Financial Information and Brand Value. Yves-Alain Ach

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СКАЧАТЬ (1990) definition of brand equity is seminal in this regard, and brand equity could be defined as “the value added that a brand brings to a product”. The concept of “brand equity” makes it possible to define brand value, linked to the measurement of the marketing phenomena developed. Nevertheless, approaches in this area are heterogeneous. This heterogeneity was highlighted by Changeur (2002). It appears from Aaker’s (1994) work, based on cognitive psychology studies, that it is a set of perceptions that makes it possible to evaluate brand equity.

      Keller (1993) has shown that brand equity is a combination of brand attention and strong, unique and positive brand associations stored in consumers’ memories. The objective is to measure the reaction of consumers to the marketing actions developed by brands. Other authors, such as Kamakura and Russel (1993, pp. 9–22) or Park and Srinivasan (1994), assume that all these brand associations form the basis of brand equity.

      Park and Srinivasan (1994) consider, in a complementary way, that brand equity corresponds to an additional utility brought to the consumer by the brand, but that this utility is not linked to the evaluation of attributes and products. Other researchers have been interested in the interpersonal psychology of the consumer and have conducted studies on the consumer’s attachment to the brand, leading to a lasting emotional predisposition that conditions the consumer’s choice.

      Feldwick (1996, pp. 85–104) and Martin and Brown (1991, pp. 431–438) conclude that brand performance resulting from brand equity is separable, by definition, from product performance, sustainable and independent of product categories. Apart from the attention paid to the brand by the consumer from the induced associations, which can potentially be strong, unique and positive, the utility recognized by the consumer to make their choice is one of the elements necessary to determine the strength of the brand on the market.

      Today, the conceptual framework proposed by Aaker (1994) remains the most frequently used when dealing with the notion of “brand equity” with its various dimensions.

      Shocker and Weitz (1988) considered that the brand is an intangible asset with financial value. For their part, Simon and Sullivan (1993, pp. 28–52) established that brand equity is the sum of current and future additional financial flows from sales of products directly related to the developed brand.

      Figure 1.1. Definition of brand equity (based on Aaker (1994))

      Lane and Jacobson (1995, pp. 63–77) measured the reactions of financial markets to the communication surrounding the launch or development of brands. In doing so, they looked at the effects of brand equity on firm development. They sought to determine whether there was a specific performance linked to the brand, and distinct from that, which the product could generate. The empirical analysis indicated that the reaction of financial markets was driven by the inherent leverage of brands and, particularly, by the interactivity and monotony of brand attitudes. Specifically, the question is whether the strength of the brand in the market allows for the development of additional financial flows due to the brand and, finally, whether a financial brand value can be realized that allows for the realization of the value of brand equity from the company’s perspective. The challenge is also to determine whether the investments made have made it possible to develop a brand in a sustainable manner.

      1 1 Definition of the French term for brand, “marque”, Lamy droit économique, Éditions Lamy, Paris, 2012.

      2 2 European Union (2019). Legislation. Official Journal of the European Union, vol. 62, 14 November.

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