Consumer brand equity : a model for the measurement, analysis and evaluation of consumer perceived value

The topic of my research is consumer brand equity (CBE). My thesis is that the success or otherwise of a brand is better viewed from the consumers’ perspective. I specifically focus on consumers as a unique group of stakeholders whose involvement with brands is crucial to the overall success of branding strategy. To this end, this research examines the constellation of ideas on brand equity that have hitherto been offered by various scholars. Through a systematic integration of the concepts and practices identified but these scholars (concepts and practices such as: competitiveness, consumer searching, consumer behaviour, brand image, brand relevance, consumer perceived value, etc.), this research identifies CBE as a construct that is shaped, directed and made valuable by the beliefs, attitudes and the subjective preferences of consumers. This is done by examining the criteria on the basis of which the consumers evaluate brands and make brand purchase decisions. Understanding the criteria by which consumers evaluate brands is crucial for several reasons. First, as the basis upon which consumers select brands changes with consumption norms and technology, understanding the consumer choice process will help in formulating branding strategy. Secondly, an understanding of these criteria will help in formulating a creative and innovative agenda for ‘new brand’ propositions. Thirdly, it will also influence firms’ ability to simulate and mould the plasticity of demand for existing brands. In examining these three issues, this thesis presents a comprehensive account of CBE. This is because the first issue raised in the preceding paragraph deals with the content of CBE. The second issue addresses the problem of how to develop a reliable and valid measuring instrument for CBE. The third issue examines the structural and statistical relationships between the factors of CBE and the consequences of CBE on consumer perceived value (CPV). Using LISREL-SIMPLIS 8.30, the study finds direct and significant influential links between consumer brand equity and consumer value perception.

The impact of brand owner on consumers' brand perceptions : a development of Heider's Balance Theory

Studies have shown that the brand “owner” is very influential in positioning the brand and when the brand “owner” ceases his or her active role the brand will be perceived differently by the consumers. Balance Theory (HBT), a cognitive psychological theory, studies the triadic relationships between two persons and an entity and predicts that when a person’s original perception of the relationship is disturbed, the person restructures to a new balanced perception. Consequently, this research was undertaken to: conceptualize the brand owner’s impact on consumer’s brand perception; test the applicability of both the static and dynamic predictions of the Heider’s Balance Theory in brand owner-consumer-brand relation (OCB); construct and test a model of brand owner-consumer-brand relation; and examine if personality has an influence on OCB. A discovery-oriented approach was taken to understand the selected market segment, the ready-to-wear and diffusion lines of international designer labels. Chinese Brand Personality Scale, fashion proneness and hedonic and utilitarian shopping scales were developed, and validated. 51 customers were surveyed. Both traditional and extended methods used in the Balance Theory were employed in this study. Responses to liked brand have been used to test and develop the model, while those for disliked brand were used for test and confirmation. A “what if’ experimental approach was employed to test the applicability of dynamic HBT theory in OCB Model. The hypothesized OCB Model has been tested and validated. Consumers have been found to have separate views on the brand and the brand owner; and their responses to contrasting ethical and non-ethical news of the brand owner are different. Personality has been found to have an influence and two personality adapted models have been tested and validated. The actual results go beyond the prediction of the Balance Theory. Dominant triple positive balance mode, dominant negative balance mode, and mode of extreme antipathy have been found. It has been found that not all balanced modes are good for the brand. Contrary to Heider’s findings, simply liking may not necessarily lead to unit relation in the OCB Model.

Liquidity and portfolio optimisation

This thesis presents research within empirical financial economics with focus on liquidity and portfolio optimisation in the stock market. The discussion on liquidity is focused on measurement issues, including TAQ data processing and measurement of systematic liquidity factors (FSO). Furthermore, a framework for treatment of the two topics in combination is provided. The liquidity part of the thesis gives a conceptual background to liquidity and discusses several different approaches to liquidity measurement. It contributes to liquidity measurement by providing detailed guidelines on the data processing needed for applying TAQ data to liquidity research. The main focus, however, is the derivation of systematic liquidity factors. The principal component approach to systematic liquidity measurement is refined by the introduction of moving and expanding estimation windows, allowing for time-varying liquidity co-variances between stocks. Under several liability specifications, this improves the ability to explain stock liquidity and returns, as compared to static window PCA and market average approximations of systematic liquidity. The highest ability to explain stock returns is obtained when using inventory cost as a liquidity measure and a moving window PCA as the systematic liquidity derivation technique. Systematic factors of this setting also have a strong ability in explaining a cross-sectional liquidity variation. Portfolio optimisation in the FSO framework is tested in two empirical studies. These contribute to the assessment of FSO by expanding the applicability to stock indexes and individual stocks, by considering a wide selection of utility function specifications, and by showing explicitly how the full-scale optimum can be identified using either grid search or the heuristic search algorithm of differential evolution. The studies show that relative to mean-variance portfolios, FSO performs well in these settings and that the computational expense can be mitigated dramatically by application of differential evolution.

