brands and branding bd

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M A R K E T I N G S C I E N C EVol. 25, No. 6, Nove mber-D ecem ber 2006, pp. 740-759ISSN 0732-23991 EISSN 1526-548X1061250610740 DOI 10.1287/mksc.l050.0152006 INFORMS

Brands and Branding: Research Findings andFuture Priorities

Kevin Lane KellerTuck School of Business, Dartmouth College, Hanover, New Hampshire 03755, [email protected] R. Lehmann

Gra duate School of Business, Columbia U niversity, 507 Uris Hall, 3022 Broadway, N ew York, New York 10027,[email protected]

B randing has emerged as a top management priority in the last decade due to the growing realization thatbrand s are one of the most valuable intangible assets that firms hav e. Driven in part by this intense ind ustryinterest, academic researchers have explored a number of different brand-related topics in recent years, generat-ing scores of papers, articles, research reports, and books. This paper identifies some of the influential work infhe branding area, highlighting what has been learned from an academic perspective on important topics suchas brand positioning, brand integration, brand-equity measurement, brand growth, and brand management.The paper also outlines some gaps that exist in the research of branding and brand equity and formulates aseries of related research questions. Choice modeling implications of the branding concept and the challengesof incorporating main and interaction effects of branding as well as the impact of competition are discussed.Key words: brands; brand equity; brand extensionsHistory: This paper was received August 19, 2004, and was with the authors 4 months for 2 revisions;processed by Leigh McAlister.

IntroductionBrands serve several valuable functions. At their mostbasic level, brands serve as markers for the offeringsof a firm. For customers, brands can simplify choice,promise a particular quality level, reduce risk, an d/ orengender trust. Brands are built on the product itself,the accompanying marketing activity, and the use(or nonuse) by customers as well as others. Brandsthus reflect the complete experience that customershave with products. Brands also play an importantrole in determining the effectiveness of marketingefforts such as advertising and channel placement.Finally, brands are an asset in the financial sense.Thus, brands manifest their impact at three primarylevelscustomer market, product market, and finan-cial market. The value accrued by these various ben-efits is often called brand equity.

Our primary goal in this paper is to both selec-tively highlight relevant research on building, mea-suring, and managing brand equity and to identifygaps in our understanding of these topics. We putconsiderable emphasis on the latter and suggestnumerous areas of future research.^ Five basic topicsthat align with the brand-management decisions and' For commentary on the state of branding, see special issues ofInternational Journal of Research in Marketing (Barwise 1993) andJournal of Marketing Research (Shocker et al. 1994). For a more

tasks frequently performed by marketing executivesare discussed in detail: (1) developing brand posi-tioning, (2) integrating brand marketing, (3) assess-ing brand performance, (4) growing brands, and(5) strategically managing the brand. We then con-sider the implications of this work for choice modelsFinally, we present a simple framework for inte-grating the customer-market, product-market, andfinancial-market level impact of brands and how thebrand is created and developed by company actions.Branding Decisions and TasksDev eloping Brand P ositioningBrand positioning sets the direction of marketingactivities and programswhat the brand should andshould not do with its marketing. Brand positioninginvolves establishing key brand associations in theminds of customers and other important constituentsto differentiate the brand and establish (to the extentpossible) competitive superiority (Keller et al. 2002).Besides the obvious issue of selecting tangible prod-uct attribute levels (e.g., horsepower in a car), twoareas particularly relevant to positioning are the roleof brand intangibles and the role of corporate imagesand reputation.exhaustive review of the academic literature on brands and brand


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Keller and Lehmann: Brands and B randing: Research Findings and Future PrioritiesMark et ing Science 25(6) , pp . 740-759, 2006 INFORM S 74 1

Brand Intangibles. An important and relativelyunique aspect of branding research is the focus onbrand intangiblesaspects of the brand image that donot involve physical, tangible, or concrete attributesor benefits (see Levy 1999), Brand intangibles area common means by which marketers differentiatetheir brands with consumers (Park et al. 1986) andtranscend physical products (Kotler and Keller 2006).Intangibles cover a wide range of different types ofbrand associations such as actual or aspirational userimagery; purchase and consu mption imagery; and his-tory, heritage, and experiences (Keller 2001). A num-ber of basic research questions exist concerning howbrand tangibles and intangibles have their effects.Research Questions:1. In deve loping br and equity, what is the roleof product performance and objective or tangibleattributes versus intangible image attributes?2. Are intangible attributes formative (causes) orreflective (constructed) reasons for equity or choice?That is, are they considered a priori or "constructed"after experience with the brand?3. When and to what extent does recall of pleasantimages (or "hot" emotions) shield a brand from lesspositive or even negative cognitive information?4. How much of brand equity is tied to uniqueattributes of a product? What happens when competi-tors copy these attributes?5. Which attribute associations are most stable andbeneficial to a brand over the long run (e.g., "highquality" and "upscale") and which have limited use-ful life (e.g., being "hip")?6. Can brands be thought of as simply a judgmentbias or in terms of context effects in consumer deci-sion making? What im plications do these perspectiveshave for brand-equity measurement and valuation?Brand Personality. Aaker (1997) examined the per-sonalities attributed to U.S, brands and found theyfall into five main clusters: (1) sincerity, (2) excitement,(3) com petence , (4) sophistication, a nd (5) ruggedn ess,Aaker et al, (2001) found that three of the five factors

also applied to brands in both Japan and Spain, butthat a "peacefulness" dimension replaced "rugged-ness" both in Japan and Spain, and a "passion " dimen-sion emerged in Spain instead of "competency." Aaker(1999) also found that different brand personalitydimensions affected different types of people in differ-ent consum ption settings. She interpreted these exper-imental results in term s of a "malleable self," which iscomposed of self-conceptions that can be made salientby a social situa tion (see also Graeff 1996,1997), W hileAzoulay and Kapferer (2003) have challenged the con-ceptual validity of this particular brand personalityscale, the anthromorphism of a brand is common inboth casual consumer conversation (e,g,, "that brandis 'hip'") and advertising messages.

Research Questions:1. How does brand personality affect consumerdecision making? Under what circumstances?2. Is brand personality of more strategic or tactical(e,g., in terms of the "look and feel" of ad executions)importance?3, What is the value of the different personalitydimensions? Are certain personality dimensions morevaluable at driving preference or loyalty than others?Does the value vary by product category or by otherfactors?4, How stable are these various personality dimen-sions and what causes them to evolve or change?How does this stability compare to the stability ofother types of brand associations?Brand Relationships. Research has also exploredthe personal component of the relationship between

a brand and its customers, Fournier (1998) exam-ined the nature of relationships that cu stomers haveas well as want to havewith companies (seealso Fournier and Yao 1997, Fournier et al, 1998).Fournier views brand-relationship quality as multi-faceted and consisting of six dimensions beyondloyalty or com mit ment along which consumer-brand relationships vary: (1) self-concept connection,(2) commitment or nostalgic attachment, (3) behav-ioral interdependence, (4) love/passion, (5) intimacy,and (6) brand-partner quality. She suggests the fol-lowing typology of metaphors to represent commoncustomer-brand relationships: (1) arrange d m arriages,(2) casual friends/buddies, (3) marriages of conve-rgence, (4) committed partnerships, (5) best friend-ships, (6) compartmentalized friendships, (7) kin-ships, (8) rebounds/avoidance-driven relationships,(9) childhood friendships, (10) courtships, (11) depen-dencies, (12) flings, (13) enmities, (14) secret affairs,and (15) enslavements.

While this typology contains most positive relation-ships, it may overlook a range of possible negative(e.g., adversary) and neutral (e,g., trading partner)ones, Aaker et al. (2004) conducted a two-monthlongitudinal investigation of the development andevolution of relationships between consumers andbrands. They found that two factorsexperiencing atransgression and the personality of the brandhada significant influence on developmental form anddynamics. A ggarwal (2004) explored how relationshipnorm s varied for tw o types of relationships: exchangerelationships, in which benefits are given to others toget something back, and communal relationships, inwhich benefits are given to show concern for others'needs.

