Brand Equity Models
Identify the differences in theories of how brand equity is experienced: Customer-Based Brand Equity, Brand Equity Perspectives, Customer Perspective (Customer-Based Brand Equity), and Employee Perspective (Employee-Based Brand Equity). Then outline and contrast the different models on how to actually measure this important asset of brand equity, summarizing the models of measurement: Aaker's Brand Equity Model, Keller's Brand Equity Pyramid, Yoo and Donthu's Brand Equity Model, Luming Wang and Adam Finn's Customer-Based Brand Equity Model, Destination Brand Equity Model, CAA Integrated Brand Equity Model, and Cross-National Brand Equity.
Introduction
An attempt to define the relationship between customers and brands produced the term "brand equity" in the marketing literature. The brand equity generates a type of added value for products which help with companies' long term interests and capabilities. Over the past two decades, a great deal of research has addressed various aspects of brand equity; brand equity is generally accepted as a critical success factor to differentiate companies and service providers from its competitors. Brands with high levels of equity are associated with outstanding performance including sustained price premiums, inelastic price sensitivity, high market shares, and successful expansion into new businesses, competitive cost structures and high profitability all contributing to companies' competitive advantage.
Brand equity is significant in assisting consumers to process information, especially, when the information is overloaded. For firms, growing brand equity is a key objective to be achieved by gaining more favourable associations and feelings of target consumers. In other words, financial meaning from the perspective of the value of the brand to the firm and customer-based meaning from the perspective of the value of the brand to the customer which both come from a marketing decision-making context. In addition, Yoo, at el states that understanding the dimensions of brand equity and investing to its growth raises competitive barriers and drives brand wealth. The subject of brand equity is very rich in the context of definitions, models and measurement issue; several brand equity measurement methods have been suggested by different researches. Considering the importance of this topic, our paper aims at improving and reinforcing the current knowledge of brand equity. More specifically, the study pursues three objectives:t o discuss different perspectives of brand equity; to provide a collection of Customer-based brand equity measurement models; to revise the application of brand equity in different sectors.