Brand Value

The American Marketing Association (AMA) defines a brand as “a name, sign, symbol or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competition”. Another research scholar Kafferer (2004) describes a brand as a set of mental associations held by the customer which add to the perceived value of a product or service. These associations should be unique (exclusive), strong (salient), and positive (desirable). Aaker, (1991) notes that brand is used to differentiate ones product from that of competitors. To the customer, the brand helps them to answer “what’s different” among the competing products in the same category.

The likes of Fournier

Brand value, which alludes to the incremental worth added to an item by ideals of its image, has been completely conceptualized (e.g., Aaker 1991 and Keller 1993), yet an all-around acknowledged brand value measure has not been inevitable. Various diverse specially appointed measures have been accounted for (e.g., Aaker 1991, Park and Srinivasan 1994, and Simon and Sullivan 1993). Looking into the present writing on brand value, there is a plenty of brand equity definitions and measurements of the same. There are two important and particular viewpoints that have been taken by scholastics to study brand value – money related and client based. Ailawadi, Lehmann & Neslin (2003) define brand equity as “outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name” positing that, the advantages a product attains as a result of the power it’s brand name has. Yoo et al. (2000) also describe it as “the difference in consumer choice between the focal branded product and an unbranded product given the same level of product features”. Yoo and Donthu (1997) further tended to the estimation question by making and testing the psychometric properties of an arrangement of scales trying to gauge customer based brand equity. Aaker (1991) defines it “as a set of brand assets and liabilities linked to a brand, its name and symbol that add to or subtract from the value provided by a product or service to a firm and/or to that firm’s