Research Q uestions:1. How can a customer's desired relationship bedetermined? Have concerns over privacy and theincreased use of customer data by firms resulted


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742 Keller and Lehmann: Brands and Branding: Research Findings and Future PrioritiMarketing Science 25(6), pp. 740-759, 2006 INFORMin customers wanting more anonymous, transac-tional relationships, or do customers still desire closerelationships with companies? Does personalizationof communication make customers feel empoweredand/or valued, or do they feel more exploited?2. How can a desired customer relationship be cul-tivated by the company through marketing activities?How do different types of marketing activities suchas advertising, customer service, and online resourcescombine to affect customer relationships?3. In a world where information is widely sharedand discrimination is seen as bad, should a firm dealdifferently with customers who desire different rela-tionships? Can customer relationships be segmentedand can customers who desire different types of rela-tionships be identified? Does this vary by product cat-egory or by competing product benefits?4. What is the relative profitability of differenttypes of customer relationships? Should some cus-tomers be encouraged and others discouraged or"fired?" Alternatively, are there systematic ways tomigrate unprofitable customers into profitable rela-tionships?

Brand Experience. Experiential marketing is animportant trend in marketing thinking. Through sev-eral books and articles, Schmitt (1999, 2003) has devel-oped the concept of customer experience management(CEM), which he defines as the process of strategi-cally managing a customer's entire experience witha product or company. According to Schmitt, brandscan help to create five different types of experiences: Sense experiences involving sensory perception; Feel experiences involving affect and emotions; Think experiences which are creative and cogni-tive; Act experiences involving physical behavior andincorporating individual actions and lifestyles; and Relate experiences that result from connectingwith a reference group or culture.Research Questions:1. What are the different means by which experi-

ences affect brand equity? How can firms ensure thatexperiences positively impact brand equity? Morespecifically, how can advertising trigger positive expe-riences with a brand or make negative ones lesssalient or influential?2. How much of brand-related experiences areimder the control of the company? How can they beeffectively controlled?3. When and to what extent do customers re-spond^positively or negativelyto attempts to con-trol their experiences? How do customers make attri-butions about company actions and attitudes toward

control of experiences?4. How does the recognition or realization of com-pany involvement impact brand experiences? Can

brand identification facilitate experiences? How mucdoes product placement (e.g., in movies) impacbrand equity and how enduring is such equity?5. How can a firm take advantage of unusual circumstances such as when the brand is associatewith a positive event? How can a firm minimize thimpact of being associated with a negative event (e.ga spokesperson behaving badly)?Corporate Image and Reputation. Corporate image has been extensively studied in terms of its conceptualization, antecedents, and consequences (sereviews by Biehal and Sheirun 1998 and Dowlin1994). Corporate brandsversus product brandsarmore likely to evoke associations of common products and their shared attributes or benefits, peopland relationships, and programs and values (Baricand Kotler 1991).Several empirical studies show the power of acorporate brand (Argenti and Druckenmiller 2004)Brown and Dacin (1997) distinguish between corporate associations related to corporate ability (i.eexpertise in producing and delivering product an d/ oservice offerings) and those related to corporatsocial responsibility (i.e., character of the companywith regard to societal issues), such as treatment oemployees and impact on the environment.Keller and Aaker (1992,1998) define corporate credibility as the extent to which consumers believe tha

a company is willing and able to deliver productand services that satisfy customer needs and want(see also Erdem and Swait 2004). They showed thasuccessfully introduced brand extensions can leadto enhanced perceptions of corporate credibility andimproved evaluations of even quite dissimilar brandextensions. They also showed that corporate marketing activity related to product innovation producedmore favorable evaluations for a corporate brandextension than corporate m arketing activity related toeither the environment or, especially, the community(see also Glirhan-Canli and Batra 2004). In additionBhattacharya and Sen (2003) extended the thinking onconsumer-brand relationships to consider consumercompany relationships, adop ting a social identity theory perspective to argue that perceived similaritybetween consumer and company identities play animportant role in relationship formation.Research Questions:1. How much are corporate images created bywords versus actions? What is the role of public relations and publicity in shaping corporate reputationand corporate brand equity?2. What are important determinants of corporatecredibility? How do "corporate social responsibility"or cause marketing programs work?


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3, How do corporate images affect the equity ofindividual products? Alternatively, how do individ-ual product equities build up to corporate equity?4. What is the impact of corporate image on cus-tomer purchases and firm profitability and value?Does it operate directly or indirectly through its effecton specific brand equity?Integrating Brand MarketingA variety of branding and marketing activities canbe conducted to help achieve the desired brand posi-tioning and build brand equity. Their ultimate suc-cess depends to a significant extent not only on howwell they work singularly, but also on how theywork in combination, such that synergistic resultsoccur. In other words, marketing activities have inter-action effects among themselves as well as maineffects and iriteraction effects with b ran d equity. Threenoteworthy subareas of this topic are the brand-building contribution of brand elements, the impactof coordinated communication and channel strategieson brand equity, and the interaction of company-controlled and external events.

Integrating Brand Elements. Brands identify anddifferentiate a company's offerings to customers andother parties. A brand is more than a name (or"mark "). Other bran d elem ents such as logos and sym-bols (Nike's swoosh and McDonalds' golden arches),packaging (Coke's contour bottle and Kodak's yellowand black film box), and slogans (BMW's "UltimateDriving Machine" and VISA'S "It's Everywhere YouWant to Be") play an imp ortant bra nding role as well,A number of broad criteria are useful for choos-ing and designing brand elements to build brandequity (Keller 2003): (1) memorability, (2) mearung-fulness, (3) aesthetic appeal, (4) transferability (bothwithin and across product categories and across geo-graphical and cultural boundaries and market seg-ments), (5) adaptability and flexibility over time, and(6) legal and competitive protectability and defensibil-ity. Brand elements vary in their verbal versus visualcontent and product specificity. Although a robustindustry exists to help firms design and implementthese various brand elements (Kohli and LaBahn1997), comparatively little academic research atten-tion, even in recent years, has been devoted to thetopic of designing and selecting brand elements otherthan brand names.Brand name properties have been studied exten-sively through the years. For example, researchersstudying phonetic symbolism have demonstratedhow the sounds of individual letters can contain

meaning that may be useful in developing a newbrand name (see Klink 2000, Yorkston and Menon2004 for reviews). Other research has examined global

and cross-cultural implications of brand names (e,g.,Zhang and Schmitt 2001, Tavassoli and Han 2002).Although companies frequently spend considerablesums on the design of logos, little academic researchhas explored the impact on consumer behavior oflogo design or other visual aspects of branding (seeSchmitt and Simonson 1997 for background discus-sion). As one exception, Henderson and Cote (1998)conducted a comprehensive empirical analysis of195 logos to determine the ability of different designcharacteristics to achieve different communicationobjectives (see also Hen der son et al, 2004, Janiszew skiand Mey\ds 2001).

A related area, packaging, has begun to receivegreater attention in recent years (e.g., Garber et al,2000, Folkes and Matta 2004), For example, Wansinkhas conducted several studies related to packagingsize and shape and consumption (e.g,, Wansink andvan Ittersum 2003; see also Raghubir and Krishna1999).Research Questions:1, What are the bran d-building contributions ofbrand logos and other nonverbal brand elements? Arenames and logos differentially effective or importantin different circumstances, e.g., for high versus lowinvolvement purchases or early versus late in the lifecycle?2, How are visual and verbal effects manifestedin consumer memory for brand elements? Which aremore accessible? Do more easily accessible elementsinfluence or bias what is recalled subsequently?3, From both a physiological and psychologicalperspective, how do brand and design elements gainattention and instill favorable attitudes? How long ofa productive life do they have, i.e,, when do theycease being effective?4, How do consumers integrate packaging andother brand element information with informationabout product performance, marketing communica-tions, or personal experience?5, Are there criteria for combining a diverse setof brand elements? How do marketers know if theirbrand elements are "well integrated?" What are thefinancial consequences of integration?Integrating Marketing Channels and Communi-cations. Marketers employ an increasingly variedmeans of communication (e.g., various forms ofbroadcast, print, and interactive advertising; tradeand consumer promotions; direct response; sponsor-ship; public relations; etc.) and multiple means ofgoing to market (via retailers, company-ow ned storesor outlets, telephone, Internet, mail, etc.). Some mar-keters have attempted to orchestrate these activities

to create synergistic effects (Duncan 2002),Research has shown that coordinating market-ing activities can lead to beneficial results (Naik


