The value of brands: Measuring brand equity and the economy of meta-luxury
We have seen the market transition over the past 40 years, from the “Age of Identity, the “Age of Value”, to the “Age of Experience”, and now fast approach the “Age of You”. Brands – and indeed their creation and management – have evolved exponentially ov
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Abstract
We have seen the market transition over the past 40 years, from the “Age of Identity, the “Age of Value”, to the “Age of Experience”, and now fast approach the “Age of You”. Brands – and indeed their creation and management – have evolved exponentially over that time but one vital constant that continues to hold true is the brand as a powerful business asset and value creator. This paper examines brand value and brand value management for luxury and metaluxury brands. We explain the role of brand as it applies across different sectors and why it is markedly higher in luxury. With examples from some of the leading brands in our annual study of the Best Global Brands, we explore in greater depth what brand value management in The Age of You means for luxury and meta-luxury brand owners. How important is the role of brand for luxury brands compared to other categories and how do you measure the role of brand? What differences are existing related to the role of brand between the different luxury brands? How big is the contribution of the symbolic benefit of luxury brands compared to their functional benefit and how do you measure this? What significant differences do exist related to the factors of brand strength of luxury brands compared to the average of all categories? How do you build the ranking of the best global luxury brands and what is the result of the actual ranking and the development of brand equity of the luxury brands compared to the average development of all categories? Which essential conclusions
M. Ricca ( ) e-mail: [email protected] @manfred_ricca R. Robins ( ) e-mail: [email protected] @robins_rebecca
W. M.Thieme (Hrsg.), Luxusmarkenmanagement, DOI 10.1007/978-3-658-09072-2_26, © Springer Fachmedien Wiesbaden GmbH 2017
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The value of brands: Measuring brand equity and the economy of meta-luxury
could be drawn for the management of brand equity for luxury brands (implications for management of brand equity)?
26.1
Introducing Role of Brand
There are obviously several perspectives from which brands can be looked at, but there is no more compelling view than to see them as the economic manifestation of freedom. While from the supply side they represent the existence of competition, for customers they reflect the existence of choice – and the freedom to make decisions. As cognitive constructs which supply, summarize and simplify information, brands help us allocate in a more informed way our most limited resources – money, of course, but also time, and potentially even space – to products and services. Human decision making is the result of multiple complex processes, which are only in part rational, and are spurred and influenced by a variety of stimuli. Brands are one of such stimuli – and, quite possibly, the most fascinating one. They encompass both the rational and irrational spheres. They act in both a conscious and subconscious way. Most importantly they have the power to alter perception of other stimuli, and of reality itself. Considering this m
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