The theoretical separation of brand equity and brand value: Managerial implications for strategic planning
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RANDLE D. RAGGIO is Assistant Professor of Marketing at the E.J. Ourso College of Business at Louisiana State University, where he teaches the capstone marketing strategy course for senior-level marketing majors. He has taught courses at the undergraduate and MBA levels, as well as executive education. His research is focused on branding, brand equity and strategic issues in B2B services markets. Prior to entering academia, he was the marketing director for Kidpower, the toy company that marketed products such as the Funnoodle (the long, colourful foam swimming pool ‘noodles’). He produced more than 13 commercials that aired on US national cable television and appeared on QVC three times. In 1998, he was appointed to the Toy Manufacturers of America Blue Ribbon Communications Panel.
ROBERT P. LEONE is Berry Chair of New Technologies in Marketing Professor of Marketing, Fisher College of Business, The Ohio State University. He has published extensively in top marketing journals and is frequently quoted in publications such as Business Week and The Wall Street Journal. He received the Maynard Award from the American Marketing Association for a paper published in Journal of Marketing judged to contribute most to theory in marketing. He has served on the editorial boards of Journal of Marketing, Marketing Science and Journal of Advertising. His teaching interests lie in the area of marketing management and strategy, marketing research and forecasting. He has taught courses at the undergraduate, MBA and PhD levels, as well as various modules in executive education programmes. He is a three-time recipient of the James L. Ginter MBA Marketing Elective Teaching Award at Ohio State (most recently in 2006). Among other honours, he also won the Fisher College Graduate Teaching Award in 1996.
Keywords brand equity; brand value; customer equity; marketing strategy
Abstract During the past 15 years, brand equity has been a priority topic for both practitioners and academics. In this paper, the authors propose a new framework for conceptualising brand equity that distinguishes between brand equity, conceived of as an intrapersonal construct that moderates the impact of marketing activities, and brand value, which is the sale or replacement value of a brand. Such a distinction is important because, from a managerial perspective, the ultimate goal of brand management and brand equity research should be to understand how to leverage equity to create value.
Journal of Brand Management (2007) 14, 380–395. doi:10.1057/palgrave.bm.2550078; published online 2 March 2007
BRAND EQUITY VERSUS BRAND VALUE
Randle D. Raggio E.J. Ourso College of Business, Louisiana State University, 3122 C CEBA Building, Baton Rouge, LA 70703, USA Tel: + 1 (225) 578-2434 Fax: + 1(225) 578-8616 E-mail: [email protected]
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In this paper, we present a new conceptual model that establishes brand equity and brand value as two distinct constructs. Brand equity moderates the impact of marketing activities on consumers’ actions, implies a consumer-based focus,
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