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744 Keller and Lehmann: Brands and B randing: Research Findings and Fu ture PrioritieMarketing Science 25(6), pp. 740-759, 2006 INFORMSand Raman 2003). For example, print and radioreinforcement of TV adsw here the video and audiocom pone nts of a TV ad serve as the basis for print andradio adshas been shown to leverage existing com-munication effects from TV ad exposure and morestrongly link the m to the bran d (Edell and K eller 1989,1999). Cueing a TV ad with an explicitly linked radioor print ad can create similar or even enhanced pro-cessing outcomes of the radio or print ad that cansubstitute for additional TV ad exposures.Research Questions:1. Under what circumstances is marketing integra-tion more appropriately based on consistency (shar-ing common brand meaning) versus complementarity(presenting different brand meanings)?2. How should brand-building activities change asdifferent audiences are targeted (e.g., consumers, dis-

tributors, press, analysts, etc.)? To what extent canand should a firm tailor different messages to differ-ent segments? When does confusion overwhelm thebenefits of more precise targeting?3. What are cost-effective vehicles for buildingbrands? How do public relations, product placement,and experiential marketing approaches compare totraditional advertising and promotion programs?4. What is the relative impact of third-partycommunications (e.g., competitors, rating services,web communications, or the government) on brandequity? How can a firm utilize positive communica-tions and counter negative ones?5. How do customer contact points (personal andautomated) influence brand equity?6. When changing the information communicatedabout a brand over time, how important is it for themessages to follow a logical progression?

Combining Company-Controlled and ExternalEvents. Marketers are increasingly embracing alter-native forms of brand-building activities. In partic-ular, greater emphasis is being placed on "guerillamarke ting," creating em otion-laden experiences, gen-erating "buzz" among consumers, and creating onlineand real-world communities. To understand theunderpinnings of these activities, researchers study-ing interpersonal communication and influence haveuncovered some important insights.Muniz and O'Guinn (2000) defined "brand com-munities" as a specialized, nongeographically boundcommunity based on a structured set of social rela-tionships among users of a brand. After studying theApple Macintosh, Ford Bronco, and Saab bran ds, theynote that, like other comm unities, a brand comm unityis marked by (1) a shared consciousness, (2) ritualsand traditions, and (3) a sense of moral responsibility.Schouten and McAlexander (1995) defined a "sub-culture of consumption" as a distinctive subgroup of

society that self-selects on a basis of a shared com-mitment to a particular product class, brand, or con-sumption activity. Studying the Harley-Davidson andJeep brands, they explore various relationships thaconsumers could hold with the product/possessionbrand, firm, and/or other customers and use theseto develop a measure of loyalty (McAlexander et al2002).

A numbe r of other researchers have explored w ord-of-mouth effects and their effect on brand evalu-ations (e.g., Laczniak et al. 2001, Smith and Vogt1995). Moore et al. (2002) delineated how intergenera-tional influences affected intrafamily transfer of brandequity in some prod uct categories. Despite this atten-tion to interpersonal sources of influence and com-munication, however, research has not systematicallycontrasted company-controlled and externally-drivenmarketing activities.Research Questions:1. How can brand communities and social net-works best be modeled, cultivated, and influenced b ymarketers? What is the relative impact on consumersof verbal versus other types of communication (e.g.,mere observation)?2. What is the relative impact of company actions,agents and evaluators, and customer conversations(e.g., web sites) on brand equity? How are sequencesof interactions combined in the customer's mind?Does being first or last have any real advantages?3. How much do opinion leaders influence otherconsumers? To what extent is communication "ver-tical" (from expert to novice) versus "horizontal"(experts talking to each other)? Are there " anti-op inionleaders," i.e., people from whom others consciouslytry to behave differently? What is their impact?4. For socially conspicuous products, a majorassociation influencing brand equity is other cus-tomers of the product. What is the relative impor-tance of these associations versus company-controlledcommunications?5. Does the Internet reduce the effects of brand

equity and its impact on consumer decision making?Assessing Brand PerformanceTo manage brands properly, marketers should havea clear understanding of the equity in their brandswhat makes them tick and what they are worth. Twointeresting subareas of this topic are the m easurem entand valuation of brand equity at different levelscustomer, product market, and financial marketandthe relationship of customer equity to brand equity.Measuring Brand Equity. In recognition of thevalue of brands as intangible assets, increased em pha-

sis has been placed on understanding how to build,measure, and manage brand equity (Kapferer 2005;


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distinct perspectives that have been taken by aca-demics to study brand equity.1, Customer based. From the customer's point ofview, brand equity is part of the attraction toorrepulsion froma particular product from a par-ticular company generated by the "nonobjective"part of the product offering, i.e., not by the prod-uct attributes per se. While initially a brand maybe synonymous with the product it makes, overtime through advertising, usage experience, and otheractivities and influences it can develop a series ofattachments and associations that exist over andbeyond the objective product. Importantly, brandequity can be built on attributes that have no inher-ent value (Broruarczyk and Gershoff 2003, Brownand Carpenter 2000, Carpenter et al, 1994), althoughMeyvis and Janiszewski (2002) show irrelevant infor-mation can be counterproductive in consumer deci-sion making,2, Company based. From the company's point ofview, a strong brand serves many purposes, includ-ing making advertising and promotion more effec-tive, helping secure distribution, insulating a productfrom competition, and facilitating growth and expan-sion into other prod uct ca tegories (Hoeffler and K eller2003). Brand equity from the company perspective istherefore the additional value (i.e., discounted cashflow) that accrues to a firm because of the presenceof the brand name that would not accrue to an equiv-alent unbranded product. In economic terms, brandequity can be seen as the degree of "market inef-ficiency" that the firm is able to capture with itsbrands,^3, Financial based. From a financial m ark et's po int ofview, bran ds are assets that, like plant and equipm ent,can and frec[uently are bought and sold. The finan-cial worth of a brand is therefore the price it bringsor could bring in the financial market. Presumablythis price reflects expectations about the discountedvalue of future cash flows. In the absence of a markettransaction, it can be estimated, albeit with great diffi-culty (Ambler and Barwise 1998, Feldwick 1996), fromthe cost needed to establish a brand with equivalentstrength or as a residual in the model of the value ofa firm's assets (Simon and Sullivan 1993),^Comprehensive models of brand equity have beendeveloped in recent years to incorporate m ultiple per-spectives (Ambler 2004, Epstein and Westbrook 2001,Keller and Lehmann 2003, Srivastava et al, 1998). Eachof the three brand-equity measurement perspectiveshas produced relevant work.^ See Erdem (1998a, b) for some economic p erspectives on brandin g,^See the special issue on brand valuation in the Journal ofBrand Management (1998, 5(4)) for additional discussion and points

Customer Level. The value of a brandand thusits equityis ultimately derived from the words andactions of consumers. Consumers decide with theirpurchases, based on whatever factors they deemimportant, which brands have more equity than oth-ers (Villas-Boas 2004), Although the details of dif-ferent approaches to measuring brand equity differ,they tend to share a comm on core: All typically eitherimplicitly or explicitly focus on brand-knowledgestructures in the minds of consumersindividuals ororganizationsas the source or foundation of brandequity.To capture differences in brand-knowledge struc-tures, a number of hierarchy of effects models havebeen put forth by consumer researchers throughthe years (e,g., AIDA, for Awareness-Interest-Desire-Action). Customer-level brand equity can largely becaptured by five aspects that form a hierarchy orchain, which are bottom (lowest level) to top (highestlevel) as follows:(a) awareness (ranging from recogrution to recall);(b) associations (encompassing tangible and intan-gible product or service considerations);(c) attitude (ranging from acceptability to attrac-tion);(d) attachment (ranging from loyalty to addiction);(e) activity (including purchase and consumptionfrequency and involvement with the marketing pro-gram, other customers through word of mouth, etc.,or the company).Many similar models exist (e.g., Aaker 1996, Keller2003), Several commercial versions are also avail-able (e,g.. Young and Rubicam's BrandAsset Valuator(BAV), WPP's Brand Z, and Research International'sEquity Engine), although many focus largely on thefirst three aspects above.There are several available research techniques tomeasure brands at each of these five levels (Agrawaland Rao 1996). In addition, research has providedinsight into how the value of a brand's customer baserelates to stock-market value (Gupta et al. 2004). Inthe more qualitative realm, a variety of alternativesexist for understanding the structure of associationsthat a customer has for a product. These "mentalmaps" rely on concepts such as metaphors (i.e,, "It islike a ") to develop deeper texture in representingcustomer reactions to a brand (e,g., Zaltman 2003).Research Questions:1. How muc h brand equity can be captured bystructured procedures (e.g., conjoint analysis or scan-ner data modeling) and how much requires quali-tative understanding (e.g., via metaphors or mentalmaps)? Are there certain aspects of brand equity thatcan only be uncovered with qualitative research?