Introduction:thought leadership in brand management

This special issue contains eight articles developed from presentations at the fourth annual Thought Leaders' International Conference on Brand Management, held in Birmingham, UK in April 2008. Following a blind reviewing process, 65 papers were accepted and presented at the conference and all authors had the opportunity to revise their papers for possible inclusion in this special issue. A further round of double blind reviewing resulted in the selection of these eight articles. This introduction presents an overview of this thought-leading research into brand management.

Consumer-based brand equity conceptualization and measurement:a literature review

Although there is a large body of research on brand equity, little in terms of a literature review has been published on this since Feldwick’s (1996) paper. To address this gap, this paper brings together the scattered literature on consumer based brand equity’s conceptualisation and measurement. Measures of consumer based brand equity are classified as either direct or indirect. Indirect measures assess consumer-based brand equity through its demonstrable dimensions and are superior from a diagnostic level. The paper concludes with directions for future research and managerial pointers for setting up a brand equity measurement system.

Internal branding to influence employees' brand promise delivery:a case study in Thailand

Purpose – The purpose of this paper is to understand the internal branding process from the perspective of service providers in Thailand. It will reveal the key internal branding mechanisms and empirically assess the relationship between internal branding and employees' brand attitudes and performance. Design/methodology/approach – A case study representing the Thai hotel industry is adopted with mixed methodologies. In-depth interviews are first carried out with 30 customer-interface employees in six major hotels in Thailand. On a census basis, a quantitative survey with 699 respondents from five major hotels in Thailand follows. Findings – Internal branding coordinating marketing with human resource management has a statistically significant impact on attitudinal and behavioural aspects of employees in their delivery of the brand promise. As employees' brand commitment do not have a statistically significant relationship with employees' brand performance, it is not regarded as a mediator in the link between internal branding and employees' brand performance. Practical implications – A number of significant managerial implications are drawn from this study, for example using both internal communication and training to influence employees' brand-supporting attitudes and behaviours. Still, it should be noted that the effect of internal branding on employee behaviours could be dependent on the extent to which it influences their brand attitudes. Originality/value – The paper provides valuable insights, from the key internal audience's perspectives, into an internal branding process. It has empirically shown the relationship between internal branding and the behavioural outcome as well as the partial meditating effects of employees' brand identification, commitment and loyalty.

Internal branding: an enabler of employees' brand-supporting behaviours

Purpose – The purpose of this paper is to understand the internal branding process from the employees' perspective; it will empirically assess the relationship between internal branding and employees' delivery of the brand promise as well as the relationships among their brand identification, brand commitment and brand loyalty. Design/methodology/approach – On a census basis, a quantitative survey is carried out with 699 customer-interface employees from five major hotels. Findings – Internal branding is found to have a positive impact on attitudinal and behavioural aspects of employees in their delivery of the brand promise. As employees' brand commitment does not have a statistically significant relationship with employees' brand performance, it is not regarded as a mediator in the link between internal branding and employees' brand performance. Furthermore, the study shows that brand identification is a driver of brand commitment, which precedes brand loyalty of employees. Practical implications – A number of significant managerial implications are drawn from this study, for example using both internal communication and training to influence employees' brand-supporting attitudes and behaviours. Still, it should be noted that the effect of internal branding on the behaviours could be dependent on the extent to which it could effectively influence their brand attitudes. Originality/value – The results provide valuable insights from the key internal audience's perspectives into an internal branding process to ensure the delivery of the brand promise. It empirically shows the relationship between internal branding and the behavioural outcome as well as the meditational effects of employees' brand identification, commitment and loyalty.

