2. Part 1
2.1. Comparison of two methodologies on brand valuation
Two brand valuation methodologies compared Aaker Model Brand Identity Prism
Purpose To help an organization in creating a brand strategy consisting of several brand elements or patterns, in order to clarify, enrich and differentiate its brand from competitors. The organization then carefully uses some of these elements to communicate to customers what its brand stands for (Wikipedia, 2014).
The ultimate goal of the model is to create effective brand building programs which bring the brand identity to life (Aaker, 1991, cited in Prophet, 2012a). To create opportunity for brand managers to assess the strengths and weaknesses of particular brands using the six aspects of the Brand Identity (EURIB, 2009b, Six dimensions of brand identity section). Understanding the Brand's prism enables them position their brand better and plan effective marketing strategies related to the identity of the brand (Gaebler, 2013a).
Approach …show more content…
He regards brand value as a set of assets and liabilities connected to a brand, brand’s name and symbol, which is component or part, that consumer obtains by using products or services. According to him, five determinants of brand value are (See Fig.1): brand awareness, brand loyalty, perceived quality, brand associations, and other brand assets. The Aaker Model is an oft-cited conceptual approach that seeking to emphasize the determinants that create brand equity from customer’s perspective. The theory is based on an underlying assumption that states the value of a brand lies in an implicit contract between the brand and its consumers (Virvilaite and Jucaityte,
2.1. Comparison of two methodologies on brand valuation
Two brand valuation methodologies compared Aaker Model Brand Identity Prism
Purpose To help an organization in creating a brand strategy consisting of several brand elements or patterns, in order to clarify, enrich and differentiate its brand from competitors. The organization then carefully uses some of these elements to communicate to customers what its brand stands for (Wikipedia, 2014).
The ultimate goal of the model is to create effective brand building programs which bring the brand identity to life (Aaker, 1991, cited in Prophet, 2012a). To create opportunity for brand managers to assess the strengths and weaknesses of particular brands using the six aspects of the Brand Identity (EURIB, 2009b, Six dimensions of brand identity section). Understanding the Brand's prism enables them position their brand better and plan effective marketing strategies related to the identity of the brand (Gaebler, 2013a).
Approach …show more content…
He regards brand value as a set of assets and liabilities connected to a brand, brand’s name and symbol, which is component or part, that consumer obtains by using products or services. According to him, five determinants of brand value are (See Fig.1): brand awareness, brand loyalty, perceived quality, brand associations, and other brand assets. The Aaker Model is an oft-cited conceptual approach that seeking to emphasize the determinants that create brand equity from customer’s perspective. The theory is based on an underlying assumption that states the value of a brand lies in an implicit contract between the brand and its consumers (Virvilaite and Jucaityte,