2. Can the value of different qualitative aspects ofbrand equity be quantified? What is the relationship


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74 6 Keller and Lehmann: Brands and B randing: Research Findings and Future PrioritieMark et ing Science 25(6) , pp . 740-759, 2006 INFO RM3. How "independent" versus redtmdant are thenumerous customer-related brand-equity measureswhich ha ve been studied? Is there a reduced set whichis applicable to all products and/or all countries?What unique measures are relevant in different cat-egories, cultures, locations, or to different customergroups?4. Well-known brands provide a role in reducingrisk: Not only are brands signals of quality (both interms of mean and variance), but they also providethe "deep pockets" needed to rectify a product fail-ure. To what extent is increased confidence in deci-sion making a key or even critical factor of brandsand brand equity; i.e., are standard deviations moreimportant than means?Product-Market Level. A number of approaches havebeen developed to assess the impact of brand equity

in the product market. These include measuresof price premiums, increased advertising elasticity,decreased sensitivity to competitors' prices, and theability to secure and maintain distribution throughchannels (Hoeffler and Keller 2003).Several studies have demonstrated that leadingbrands can command large price differences (Simon1979, Agrawal 1996, Park and Srinivasan 1994,Sethuraman 1996) and are more iirmiune to priceincreases (Sivakumar and Raj 1997). Lower levelsof price sensitivity have been found for householdsthat are more loyal (Krishnamurthi and Raj 1991).Ailawadi et al. (2003) proposed that the revenue pre-mium a brand commands vis-a-vis an unbrandedproduct is a simple useful measure of brand equityand showed how it responds to brand actions. Theycontend that neither the sales premium nor theprice premium alone captures the increased demandattributable to a brand.Advertising may play a role in decreasing pricesensitivity (Kanetkar et al. 1992). Consumers whoare highly loyal to a brand have been shown toincrease purchases when advertising for the brandincreased (Raj 1982, Hs u and Liu 2000). Research su g-gests that stores are more likely to feature well-knownbrands if they convey a high quality image (Lai andNarasimhan 1996). Fader and Schmittlein (1993) pro-posed that differences in retail availability may be akey componen t of the higher repeat-purchase rates forhigher-share brands.Research Questions:1. What are the advantages of residual versusdirect measures of the effect of the brand onmarketing-program effectiveness?2. How do you assess and identify the "option

value" of the extension potential of a brand? Whatare the "cost savings" that result from higher brandequity in terms of advertising effectiveness, etc.?

3. How can brand equity be disentangled from itcauses or source (e.g., product quality)? How cabrand and category equity be separated?4. How can the impact of the brand be separatedfrom that of company market pow er, entry order, andother possible determinants?5. What are the best approaches to tracking brandperformance? How frequently should it be measured6. How much explanatory power does b randequity have after accounting for market-share effect(Uncles et al. 1995)?Financial-Market Level. A different approach to msuring brand equity is based on financial market performance (Amir an d Lev 1996, Barth et al. 1998). Onemeasure that has been proposed uses the component of market value unexplained by financial assetand results (i.e., proflts). Using Tobin's Q (the market value of assets divided by their replacemen t valueas estimated by book value) as a proxy of brandequity, Lindenberg and Ross (1981) found that consumer goods companies such as Coca-Cola, PepsicoKellogg's, and General Foods had Tobin Q's greatethan 2, suggesting that these companies had considerable intangible value. On the other hand, morecommodity-like manufacturers such as metal producers and paper products companies had Tobin Q's ofabout 1.Simon and Sullivan (1993) decomposed flrm valueinto tangible and intangible components: Tangible

components reflected replacement costs and includedassets such as plant and equipment and net receivables; intangible components were broken down intoindustry-wide, cost, and brand factors. The brandfactors were derived from a market share equationusing an instrumental variables approach (i.e., brandvalue was determined by order of entry and adver-tising). As a percent of replacement values, brandequity ranged from a low of essentially zero for cat-egories such as paper and allied products; petroleumand coal; stone, glass, and coal; and prima ry and fabricated metals to as m uch as 61% for apparel, 58%for printing and publishing, and 46% for tobaccoFirms for which brand value exceeded replacementcost included Dreyer's Ice Cream, Tootsie Roll, andSmucker.Another approach to assessing the financial valueof a brand involves taking customer mindset mea-sures and relating them to stock-market values. Thisapproach is used by S tern Stewart's Brand Economicswhich link Yoimg & Rubicam's BrandAsset Valuator,a survey-based measure of brand strength, to eco-nomic value added (EVA), a financial performancemeasure. Along those lines, Aaker and Jacobson(1994) relate yearly stock returns for 34 companiesduring 1989 to 1992 to unanticipated changes in ROI,


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Keller and Lehmann: Brands and Branding: Research Findings and Future PrioritiesMarketing Science 25(6), pp . 740-759, 2006 INFORMS 747

perceived quality rating as a proxy for brand equity,they find that changes in quality and thus equity hada sigruficant effect over and above that of changesin ROI, Firms who experienced the largest gains inbrand equity saw their stock return average 30%; con-versely, those firms with the largest losses in brandequity saw stock return average a negative 10%. Inter-estingly, other results suggest that there is a biggerimprovement when the changes in quality percep-tions occur among heavy users, a result consistentwith suggestions that retention (impacting currentcustomers) ma y often be the best way to increase cus-tomer and, hence, firm value (Thomas et al. 2004),

Using data for firms in the computer industryin the 1990s, Aaker and Jacobson (2001) found thatchanges in brand attitude were associated contem-poraneously with stock return and led accountingfinancial performance. Awareness that did not trans-late into more positive attitudes, however, did littleto the stock price. Adopting an event study method-ology. Lane and Jacobson (1995) showed that thestock market response to brand extension announce-ments depended interactively and nonmonotonicallyon brand attitude and familiarity: The stock mar-ket responded most favorably to extensions of eitherhigh esteem, high-familiarity brands or those of lowesteem, low-familiarity brands, Mizik and Jacobson(2003) examined the relative importance of value-appropriation activities (i,e., extracting profits in themarketplace via advertising and promotion) versusvalue-creating activities (i,e,, through R&D) on thestock market.In an event study of 58 firms that changed theirnames in the 1980s, Horsky and Swyngedouw (1987)found that, for most of the firms, name changes wereassociated v^ith improved performance. The greatestimprovement tended to occur in firms that producedindustrial goods and whose performance prior to thechange was relatively poor. Not all changes, however,were successful. They interpreted the act of a namechange as a signal that other measures to improveperformancee.g., changes in product offerings andorganizational changeswill be seriously and suc-cessfully undertaken,Mahajan et al. (1994) suggest how to assess thelevel of brand equity in the context of firm acquisi-tions. Kerin and Sethuraman (1998) also have exam-ined the link betwe en bran d v alue and stock value. Inthe brand strategy arena, Rao et al. (2004) examinedthe question of whether a "branded house" strategywith a corporate brand as an umbrella was associatedwith higher stock-market returns than a multiple-brand "house of brands" strategy. In their data, acorporate branding strategy produced higher averagereturn than a multibrand strategy, perhaps to com-pensate for the greater risk due to the nondiversifica-