Exploring the influences of internal branding on employees' brand promise delivery

Internal branding is increasingly seen as a doctrine to ensure employees’ delivery of the brand promise by shaping employees’ brand attitudes and behaviours. However, few studies, if any, have been conducted to understand the internal branding process from the viewpoint of employees who are the end receivers. Therefore, this study aims at exploring employees’ perceptions toward the internal branding process. It identifies the relevant mechanisms and describes how internal branding affected service employees. The challenges of its success are uncovered and discussed. Finally, managerial implications and future research directions are provided.

How brand attribute typicality and consumer commitment moderate the influence of comparative advertising

This study examines how product attribute typicality and brand commitment influence the effects of comparative versus non-comparative ads on brand attitudes. Employing perspectives from the literatures on typicality and commitment, the study examines the effects of commitment to the comparison brand on the effectiveness of comparative versus non-comparative advertising. A between-informants experiment uses data from 466 student informants. It is hypothesized that (a) when the attribute under consideration is typical (atypical), among comparison brand committed informants, a non-comparative ad is more (no more) persuasive than a comparative ad, (b) when the attribute under consideration is typical, among comparison brand non-committed informants, a comparative ad is more persuasive than a non-comparative ad, and (c) when the attribute under consideration is atypical, among comparison brand non-committed informants, a comparative ad is likely to be more persuasive than a non-comparative ad, but the effect will be weaker than in the case of a typical attribute. Hypothesis (a) is supported while (b) has directional support. The results support a three-way interaction between consumer commitment, attribute typicality, and type of advertisement. The findings are relevant to a variety of contexts, such as markets characterized by high levels of market share and commitment for the market leader as well as fragmented markets where market share and commitment levels are low.

Brand-driven leadership for change management in retailing

Change management theorists largely overlook using the brand as a vehicle for change. Similarly, while branding has become an increasingly popular research and business topic, the branding literature appears to neglect change management. Our research bridges this gap through the development of brand identity as the main driver of organizational renewal. In the article we provide insights into brand-driven leadership for change which have been develope by collaborative action research with CEOs and owners of retail firms over a twenty year period. In contrast to the usual planning of change attempting to fit the firm to external trends and considering internal resources our brand-driven approach is based on resonance with consumers by the use of external socio-cultural meanings in society. We highlight phases in the development of brand identity by reference to a prototypical retail case study and presenta framework to help managers with brand-driven leadership for change.

The definition, theoretical modelling and empirical research of front-line service employee corporate identity within a UK national grocery retailer:determining the FLE corporate brand identification construct

Over the past forty years the corporate identity literature has developed to a point of maturity where it currently contains many definitions and models of the corporate identity construct at the organisational level. The literature has evolved by developing models of corporate identity or in considering corporate identity in relation to new and developing themes, e.g. corporate social responsibility. It has evolved into a multidisciplinary domain recently incorporating constructs from other literature to further its development. However, the literature has a number of limitations. It remains that an overarching and universally accepted definition of corporate identity is elusive, potentially leaving the construct with a lack of clear definition. Only a few corporate identity definitions and models, at the corporate level, have been empirically tested. The corporate identity construct is overwhelmingly defined and theoretically constructed at the corporate level, leaving the literature without a detailed understanding of its influence at an individual stakeholder level. Front-line service employees (FLEs), form a component in a number of corporate identity models developed at the organisational level. FLEs deliver the services of an organisation to its customers, as well as represent the organisation by communicating and transporting its core defining characteristics to customers through continual customer contact and interaction. This person-to-person contact between an FLE and the customer is termed a service encounter, where service encounters influence a customer’s perception of both the service delivered and the associated level of service quality. Therefore this study for the first time defines, theoretically models and empirically tests corporate identity at the individual FLE level, termed FLE corporate identity. The study uses the services marketing literature to characterise an FLE’s operating environment, arriving at five potential dimensions to the FLE corporate identity construct. These are scrutinised against existing corporate identity definitions and models to arrive at a definition for the construct. In reviewing the corporate identity, services marketing, branding and organisational psychology literature, a theoretical model is developed for FLE corporate identity, which is empirically and quantitatively tested, with FLEs in seven stores of a major national retailer. Following rigorous construct reliability and validity testing, the 601 usable responses are used to estimate a confirmatory factor analysis and structural equation model for the study. The results for the individual hypotheses and the structural model are very encouraging, as they fit the data well and support a definition of FLE corporate identity. This study makes contributions to the branding, services marketing and organisational psychology literature, but its principal contribution is to extend the corporate identity literature into a new area of discourse and research, that of FLE corporate identity