The aim of the article is to prepare integrated economic brand valuation model on theoretical layer analysis and summary of brand valuation models and to test it empirically. The article analyzes the problem how to prepare integrated brand valuation model which enables thorough estimation of brand value in viewpoint of customer and company. The second part of the article presents substantiation of brand valuation and theoretical studies of brand valuation models. Analyzing traditional economic brand valuation models the results of theoretical and empiric researches by authors who study these models are presented. In summary it could be stated that traditional economic brand valuation models estimate only material brand value form and ignore customer influence on brand value. Nonfiction literature presents psychographic and behaviorally oriented brand valuation models. Aaker (1991), Kapferer (1992), Keller (1993) and Mckinsey (1994) present brand valuation models where user, user attitude and behavior are in focus. This article presents composite economic and behaviorally oriented brand valuation models, which unite both economic and psychographic factors. Though composite economic and behaviorally-oriented models reflect brand valuation influencing factors more detailed, still more economic, financial and behaviorally-oriented factors integrating model are missing. After completing theoretical studies of brand valuation models it can be stated that some model only estimate material brand value (economic brand valuation models), others uncover customer attitudes and behavior in brand valuation (psychographical and behaviorally-oriented brand valuation models), and still others mostly estimate material brand value also taking into account customer behavior in the viewpoint of brand value. In the third part of the article on the ground of theoretical study of brand valuation model the integrated brand valuation model is prepared. This model unites economic, psychographic and behaviorally oriented brand valuation models. Integrated brand valuation model mostly measures brand value on the ground of economic brand valuation models. According to this model, brand value is measured from two positions: customer and company.