Research Questions:1, What are the links between customer-market,product-market, and financial-market level measuresof brand equity? For example, does customer-levelequity lead to financial-market equity by generat-ing additional cash flow or by directly influencinginvestor decisions?2, How can the causal impact of brand equity onfinancial m arket performance be established given thelarge number of other factors that drive stock price?3, Are large values of brand equity limited to con-sumer and hedonic goods or can they also existfor business-to-business and other high-involvement,utilitarian products?4, Should brand equity be reported on the balancesheet? If so, how?5, Which are forward- versus backward-looking

brand-equity measures?The Marketing-Mix and Brand Equity. Marketing-mix modeling has increased in popularity with indus-try and academics (Gatignon 1993, Hanssens et al,1998). Considerable research has examined the effec-tiveness of different elements of the marketing mix.For example, numerous studies have examined theshort-term and long-term effects of advertising andpromotion (e.g., Ailawadi et al, 2001, And erson andSimester 2004, Dekimpe and Hanssens 1999, Melaet al, 1997), This research often looks at different out-comes and indicators of marketing effectiveness. Forexample, Pauwels et al, (2002) found that price pro-motion has a strong effect on category purchase inci-dence for a storable product but a correspondinglylarger impact on brand choice for perishable prod ucts,Although these research streams have pro-vided considerable insight, they have not typicallyaddressed the full breadth of brand equity dimen-sions. In particular, it is rare that measures ofcustomer mindset are introduced as possible mediat-ing or moderating variables in analyzing marketingeffectiveness.

Research Questions:1, How stable is brand equity? Does the stabilitydepend on the marketing driver involved, e.g,, anad versus a personal experience?2, How does the effectiveness of marketing driversof brand equity change over time? When are emo-tional drivers more im portant: early on or as a marketmatures? Are emotional drivers more relevant to cor-porate brands and rational drivers more relevant toproduct brands?3, To what extent can and should a companytry to influence (versus respond to) what the keydrivers are?Relationship of Brand Equity to Customer Equity.


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748 Keller and Lehmann: Brands and B randing: Research Findings and Future PrioritiesMa rket ing Science 25(6) , pp . 740-759, 2006 INFOR MScustomer equity and the antecedents and conse-quences of developing strong ties to customers (Rustet al. 2000). A number of researchers have noticedthe relationship between the brand-managementand custom er-manage ment perspectives (e.g.. Ambleret al. 2002). Indeed, under one set of assumptionsthe value of a customer to the flrm (i.e., customerequity) can be shown algebraically to be the sum ofthe profit from selling equivalent generic productsand the additional value from selling branded goods(i.e., brand equity).Research Questions:1. Does brand equity management simply reflectan aggregate view of customer equity management?How do concepts such as customer lifetime valueand CRM relate to brand equity? How can they beintegrated?2. How closely related are measures of brandequity and customer equity (e.g., loyalty and share ofwallet or requirements, brand relationship and cus-tomer retention)?3. How can a firm balance a product-driven brandfocus w ith a customer-driven CRM one? Which strate-gies are most effective? Under what circumstances?

Brands as Growth PlatformsNo problem is more critical to CEOs than generat-ing profitable growth. Brands grow primarily throughproduct development (line and category extensions)and market development (new channels and geo-graphic markets). Important subtopics here includenew-product and brand-extension strategies and theireffects on brand equity.Ne w Products and Brand Extensions. Brand exten-sions are one of the most heavily-researched andinfluential areas in marketing (Czellar 2003). Mar-keting academics have played an important role inidentifying key theoretical and managerial issues andproviding insights and guidance.Research has show n that extension success depe ndslargely on consumers' perceptions of fit between a

new extension and parent brand (Aaker and Keller1990; but see Klink and Smith 2001, van Osselaerand Alba 2003). There are a num ber of bases of fltvirtually any brand association is a potential basisbut two key bases are competence (attribute) andimage (Batra et al. 1993). Research has also shownthat positively evaluated symbolic associations maybe the basis of extension evaluations (Reddy et al.1994, Park et al. 1991), even if overall brand attitudeitself is not necessarily high (Broniarczyk and Alba1994). One key conclusion is that consumers need tosee the proposed extension as making sense.Based on a meta-analysis of seven studies using131 different brand extensions, Bottomley and Holden

based on the quality of the original brand, the fltbetween the parent and extension categories, and theinteraction of the two, although cultural differencesinfluenced the relative importance attached to thesemodel components. Studies have shown how well-known and well-regarded brands can extend moresuccessfully (Aaker and Keller 1990, Bottomley andDoyle 1996) and into more diverse categories (Kellerand Aaker 1992, Ran gasw am y et al. 1993). In ad dition,the amount of brand equity has been shown to becorrelated with the highest- or lowest-quality mem-ber in the product line for vertical product extensions(Randall et al. 1998). Brands with varied product cat-egory associations developed through pa st extensionshave been shown to be especially extendible (Dacinand Smith 1994, Keller and Aaker 1992, Sheinin andSchmitt 1994). As a result, introductory marketingprograms for extensions from an established brandcan be more efficient (Erdem and Sun 2002, Smith1992, Smith and Park 1992).A number of other factors also come into play toinfluence extension success, such as consumer knowl-edge of the parent and extension categories (e.g.,Moreau et al. 2001) and characteristics of the con-sumer and extension marke ting program (e.g., Baroneand Miniard 2002, Maoz and Tybout 2002, Zhangand Sood 2002). Kirmani et al. (1999) found evidenceof an ownership effect whereby current owners gen-erally had more favorable responses to brand line

extensions.One oft-cited concern with brand extensions is thata failed brand extension could hurt (dilute) the par-ent brand in various ways. Interestingly, academicresearch has found that parent brands generally arenot particularly v ulnerable to failed brand extensions.An unsuccessful brand extension potentially damagesa parent brand only when there is a high degreeof similarity or "fit" involvede.g., in the case of afailed line extension in the same categoryand wh enconsumers experience inferior product performancedirectly (Ahluwalia and Gurhan-Cali 2000, Gurhan-Canli and Maheswaran 1998, Keller and Aaker 1992,Loken and Roedder John 1993, Milberg et al. 1997,Roedder John et al. 1998, Romeo 1991).Several other factors also influence the extent ofdamage to a parent brand from an unsuccessfulbrand extension. The more involved the consumer iswith the extension decision (e.g., if they own or usethe parent brand), the more likely it is that harm-ful dilution effects will occur (Kirmani et al. 1999).Importantly, research has shown that a subbrandingstrategy, where an extension is given another namein addition to the parent brand (e.g.. Courtyard byMarriott), can effectively shield a parent brand fromdilution from a failed similar extension (Keller and


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Keller and Lehrnann: Brands and Branding: R esearch Findings and Future PrioritiesMarketing Science 25(6), pp, 740-759, 2006 INFORMS 749Research has also shown that extensions can cre-ate positive feedback effects to the parent brand(Balachander and Ghose 2003). For instance, brandextensions strengthened parent brand associations(Morrin 1999) and "flagship brands" were highlyresistant to dilution or other potential negative effectsdue to unfavorable experiences with an extension(Roedder John et al, 1998, Sheinin 2000).Research Questions:1. How can the long-term new product potentialof a brand be assessed? What is the optimal productbreadth for a brand franchise?2. How should a brand be built and managed asa growth platform? Which kinds of brand associa-tions are most beneficial or detrimental for futurebrand growth? What kind of brand associations facil-itate versu s inhibit the introduction of line and brand

extensions?3, What should be built into a pioneer brand toretard future competition?4, For nev/-to-the-world products, what should bethe relative emphasis on building the brand versusestablishing and growing the category? More gener-ally, what should be the brand versus product focusover the product life cycle?Strategically Managing the BrandIn many firms, the CEO is effectively the chief brandofficer (CBO) as well. Regardless of who (if any-one) is in charge of managing the brand, severalgeneral strategic issues arise: the optimal design ofbrand architecture, the effects of co-branding andbrand alliances, and cross cultural and global brand-ing strategies.

Brand Architecture. Brand architecture has beenstudied in the context of line extensions, verticalextensions, multiple brand extensions, subbrands,and brand portfolios (Aaker 2004). Several researchershave examined characteristics of successful line exten-sions (Andrews and Low 1998, Putsis and Bayus 2001,Red dy et al. 1994). In the context of fast-moving pack-aged goods, Cohen et al. (1997) developed a decisionsupport system to evaluate the financial prospects ofpotential new line extensions.

