Brand Equity: Definition, Valuation, and Equilibrium Efficiency in a Duopolistic Industry

品牌權益的評價模式

周善瑜(Shan-Yu Chou)

《台灣管理學刊》 2卷1期 (2002/08) Pp. 1-21

https://doi.org/10.6295/TAMJ.2002.0201.01

摘要

本篇研究以財務的觀點定義品牌權益，並利用不確定狀況下的連續時間模型來分析品牌權益的形成、演變及其價值。一個產品的品牌可視為一個實質選擇權，一旦建立後廠商即可選擇是否要經由廣告支出來累積該產品忠誠顧客的數目。藉助選擇權定價的分析技術，我們先針對獨佔廠商求得品牌建立的最佳時點、品牌權益的封閉解以及其所對應之最適價格及廣告政策。接著考慮雙佔廠商彼此在品牌建立、定價、及廣告支出上競爭。結果發現在雙佔廠商的均衡中，從產業利潤來看，品牌數及廣告支出皆可能出現偏低或偏高的情形。

關鍵字

品牌權益 ； 實質選擇權 ； 納許均衡 ； 最適停止 ； 過度投資

並列摘要

We propose a refined definition of the financial brand equity and examine its formation, evolution, and valuation in a continuous-time model with uncertainty. The brand name of a product is considered a real option which, if exercised, allows the firm to gradually establish its loyal customer base via advertising expenditure. The recently developed techniques in real option pricing are applied to obtain the optimal timing of branding and to derive closed form formulae for the brand equity and the corresponding optimal pricing and advertising policies for a monopolistic firm. We then consider a duopolistic industry where two firms compete in branding, pricing, and advertising expenditures. We show that some results obtained in themonopoly case do not extend to the duopolistic equilibrium. In the latter equilibrium, there may be too many or too few branded products, and either over-or under-spending on advertising may occur.

並列關鍵字

Brand Equity ； Real Options ； Optimal Stopping ； Nash Equilibrium ； Overinvestment

參考文獻

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Barwise, P.(1993).Brand Equity: Snark or Boojum.International Journal of Research in Marketing.10,93-104.

Barwise, P.,C. Higson,A. Likierman,P. Marsh(1990).Brands as `Separable Assets`.Business Strategy Review.summer,43-59.