Although many strategic recommendations havebeen offered concerning "vertical extensions"exten-sions into lower or higher price points (e,g,, Aaker1997)relatively little academic research has beenconducted to provide support for them (see Randallet al, 1998 for an exception). Kirmani et al. (1999)found that owners had more favorable responsesthan nonowners to upward and downward stretchesof nonprestige brands (e.g., Acura) and to upwardstretches of prestige brands (e,g., Calvin Klein andBMW), Downward stretches of prestige brands, how-

to maintain brand exclusivity, A subbranding strat-egy, however, protected owners' parent-brand atti-tudes from dilution.In terms of multiple brand extensions, Keller andAaker (1992) showed that by taking "little steps," i.e.,by introducing a series of closely related but increas-ingly distant extensions, it was p ossible for a bran d toultimately enter product categories that would havebeen much more difficult, or perhaps even impossi-ble, to have entered directly (Dawar and Anderson1994, Jap 1993, Meyvis and Janiszew ski 2004).Joiner and Loken (1998), in a demonstration of theinclusion effect in a brand extension setting, showedthat consumers often generalized possession of anattribute from a specific category (e.g,, Sony televi-sions) to a more general category (e,g,, all Sony prod-ucts) more readily than they generalized to anotherspecific category (e.g,, Sony VCRs). Research hasshown that family-brand evaluations depend on theexpected variability of individual produc t qua lity a ndattribute uniqueness (Gurhan-Canli 2003; see alsoSwaminathan et al. 2001).Research has also shown that a subbranding strat-egy can enhance extension evaluations, especiallywhe n the extension is farther rem oved from the prod -uct category and less similar in fit (Keller and Sood2004, Milberg et al. 1997, Sheinin 1998). A subbrandcan also protect the parent brand from unwantednegative feedback (Milberg et al, 1997, Janiszewskiand van Osselaer 2000, Kirmani et al, 1999), butonly in certain circumstances, e.g,, if the subbrandconsists of a meaningful individual brand that pre-cedes the family brand, e.g,. Courtyard by Marriott(Keller and Sood 2004). Wanke et al, (1998) showedhow subbranding strategy could help set consumerexpectations,Bergen et al, (1996) studied branded variantsthe various mod els that ma nufac turers offer differ-ent retailers (see also Shugan 1989). They showedthat as branded variants increased, retailers weremore inclined to carry the branded product and pro-vide greater retail service support. Other research hasshown how brand portfolios can increase loyalty tomultiproduc t firms (Anand and Shachar 2004), Kum ar(2003) argues that companies can rationalize theirbrand portfolios to both serve customers better andmaximize profits (see also Broniarczyk et al, 1998).Research Questions:1. H ow d o product bran ds impact the equity of cor-porate brands (and vice versa)?2. How can the interplay and flow of equitybetween product and corporate brands be measured("ladder up" versus "waterfall down")?3. Can and should line extension proliferation becontrolled? What are the design criteria for the opti-


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750 Keller and Lehmann: Brands and B randing: Research Findings and Future PrioritieMarkeH ng Science 25(6) , pp . 740-759, 2006 INFORM4. Does it matter who and where in the organiza-tion controls the brand?5. How should a company deal with differences(heterogeneity) in terms of what consumers thinkabout and want from a brand?Co-Branding and Brand Alliances. Brand alli-anceswhere two brands are combined in some wayas part of a product or some other aspect of the mar-keting programcome in all forms (Rao 1997, Raoet al. 1999, Shocker et al. 1994) and have becomeincreasingly prevalent. Park et al. (1996) comparedco-brands to the notion of "conceptual c ombinations"in psychology and showed how carefully selectedbrands could be combined to overcome potentialproblems of negatively correlated attributes (e.g., richtaste and low calories).Simonin and Ruth (1998) foimd that consumers'

attitudes toward a brand alliance could influencesubsequent impressions of each partner's brands(i.e., spillover effects existed), but these effects alsodepended on other factors such as product "fit"or compatibility and brand "fit" or image con-gruity Desai and Keller (2002) foimd that althougha co-branded ingredient facilitated initial expansionacceptance, a self-branded ingredient could lead tomore favorable long-run extension evaluations. Inother words, borrowing equity from another branddoes not necessarily build equity for the parent brand(see also Janiszewski and van Osselaer 2000).Research Questions:1. What is the proper executional approach to com-bining brands? What characterizes effective imple-mentation?2. What are the relative implications of formalalliances, co-branding, and ingredient branding oncustomer reactions and company profits?3. When one brand buys another or is merged withit, how should it be determined whether or not onebrand should dominate?4. Does a brand carry the same value after it isacquired?5. How much brand equity is derived from sur-roundings (e.g., retail stores, distributors) and howmuch does a brand contribute to the equity of thesesurroundings?6. What are the roles of different brands in pro-viding "complete solutions" to consumers? How are"lead brands" best determined?Cross-Cultural and Global Branding. Branding isincreasingly being conducted on a global landscape.A number of issues emerge in attempting to builda global brand. Levitt (1983) has argued that com-

panies needed to learn to operate as if the worldwere one large marketignoring superficial regionaland national differences. Much research, however, has

concentrated on when marketers should standardize versus customize their global marketing program(e.g., Gatignon and Vanden Abeele 1995, Samiee andRoth 1992, Szymanski et al. 1993).Research has also examined cultural and linguistic aspects of branding, e.g., showing how Chineseversus English brand names differ in terms of visuaversus verbal representations (Schmitt et al. 1994, Panand Schmitt 1996, Zhang and Schmitt 2001). From abrand building standpoint, Steenkamp et al. (2003show how perceived brand globalness creates brandvalue.Research Questions:1. How do consumer schemas and accepted practices for branding strategies and activities vary acrosscountries?2. What is the optimal degree of localization for

branding and marketing communications? To whaextent should both the marketing programs for abrand and the product itself (e.g., level of sweetnessfor Coca-Cola) be varied across locations?3. How does global brand management vary byproduct life-cycle stage? Should it be mandatedor encouraged by sharing best practices across thecompany?4. To what extent does country image (or equity)impact the equity of brands from that country?Branding and Social Welfare. Brands would exiseven if no money were spent on advertising andpromotion for products. Customers would find somedistinguishing characteristics (name, color, shape) toidentify products or services that had served themwell and use them to simplify (make more efficient)future choices. Moreover, as satisflcers, customersare slow to update performance improvements (ordecreases) in their current or other alternative choicesThe result, at least in the short rim, is market inef-ficiency in the physical attribute product space. Inessence, market inefflciency (see Hjorth-Anderson1984) can be seen as the same as brand equity, raising

several interesting questions.Research Questions:1. Do brands create value, provide value, or reducevalue for customers?2. Are there categories of goods for which largebrand equities are acceptable (e.g., luxury goods mar-keted to affluent customers), and others where theyare not (e.g., pharmaceuticals)?3. Is market inefficiency and the creation of brandequity desirable or undesirable in terms of its effecton the overall economy?4. How should marketers respond to criticisms ofbrands as being overpriced? As creating needs versussatisfying real needs? How about issues of product


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Ke l l e r a nd Le hma nn : Brands and Branding: Research Findings and Future PrioritiesMark et ing Science 25(6) , pp . 740-759, 2006 INFO RMS 751

5. What is the role of brands in acquiring andretaining employees? Do brands positively impactemployee effort and hence customer satisfaction orwelfare?

Implications for Choice ModelingThe previous discussion captures som e of the researchprogress and gaps in the study of branding. The dis-cussion also has some specific implications for incor-porating branding concepts into choice models.To demonstrate how brands influence consumerchoice through their value (utility), we contrast thestylized "classic" microeconomic view of utility andchoice (Lancaster 1966) with a view which explicitlyand/or implicitly encompasses the impact of brands.In the classic view, the value of brand / is the sum ofits I (objective) attributes , net of price , as follows:

Essentially, at the customer level, a brand is thelens through which the words and actions of a com-pany, its competitors, and the environme nt in generalare converted to thoughts, feelings, images, beliefs,perceptions, and attitudes, etc, about a product (orfamily of products). Much of the value of a brandedproduct is in these subjectively determined compo-nents. The manner by which consumers transformobjective product value to create additional (intangi-ble) value leads to four components of brand value: Biased Perceptions (X*,- - X^,), i.e., th e ex ten t towhich specific product attribute perceptions are influ-enced by the halo effect (Beckwith and Lehmann1975). Image Associations (Zj^), i.e., nonproduct-relatedattribute beliefs such as "friendly" or "stylish," Incremental Value {Vj), an additive constant asso-ciated with the brand name that is not related to anyparticular attribute or benefit. Inertia Value (S,), the value to consumers of sim-ply choosiiig the same option rather than spend-ing effort to consider others, e.g,, due to switchingcosts, or the confidence (less uncertainty) of a knownalternative.The value of a branded product (VBP) can be seenas the sum of the objective value of a product as wellas the four components of brand value listed above:

1 = 1 , . . . , ; E1 = 1 , . . . , /(2)

No te that Sy is not strictly a bra nd term b ut ratherreflects state dependence and can be modeled using

the last brand purchased (otherwise, Vj and Sj are notidentifiable).Much of the previous research that incorporatesbrands has focused on assessing the impact by mod-eling consumer choice with a specific brand term(Srinivasan 1979), The rationale is a view that brandequity is what remains of consumer preferences andchoices after accounting for physical product effects.Several approaches have been suggested: Kam akura and Russell (1993) propose d ascanner-based measure of brand equity that attemptsto explain the choices observed by a panel of con-sumers as a function of the store environment (actualshelf prices, sales promotions, displays, etc), thephysical characteristics of available brands, and aresidual term dubbed brand equity (here, V,). Swait et al. (1993) proposed a related approachfor measuring brand equity which utilizes choiceexperiments that account for brand name, productattributes, brand image, and differences in consumersociodemographic characteristics and brand usage.They define the equalization price as the price thatequates the utility of a brand to the utilities that couldbe attributed to a brand in the category where nobrand differentiation occurred, Park and Srinivasan (1994) proposed a method-ology for measuring brand equity based on themultiattribute attitude model. The attribute-basedcomponent of brand equity is the difference betweensubjectively perceived attribute values and objectivelymeasured attribute values, essentially the X* X ,terms in (2) (i.e., the "halo effect," Beckwith andLehmann 1975, 1976). The nonattribute-based com-ponent of brand equity is the difference betweensubjectively perceived attribute values and overallpreference and reflects the consumer's configural rep-resentation of a brand that goes beyond the assess-ment of the utility of individual product attributes, Dillon et al, (2001) prese nted a model for decom -posing ratings of a brand on an attribute into twocomponents: (1) brand-specific associations (i,e,, fea-tures, attributes, or beneflts that consumers link to abrand), and (2) general brand impressions (i,e,, overallimpressions based on a more holistic view of a bra nd,here the Z^^s).One clear and important implication of the abovediscussion is that the value of a brand is greaterthan either its additive (main effect) incremental value(e.g,, in a conjoint study or logit model) or its impacton perceptions, and it needs to be separated fromstate dependence.Influences on BrandsBrands are made, not born. The process of their con-struction is complex. From a m anufac turer's point ofview there is a reduced form, "stimulus-response"


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752 Keller and Lehmann: Brands and Branding: Research Findings and Future PrioritiesMarketing Science 25(6), p p . 740-759, 2006 INFORMSstyle simplicity to it: (1) the manufacturer takesactions (e.g., the marketing mix) and that leads to(2) customer mental responses towards the brand(perceptions, beliefs, attitudes, and so on). These per-ceptions (and the resulting willingness to pay) in turnlead to (3) customer behavior in the product market(e.g., sales), whic h in tur n g ene rate s (4) financial valuein general and stock market and market capitalizationin particular.This framew ork or value chain is a useful basic con-ceptualization. Still, it obscures some important com-plexities. The first is that a brand's position is heavilyinfluenced by others, e.g., competitors, governmentalbodies, and interest groups, as well as by actions ofemployees and the identity and behavior of customersof the brand. Analogous to the customer level, highlevels of brand equity reduce price sensitivity andmak e adve rtising m ore effective. Perhaps most impor-tant, it ensures distribution in channels with limitedselection (e.g., convenience stores or small distribu-tors), making it available in more locations. Greateravailability may in turn impact (signal) perceptions:"If a brand is widely carried and displayed, then itmust be good."

Thus, another complexity is that the impact ofwhat the brand does depends on the brand itself(i.e., is endogenous), particularly in terms of its over-all strength. Considerable evidence exists that strongbra nds ha ve lower price elasticity with respect to theirown price increases or price decreases of their com-petitors. Similarly, the advertising elasticity of strongbra nd s may be larger. This leads to different decisions.Consider the impact of advertising on one compo-nent of brand equityimage associations. Specifically,consider a simple model of how a specific image asso-ciation k is related to a speciflc marketing programactivity (M^) for brand ;:

For a strong brand, the marginal impact of its adver-tising (Dy) may be greater than for a weak brand.Thus, strong brand / can spend less than a weakbran d and still improve its image . More generally, theimage of a brand depends on the N marketing activi-ties of the various R competitors as well as main andinteraction effects of its own activities:

+ / / D,Mn=l,...,N p=n+l,...,N

Z_- Z_-^ jrn ^^rn' (4)The multiple consequences of brand equity meanthat an aggregate product-market level model should

at least include a brand main effect, brand interactioneffects, and the impact of competition. This is obvi-ously a very complex model so that simplificationsare needed. For example, we can assum e bran d e quitymodifies the impact of marketing activities througha varying parameter formulation such as (D ,, = D,, -|-wVj). It is also difflcult, of course, to separate theimpact of a brand from its unique attributes orattributes not in cluded in the ana lysis. This separabil-ity problem makes it hard to identify whether appar-ent brand equity is due to brand image or attributedifferences; attributing it all to the attributes mayinduce omitted variable bias whereas attributing it allto the brand may overstate brand impact.

Further levels of complication are also possible,although rare ly considered. For example, the decisionof channels to stock and support a brand depends onhow much revenue it will generate which, in turn,depends in part on brand equity (e.g., see Besankoet al. 2005). Similarly, brand equity can have indi-rect cost effects through its impact on volume (i.e.,economies of scale) or by providing the confidenceto suppliers for them to commit resources to "part-nering" with a firm and supporting its product. It isalso possible that brand equity influences competitiveactions and reactions. For example, will a competitorbe more or less likely to cut price when faced with ahigh equity competitor who is to some degree insu-lated from the impact of their price cuts? While wehave no specific answers to these issues, these areasare promising and underdeveloped avenues for futuremodeling research.

Allowing mix elements to have different, compet-itor-speciflc effects, greatly complicates modeling byintroducing more parameters than can be effectivelyestimated. On e issue, therefore, is whether it is worth-while trying to capture such complexity, i.e., byaddin g the large numbe r of possible interac tion (mod-erating) effects. Said differently, for some purposes,is a "wrong" but simple model likely to outperforman extensive but likely misspecified more complete/complex model? Another related issue, particularlyrelevant for modelers, is how to capture such com-plexity in structural models of brand evaluation andcompetition. For purposes of this review, we leavethese as an area for future analysis.More generally, there may be a "virtuous circle."As brands develop positive brand equity, it becomeseasier for them to develop further (and harder forcompetitors to compete with them). The obviousimplication is that there are increasing returns toscale to building a brand, at least up to a point.The research question then becomes when, if ever,and under what conditions additional brand build-ing becomes less efflcient (e.g., see Naik et al. 2005).Combined with the earlier discussion on the multiple


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Keller and Lehmann: Brands and Branding: Research Findings and Future PrioritiesMarket ing Science 25(6) , pp , 740-759, 2006 INFORMS 753an important measurement issue: how to capture itstotal value and how to determine the relative contri-bution of its multiple sources.Finally, it should be noted that the topics concern-ing brand-nianagement decisions discussed abovehave direct implications for these modeling formu-lations. Developing brand positioning relates to howmarketing activities (Ms) lead to the formation ofattribute perceptions (Xs) and image associations(Zs) in Equation (2), Integrating brand marketingaddresses, in part, consistency issues and is implic-itly related to the interaction terms among market-ing activities in general and making their impactpositive in particular. Assessing brand performancerelates to metrics which both measure the elementsof Equation (4) and their consequences in the prod-uct and financial m arkets. Brands as growth platformsaddresses the key strategic issues of how to orches-trate efforts over time to develop brands not just for

their own current market (as in Equation (4)) but sothey provide a basis for both expanding the existingmarket and the option of entering others,A Systems Model of BrandAntecedents and ConsequencesA number of brand dashboards have been devel-oped by firms which capture, but rarely link, manyaspects of brand equity and performance. For brand-ing research to be scientifically rigorous, it is impor-tant to develop a comprehensive model of how brandequity operates and to develop estimates of the var-ious cause-and-effect links within it. To that end,we expand on the notion of a "brand value chain"(Keller and Lehmann 2003) discussed earlier. Thechain focuses on the following four major stages (seeFigure 1):

1 , What companies d o . Marketing programs, as wellas other company actions, form the controllableF i g u re 1 A S y s t e m s M o d e l o f B r a n d A n t e c e d e n t s a n d C o n s e q u e n c e s

Company actions

What customers thinkand feel about a brand

Awareness Associations

= >

Partnersactions(channels,employees)

Atti tud e Attachmen t Activit

What customers doabout a brand

= > Financial market impact


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754 Keller andLehmann: Brands andBranding: Research Findings and Future PrioritiesMarketing Science 25(6), pp. 740-759, 2006 INFORMSantecedents to the brand value chain. Importantly,these activities can be characterized along two sepa-rate dimensions: quantitative factors such as the typeand amount of marketing expenditures (e.g., dollarsspent on media advertising), and qualitative factorssuch as the clarity, relevance, distinctiveness, and con-sistency of the marketing program, both over timeand across marketing activities.

2. Wha t customers think and feel. Cus tomer mindse tconsists of the "Five As" discussed above. Impor-tantly, there are feedback effects here, as demon-strated by the "halo effect" where brand attitudesaffect perceptions of brand associations (Beckwithand Lehmann 1975, 1976). Moreover, what customersthink and feel about brands is obviously not under thesole, or often even primary, control of the company.Individual customer characteristics as well as compe-tition and the rest of the environment help shape whatis thought of the brand, e.g., by influencing expec-tations (Boulding et al. 1993). Both personal expe-rience (feedback from use and product satisfaction)and the experience of others (through word of mouthand "expert" ratings) also determine what a customerthinks of a brand.

3. What customers do . The primary payoff from cus-tomer thoughts and feelings is the purchases that theymake. This product-market result is what generatesrevenue, share, and other metrics commonly usedto evaluate the effectiveness of marketing programs.Of course, other things customers do, especially wordof mouth, impact future product-market results andneed to be considered in any comprehensive model.

4. How financial markets react. For a public ly he ldcompany, stock price and market capitalization, aswell as related measures such as Tobin's Q, are criticalmetrics. In essence, these measures are the ultimatebottom line. As such, they are relevant at the CFO andCEO level, imlike most marketing metrics which areat the customer level or product-market level. Impor-tantly, stock price is impacted by a number of othervariables such as the growth potential of the indus-try as a whole, general economic trends, and stock-market dynamics, which need to be controlled for inassessing the financial value of brands.

The overall model is thus conceptually fairly sim-ple (i.e., it has only four main components), but inpractice is both complicated (to account for all theinfluences and feedback effects) and stochastic.

The model reflects and accounts for a number ofmarketing principles. Consider the impact of a brandextension in the context of the Bass model of newproduct diffusion. Assuming there is some level offlt with a parent brand which has positive equity, abrand extension has advantages in terms of assumedproduct quality and the willingness of the firm tostand behind the product in the event of problems.

These expectations should increase the number ofpeople willing to buy the brand extension initially(p, the coefficient of innovation) and the speed of dif-fusion of the extension through word of mouth {q , thecoefflcient of imitation) since it will seem less risky tothose consumers who wait for others to buy it first.A stronger brand can more easily gain wider distribu-tion which will also lead to faster trial among innova-tors (in effect, makes the market potential m larger).Thus, a reasonable prediction is that stronger brandswill, ceteris paribus, have both faster diffusion andgreater market potential.

To move branding toward becoming a rigorousscience, a general model similar to Figure 1 needsto be tested and calibrated. Currently, little progresshas been made toward estimating such a compre-hensive model, or even a reduced form version ofthe model, such as marketing activities > productmarket results -> financial impact. As noted above,there are certainly scattered empirical generalizations.For example, we know increasing ad budgets has lit-tle impact on current sales unless either the prod-uct or the use that is promoted is new (Lodish et al.1995, Assmus et al. 1984). What is badly needed are:(1) metaanalyses that combine partial tests of modelcomponents (i.e., only relating a subset of variables)into an overall estimate of the average links andkey contingencies in the model, and (2) comprehen-sive studies that systematically examine the model, orat least a large part of it, in its entirety.ConclusionBranding and brand management has clearly becomean important management priority for all types oforganizations. Academic research has covered a num-ber of different topics and conducted a number ofdifferent studies that have collectively advanced ourunderstanding of brands. Table 1 summarizes someof the generalizations that have emerged from theseresearch studies that were reviewed in this paper.

To put the academic literature in marketing in someperspective, it could be argued that there has beensomewhat of a preoccupation with brand extensionsand some of the processes that lead to the develop-ment of brand equity. By contrast, there has been rel-atively limited effort directed toward exploring thefinancial, legal, and social impacts of brands. In termsof methodology, considerable effort has been devotedto controlled experimentation (often with student sub-jects), although some work has focused on choicemodeling of scanner data. Little integration of thesetwo streams with each other or the qualitative workon branding has appeared.Although much progress has been made, especiallyin the last decade or so, a number of important


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Keller and Lehmann: Brands and Branding: Research Findings and Future PrioritiesMarket ing Science 25(6) , pp , 740-759, 2006 INFORMS 755Table 1 Sample Branding GeneralizationsBrand positioning and values

Brands have personalities and the basic types exist across produ ctsand, to a large extent, countries/cultures,

Customers have multiple types of relationships with brands, Product experiences are multisensory and impact brand equity in

different ways, Corporate and brand reputation interact.Integrated marketing

Brands consist of multipie brand elements that can play different roles, A number of criteria can be employed to judge the brand-b uilding

capabilities of various brand elements, Seman tics and language matter with brand names, Brand equity is increasingly being determined by activities outside the

company's direct control .Assessing brand performance

Customer-level brand equity can be characterized in terms of awareness,associations, attitudes (or attraction), attachment, and activity,

Qualitative research approaches can supplement qu antitative researchapproaches to provide useful insights into brands, At the product-m arket level, brand equity increases commu nications andchannel effectiveness and decreases own price sensitivity,

Product-m arket level brand equity can be assessed as the additional(net) revenue from a brand versus a generic,

Brands constitute a substantial fraction of the market cap of manycompanies,

Brand-equity measures can be related to stock price and value, Brand eqult;/ is closely linked to customer equity.

Growing the brand Fit is a key determinant of extension success but fit comes in many

forms, Extensions impact the parent brand positively in the case of successes

and negatively only when the extension is (a) closely related to theparent, and (b) of poor quality.

research priorities exist that suggest that brandingwill be a fertile area for research for years to come.This review of these different areas suggests a num-ber of specific research directions in those variousresearch programs. Many important branding ques-tions and issues are yet to be resolved. The abovediscussion will hopefully stimulate progress in theseand other areas.Upon reflection, it may seem that some of theseresearch questions are fairly uncontroversial. Further,there undoubtedly exists some research which bears,at least tangentially, on all of them. Nevertheless, theyare worthy research questions because: (1) the issueshave not been fully resolved at the level of "laws" orempirical generalizations, and (2) the issues are fre-quently raised by practitioners, suggesting that as afield our communications, if not our findings, havefailed to reach and impact an important constituency.AcknowledgmentsThe authors thank Kathleen Chattin from Intel Corpora-tion and Darin Klein from Microsoft Corporation, mem-bers of the Marketing Science Institute Brands an d Branding

Institute Research Ceneration Conference and 2004 AMADoctoral Consortium for helpful feedback and suggestions.

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